Additional Coverage:
- Pope calls for debt reduction for poorer countries to mark the Vatican’s 2025 Jubilee Year (newsbreak.com)
Pope Francis Calls for Debt Cancellation
Pope Francis has urged wealthy nations and institutions to reduce or eliminate the debt owed by poorer countries. He made this appeal during a speech on world peace, citing the upcoming Vatican Jubilee Year as an opportune time for debt relief.
Francis echoed the words of Pope John Paul II, who in 2000 warned that debt threatened the futures of many nations. He noted that many countries can no longer repay their debts and called for a new financial system that promotes solidarity and harmony.
The Pope emphasized the need for a framework that prioritizes cooperation rather than charity, as isolated acts of assistance only perpetuate a cycle of borrowing and indebtedness. He has long advocated for debt relief in the global south.
The Jubilee Year, which begins on Christmas Eve, is seen as an occasion for debt cancellation. It is expected to attract millions of pilgrims to Rome and provides a symbolic opportunity to address the financial burdens faced by developing countries.