The faith leaders have called for governments to mark the Jubilee year by tackling the debt crisis.
One hundred and twenty-five faith leaders across continents have marked the Catholic Church’s Jubilee year by issuing a call for G20 finance ministers to work for an end to a debt crisis crippling efforts to tackle poverty and action on climate.
The religious leaders argue in a letter to the finance ministers that the ‘Common Framework’ set up by the G20 in 2020 to restructure debts for low-income countries hit by the economic shock of the pandemic “is failing to produce the timely and adequate deals upon which millions of lives and livelihoods depend.”
The faith leaders say one critical element is private creditors being able to “delay negotiations” with low-income countries, leaving governments spending more on debts “than on health, education or life-saving climate measures”.
The letter – signed by cardinals, bishops and leaders of religious congregations, as well as representatives of different faiths – urges the G20 finance ministers meeting in Johannesburg between 26-27 February in the Jubilee year to embody the “Biblical practice of justice, mercy and reconciliation” by establishing a “fair and functional global debt system”.
Debt cancellation will become an even more urgent priority in light of the UK government's decision to cut overseas aid and the US government's freezing of USAID funds.
Debt crisis leaving people ‘to endure hunger’
The religious leaders from countries including South Africa, Brazil, the US and Japan write:
“As faith leaders, we are deeply troubled at the impact this current debt crisis is having on the lives of the poorest and most vulnerable across the world.
“Debt restructurings under the [common framework] take three times longer than previous processes, while private creditors – now the largest creditor group globally – are able to delay negotiations and demand higher repayments than debtor countries can afford.
“This [is] leaving their citizens to endure hunger, lack of access to essential services, crumbling infrastructure and the worst impacts of the climate crisis.”
The faith leaders call for legislation in key G20 jurisdictions to “ensure private lenders participate in debt cancellation and suspend payments to private lenders during negotiations.”
Letter inspired by Pope and Jubilee year
The faith leaders cite the Jubilee year the Catholic Church is celebrating in 2025 as a powerful moment for the finance ministers to act with “courage, solidarity and compassion”.
The letter signatories also acknowledge calls from Pope Francis for decision makers to address the global debt crisis during the Jubilee year.
Letter from global faith leaders to G20 finance ministers on the global debt crisis
Read the letter from the faith leaders to G20 finance ministers
Maria Finnerty, Lead Economist at CAFOD, said:
“The G20 finance ministers' and foreign secretaries' meetings in Cape Town this week are the first major meetings of G20 governments in this critical Jubilee year.
"Under the first ever African Presidency of the G20, the South African and other global South governments are calling on countries like the UK to create a more functional global debt system as African countries face historic levels of debt distress.
"As a global debt superpower, with more than 90 per cent of debts owed by low-income countries to private financial firms governed by English law, the UK government must show leadership by heeding the powerful words of faith leaders calling for meaningful debt reform.
"Tinkering around the edges is not sufficient: the world needs functional debt resolution mechanisms that reduce debts down to a genuinely sustainable level and prevent predatory and irresponsible lending and borrowing.”
Notes to editors
For more information or interview requests, please contact:
Rosalind Mayfield, CAFOD Media Officer
+44 (0)7856 799169
Jo Rogers
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CAFOD is the official aid agency of the Catholic Church in England and Wales, and part of Caritas Internationalis, working with communities across Africa, Asia, the Middle East and Latin America to fight poverty and injustice, including those worst hit by climate change. The agency works with people in need, regardless of race, gender, religion or nationality.
Caritas Internationalis is a confederation of over 160 members who are working at the grassroots in almost every country of the world. When a crisis hits, Caritas is already on the ground. The diverse members give us our strength – from small groups of volunteers to some of the biggest global charities. Inspired by Catholic faith, Caritas is the helping hand of the Church – reaching out to the poor, vulnerable and excluded, regardless of race or religion, to build a world based on justice and fraternal love.