IMF Says Global Financial System at Risk of Destabilizing Without Reform

Jubilee USA

For Immediate Release

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Phone: 202.783.3566
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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."

Read more about the IMF's Global Financial Stability Report

Read more about the IMF's World Economic Outlook report

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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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