US EditionVatican: Saint Peter Basilica's Cupola Gets a Makeover
- In 2025, the Vatican established a high-level Commission of Experts, led by Nobel laureate Joseph Stiglitz, to tackle the growing debt difficulties faced by Ghana and several other nations located in the Southern Hemisphere.
- This initiative follows Pope Francis' 2025 Jubilee Year declaration and his call for systemic reforms, citing that the current global debt system harms African countries and prioritizes creditors over citizens.
- The commission’s report reveals that 54 developing nations allocate at least 10% of their tax income to servicing debt, limiting their ability to invest in essential areas like healthcare, schooling, and efforts to address climate challenges, especially as debt pressures have intensified since 2014.
- Martin Guzman warned the IMF’s lending conditions frustrate timely restructurings, while Rev. Innocent Chikopa urged African governments to unite for a just global financial system serving citizens’ needs.
- The commission recommends mobilizing unused international funds, consolidating climate finance, legal reforms in major financial centers, and debt restructuring improvements to support sustainable development and climate action.
18 Articles
18 Articles
VATICAN CITY.- An economist's report published this Friday by the Vatican calls for “to address the debt crises” in order to give developing countries more room for their “essential investments.” In February, commissioned by Pope Francis in the framework of Jubilee 2025, the Catholic Church's “Holy Year,” the report was drafted by some 30 experts gathered in the so-called Jubilee Commission under the leadership of the Nobel Prize for Economics J…
Published the report carried out on the mandate of Bergoglio by a group of economists led by Nobel Prize winner Joseph Stiglitz. A 28-page document that calls not only for a new global initiative to help the poorest countries in debt, but also indicates the rules for more just international finance, which does not continue to recreate the problem cyclically through unfair mechanisms.
Vatican-backed report calls for global debt relief amid climate crisis
A commission appointed by the late Pope Francis has released a new report highlighting the urgent need to address global debt, which has hindered sustainable development and climate action. The report was authored by the Jubilee Commission, which includes a group of 30 experts including Nobel laureate and U.S. economist Joseph Stiglitz, and Martín Guzmán, […]
Vatican-backed report seeks financial reform to avert decades of lost development
LONDON - A commission launched by the late Pope Francis has outlined financial reforms it says could help to avert decades of lost development in poor countries that face onerous repayments as global public debts reach record levels. Read more at straitstimes.com.
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