Federal Reserve Raises Rates and Poor Countries Pay More Debt

Jubilee USA

For Immediate Release

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Phone: 202.783.3566
Email: coord(at)jubileeusa.org

Federal Reserve Raises Rates and Poor Countries Pay More Debt

WASHINGTON - Eric LeCompte, the Executive Director of the religious development organization Jubilee USA, releases the following statement on the Federal Reserve raising interest rates .25%:

"Over the last few years, poor countries took out more loans from wealthy countries ‎because interest rates were so low. As the Fed raises rates and the dollar becomes stronger, many poor countries will see debt payments going up.

"Too many poor countries are still struggling to recover after the global financial crisis and I'm worried about their increasing debt burdens."

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Jubilee USA Network is an alliance of more than 75 US organizations and 650 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

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