Pressure Mounts to Address Global Debt Crises as G20 Finance Ministers Meet

G20 finance ministers begin their third meeting under this year’s G20 Brazilian Presidency. Debt, development bank reforms and tax measures to fund programs to address hunger, poverty and climate change will be center on the agenda.

"The meetings takes place as growing debt crises mean that too many countries are failing to spend on the needs of their people," noted Eric LeCompte who leads the religious development group, Jubilee USA Network. "Developing countries need debt relief, aid and ways to raise more revenue."

A UN report found that 45 developing countries spend more on debt service than on health. In Kenya, violent protests erupted after the government attempted to raise taxes to meet debt payments and continue more than a month later. Addressing impacts of climate change is a focus during G20 meetings as the international community finalizes funding targets during climate negotiations over the next year.

"The G20 is largely responsible for setting the targets and raising the money we need to address climate change and poverty," noted LeCompte who serves on United Nations debt expert groups. "We need better global debt, tax and aid policies to end global poverty and heal our planet."

Multilateral development bank funding and international tax agreements to increase taxes on the extremely wealthy are on the G20 agenda.

Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people.

http://www.jubileeusa.org