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."
This is the world we live in. This is the world we cover.
Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Won't Exist.