We're being heard! The international bankruptcy process that Jubilee and our partners have been promoting for years is being discussed by the International Monetary Fund, G20 members and various UN expert groups. Learn more in our press release below.
October 11, 2013
IMF Reviews International Bankruptcy Process for Sovereign Countries
WASHINGTON, DC - During the course of the annual IMF meetings, the Fund, civil society and financial ministers continue to discuss the implementation of an international bankruptcy process for sovereign countries. Since the IMF staff released a paper this past spring reviewing aspects of how a debt resolution practice could function, the process was discussed by G20 members. Various UN expert groups continue to explore implementation of this process. At the IMF meetings this week there are official events and side events that relate to the process.
“It’s exciting that global decision makers are seeing a need to discuss an international bankruptcy process for countries,” noted Eric LeCompte, Executive Director of the religious debt relief campaign, Jubilee USA Network. “After recurring debt crises that pushed millions more people into extreme poverty, we need a process like this to achieve global stability.”