Pope Francis Calls for UN to Address 'Oppressive' Lending

Jubilee USA

For Immediate Release

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Greg Williams, Communications Director greg@jubileeusa.org / (o) (202) 783-3566 x101 (m) (443) 854-1405

Pope Francis Calls for UN to Address 'Oppressive' Lending

WASHINGTON - In his address to the United Nations General Assembly this morning, Pope Francis promoted a series of specific economic policies on debt, trade and tax to alleviate poverty. The Pope's UN speech follows his address to a joint session of Congress yesterday where he emphasized building bridges to protect the vulnerable and address inequality.

"The Pope just called for responsible lending policies to benefit the vulnerable," noted Eric LeCompte, executive director of the religious anti-poverty coalition Jubilee USA Network. LeCompte advises the Vatican and the UN on finance and poverty issues. "He's connecting the failure of austerity and reckless lending policies to poverty and plight."

Pope Francis began his speech by calling on international financial institutions to prevent "oppressive lending systems" from harming vulnerable communities. He specifically referenced "usury" - the practice of charging exceptionally high interest rates - as a form of abuse hurting developing countries. Francis encouraged the United Nations to use its administrative agencies to address structural poverty issues. This summer, Pope Francis endorsed a UN global bankruptcy process for countries.

"It's amazing to see Pope Francis talk about usury and the responsibility of creditors," stated LeCompte. "Pope Francis told the UN that it has a responsibility to use its agencies to solve the debt crisis."

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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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