Federal Reserve Rate Increase Impacts Poor Country Debt

Jubilee USA

For Immediate Release

Contact: 

Greg Williams, Communications Director

greg@jubileeusa.org / (o) (202) 783-3566 x101 (m) (443) 854-1405

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.

"While the dollar will become stronger, some of the world's poorest countries will become weaker."
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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.

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