Pope Francis has told world financial chiefs that poor countries hit by the economic impact of the coronavirus need to have their debt burden reduced and be given a greater say in global decision making.
In a letter to the participants of the International Monetary Fund and World Bank’s annual spring meeting, the pope said the pandemic had forced the world to come to terms with interrelated socioeconomic, ecological, and political crises.
For more coronavirus news, visit our dedicated page.
“The notion of recovery cannot be content to a return to an unequal and unsustainable model of economic and social life, where a tiny minority of the world’s population owns half of its wealth,” the pontiff said in the letter dated April 4.
For all the latest headlines follow our Google News channel online or via the app.
He called for a new “global plan” that “necessarily means giving poorer and less developed nations an effective share in decision-making andfacilitating access to the international market.”
A spirit of global solidarity “demands at the least a significant reduction in the debt burden of the poorest nations, which has been exacerbated by the pandemic,” he said.
Financial chiefs of the Group of 20 large economies on Wednesday extended a suspension of debt servicing costs for developing countries but fell short of cancelling debt or expanding debt relief as requested by non-profit organizations.
Financial markets need to be underpinned by laws and regulations that ensure they work for the common good, the pope said, calling for “a justly financed vaccine solidarity.”
“We cannot allow the law of the marketplace to take precedence over the law of love and the health of all,” he said.
With inoculation campaigns in poor African countries lagging far behind those of the rich world, particularly the United States and Britain, the pope appealed to political and business leaders to provide “vaccines for all, especially for the most vulnerable and needy.”
G20 to boost IMF reserves, extend debt-servicing freeze, as per draftWorld finance chiefs will agree on Wednesday to boost reserves at the International Monetary Fund by $650 billion and extend a freeze on developing ... Economy
IMF sees stronger global growth as some COVID-19 clouds begin to clearThe International Monetary Fund said on Tuesday unprecedented public spending to fight the COVID-19 pandemic, primarily by the US, would push global ... Economy
IMF expects most Gulf economies to recover this yearThe International Monetary Fund expects most Gulf economies to recover this year at a faster pace than previously estimated, as it raised its 2021 ... Economy
IMF renews message to China, advises a boost consumptionChina is seeing a strong recovery from the COVID-19 crisis but now should use its financial heft and shift its focus to boosting its own consumers, a ... World News
In Easter message, Pope Francis calls wars in pandemic ‘scandalous’Pope Francis urged countries in his Easter message on Sunday to quicken distribution of COVID-19 vaccines, particularly to the world’s poor, and ... Coronavirus
Pope Francis, at Easter vigil, hopes for post-pandemic rebirthPope Francis, leading an Easter vigil service scaled down due to COVID-19, said on Saturday he hoped the dark times of the pandemic would end and that ... Coronavirus
Pope, on Palm Sunday, says devil taking advantage of coronavirus pandemicPope Francis led Palm Sunday services in an almost empty St. Peter’s Basilica because of coronavirus restrictions for the second consecutive year and ... Coronavirus