YAOUNDÉ, Cameroon – Unveiled in Rome, a Vatican-backed report advocates for a radical reform of the global financial system, claiming its debt mechanisms harm Africa and developing nations.
The Jubilee Report was compiled by around thirty leading economists specializing in debt, development, and global finance.
They were convened by the late Pope Francis to form the Jubilee Commission for 2025, established 25 years after Pope John Paul II’s advocacy for Heavily Indebted Poor Countries (HIPC) debt relief, which resulted in major debt reductions for poor countries.
The report argues the system is unfair and unjust, favoring creditors at the expense of debtors. It highlights that debt-distressed nations must sacrifice…