World Leaders Discuss Debt Relief and Debt Cancellation in the Age of Covid-19

World leaders, influencers and people of service are gathering around the globe (via the Internet) to discuss the growing debt crisis that has been amplified by Covid-19. On 8 July 2020, Religions for Peace joined Hon. Ela Gandhi, for a webinar organized by the Gandhi Development Trust, the Durban University of Technology, the Active Citizens Movement, and the Institute for Healing of Memories, to discuss the societal impact of of Covid-19 and potential debt relief.

On the very same day, high-level ministerial world leaders from 39 countries were convened by the Paris Forum and the G20 Summit to focus on the economic, debt and development impacts of the coronavirus.

The Paris Forum and G20 Summit “offered recommendations to the G20 as it tries to build consensus on next steps for dealing with the coronavirus economic impacts,” noted Eric LeCompte, a United Nations finance expert and the Executive Director of the religious development group Jubilee USA. “G20 Finance Ministers meet next week and will move forward decisions on debt relief and development aid for developing countries.” More details about the conference as well as the meeting agenda are available through JubileeUSA.org.

These convenings follow an April “Debt Jubilee to Tackle the Covid-19 Health and Economic Crisis” statement signed by over 200 organizations calling for a cancellation of debt payments in 2020. And a 24 June 2020 webinar organized by Religions for Peace titled “Religion, Debt, and COVID: The Role of Faith Institutions,” which you can watch in full online.

“The debt burden of many developing or low-income countries is rising at a staggering rate due to Covid-19. Our inaugural global webinar noted that debt is an intersectional issue that overlaps with some of the most insidious activities and systems globally, such as Human Trafficking and Modern-day Slavery; Forcible Child Conscription; Global Unjust Economic Systems; Environmental Destruction,” said Religions for Peace‘s Deputy Secretary General Rev. Kyoichi Sugino.

As the world grapples with the humanitarian-economic crisis that has been exacerbated by Covid-19, Religions for Peace stands with leaders and organizations working together to alleviate the burden of debt.

“Religions for Peace, through its World Council of senior most religious leaders of all faiths, affiliated national Interreligious Councils in 90 countries in six continents, women of faith and interfaith youth networks, will intensify our multi-religious advocacy and action at national, continental and international levels to achieve human dignity for all and shared well-being in this time of COVID-19 and beyond,” Rev. Sugino said.