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For Immediate Release
Contact:

Eric LeCompte, Executive Director
Contact: Zachary Conti, Director of Policy and Advocacy
zach@jubileeusa.org / (202) 670-2327

G20 Announces Debt Relief Process

G20 finance ministers held an extraordinary meeting and announced further plans on debt reduction for developing countries affected by the COVID-19 economic crisis.

WASHINGTON

G20 finance ministers held an extraordinary meeting and announced further plans on debt reduction for developing countries affected by the COVID-19 economic crisis.

"The G20 created a process that includes all creditors, including the private sector, in debt relief plans for the poorest countries," said Eric LeCompte, Executive Director of the religious development organization Jubilee USA and a United Nations finance expert. "Unfortunately, developing middle-income countries are excluded from this process as they face some of the highest poverty increases because of the coronavirus crisis."

The "Common Framework for Debt Treatment beyond the Debt Service Suspension Initiative," focuses on 73 of the world's poorest countries. Next week, G20 heads of state gather for their annual summit. In December, Italy takes over the G20 Presidency.

Jubilee USA Network is an interfaith, non-profit alliance of religious, development and advocacy organizations. We are 75 U.S. institutions and more than 750 faith groups working across the United States and around the globe. We address the structural causes of poverty and inequality in our communities and countries around the world.

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