For Immediate Release
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."