For Immediate Release
Federal Reserve Rate Increase Impacts Poor Country Debt
WASHINGTON - The US Federal Reserve is expected to raise interest rates at its meetings tomorrow. It would be the first rate increase since 2006. The interest rate increase could make it more difficult for some developing countries to repay their loans.
Eric LeCompte, Executive Director of the religious debt watch-dog group Jubilee USA, releases the following statement:
"One outcome of an interest rate increase from the Federal Reserve is higher debt payments for poor countries.
Jubilee USA Network is an alliance of more than 80 religious denominations and faith communities, human rights, environmental, labor, and community groups working for the definitive cancellation of crushing debts to fight poverty and injustice in Asia, Africa, and Latin America.