Vatican report on debt
Commissioned by Pope Francis, this report has a clear and urgent goal: to help build a global economy that serves people, especially the most vulnerable, and leaves no one behind.
After the devastation caused by Cyclone Ditwah, more than 110 organisations, academics and activists from across Sri Lanka have called for action on the country’s crippling debt burden.
CAFOD campaigners may remember hearing from Sandun Thudugala during this Jubilee Year about the impact debt is having on Sri Lanka. Sandun told us, “We are trapped by debt. We have to spend almost everything we earn as a country to pay our debt….it's extremely difficult for us at the moment to get the basic services that we need for day-to-day life.”
Now Cyclone Ditwah has caused devastation across the country. Days of relentless rain caused landslides and mudflows destroying entire villages, and brought flooding on an extraordinary scale across the entire country, destroying homes, farmland and vital infrastructure.
In the wake of the cyclone, Sri Lankan civil society collectives, including social movements, trade unions and advocacy groups, are demanding action to help the country cope financially. As their statement says, “Recovery demands urgent revision of the debt restructuring agreement, massive debt reduction, and an immediate standstill on current and future debt servicing for Sri Lanka’s recovery. More climate finance as grants, not loans, alongside reparations from high-emitting nations are also needed.”

Cyclone Ditwah has caused devastation across Sri Lanka
This example from Sri Lanka illustrates what our Cancel Debt, Choose Hope campaign has been saying through this Jubilee Year – that enormous debt repayments are severely limiting countries’ ability to pay for essential services, including coping with climate disasters. Solving the debt crisis is critical.
Commissioned by Pope Francis, this report has a clear and urgent goal: to help build a global economy that serves people, especially the most vulnerable, and leaves no one behind.
Hear from Fr Charlie Chilufya, a priest based in Kenya and Director of JENA (Jesuit Justice and Ecology Network, Africa) who is an expert on the debt crisis and on the human suffering that this is causing in Kenya.
"Shouldn't all debts just be repaid?" Read the answer to this and other questions about the new global debt crisis.
This report outlines why, following the historic success of the Jubilee 2000 debt campaign, the world once again faces an acute global debt crisis in 2025.