CAFOD urges UK government to address escalating global debt crisis as Reeves heads to IMF and World Bank Spring Meetings

• Spokespeople are available for interviews at the Spring Meetings in Washington April 21-26 

• Tuesday 22 April 9am ET: CAFOD, Caritas Internationalis, and the Vatican Commission on Debt are co-convening a panel with leading World Bank and IMF officials to present the Commission’s recommendations for tackling global debt crisis 

As global economic instability intensifies, CAFOD is urging the UK government to show leadership at this week’s International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, D.C.

The meetings take place in the context of a rapidly escalating global debt crisis. More than 50 low-income countries are currently facing crippling debt distress, and nearly half of the world’s population are living in countries where debt payments exceed spending on health or education This dire situation is compounded by global economic turmoil and reductions in international development budgets, including UK’s Official Development Assistance (ODA).

The UK’s Chancellor of the Exchequer, Rachel Reeves, and Development Minister, Baroness Jenny Chapman, are attending – marking their first high-level engagement with G20 and global South counterparts since the UK cut ODA by 40%.

Maria Finnerty, CAFOD’s chief economist, on the ground in Washington, said:

“The UK has a unique opportunity to demonstrate global leadership at this critical moment.

“90% of the debt owed by low-income countries to private creditors is governed by English law, making the UK a global debt superpower. Yet a lack of regulation allows predatory lenders to make billions in profits at the expense of vulnerable countries where millions lack the essentials of life. The UK must act to compel these private lenders to lend more responsibly.

“We urge the UK’s Chancellor and Development Minister to champion bold and ambitious reforms to the global financial system during these meetings.

“Failure to act decisively will have profound and lasting consequences for the world’s most vulnerable populations and global stability, with dangerous implications for the UK economy. The Spring Meetings must be a turning point towards meaningful change.”

Adding a strong moral dimension to these discussions, the Vatican Commission on Debt will be participating in several events throughout the Spring Meetings. The Commission, appointed by Pope Francis to mark the Catholic church’s Jubilee year 2025 and led by former World Bank Chief Economist Professor Joseph Stiglitz, are expected to underscore the urgent imperative to build a fairer and more functional global debt system.

CAFOD, Caritas Internationalis, and the Vatican Commission will co-convene a panel with leading World Bank and IMF officials to discuss the Commission’s initial recommendations for tackling the debt and development crisis on Tuesday 22 April.

Notes to Editors  

• Contact CAFOD media team: Rosalind Mayfield rmayfield@cafod.org.uk +44 (0)7856 799169 and Johanna Rogers jrogers@cafod.org.uk on +44 (0) 7969 083 371 for more information or to arrange an interview.  Available spokespeople on the ground in Washington for the meetings are Maria Finnerty, CAFOD’s chief economist, Neil Thorns, CAFODs Director of Advocacy and Communications and Father Charles Chilufya, Justice and Ecology Director of the Jesuit Conference of Africa and Madagascar (JENA) who will be on Tuesday’s panel. 

• Event details: Title: Addressing the Debt and Development Crises in the Jubilee Year 2025. Tuesday, April 22, 9-10:30am ET. A Zoom Link to the meeting is available – contact the media team for details. Panellists include: IMF and World Bank representatives.  Organised by: CAFOD, Caritas Internationalis, and Vatican Commission, Institue for Policy and Dialogue, Christian Aid, Jesuit Ecology Network for Africa, Jubilee USA, and Suramericana Vision.  Summary: As the world faces an urgent need for systemic change, this event will serve as a platform for critical dialogue on practical solutions to the debt and development crisis. 

• CAFOD is the official aid agency of the Catholic Church in England and Wales, and is part of Caritas International, working to fight poverty and injustice. The agency works with people in need, regardless of race, gender, religion, or nationality. 

• CAFOD Out of hours media hotline: +44 (0)7919 301 429  

• For more details see: CAFOD Media Centre