For Immediate Release
IMF Says Global Financial System at Risk of Destabilizing Without Reform
Religious Development Coalition Releases Statement
WASHINGTON - The International Monetary Fund (IMF) released its bi-annual Financial Stability Report, noting a stable short-term economy but deeper risks looming. The report states a new era of "chronic weak growth [and] prolonged low interest rates" leads to continuing instability particularly for banks in developed nations. The 2008 global financial crisis began largely due to the collapse of western financial institutions but it pushed millions into poverty in the developing world. The report follows the October 4th World Economic Outlook Report, which projected uneven and "precarious" global growth in 2016.
Eric LeCompte, executive director of the religious development coalition Jubilee USA Network, releases the following statement:
"The IMF is right to be concerned about economic stability. While there is agreement about the causes of financial crisis, we've failed to agree on structural solutions.
"The threat to banks is a significant concern. When western financial institutions collapsed in 2008, people lost jobs and too many were pushed into poverty."
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.