The Jubilee Blog

IMF Warns of Unstable Financial System

Washington DC - The International Monetary Fund warns of growing financial instability as a result of high debts and risky investing in the release of the IMF 2019 Global Financial Stability Report. The report raised fears that developing countries are borrowing too much.

"The Fund is recommending more transparency and greater surveillance of corporate and country debt," shared United Nations debt expert and Jubilee USA Director, Eric LeCompte. "While these recommendations are good, they fall short of the policies we need to prevent the next financial crisis. We need a global bankruptcy process. We need global laws on responsible lending and borrowing."

Yesterday, the IMF downgraded global economic forecasts, calling the future of the economy, "precarious" and "uncertain," with the release of the 2019 World Economic Outlook Report. 

"We all wish the latest reports from the IMF were about sunshine and rainbows. Unfortunately, this is the most bleak economic outlook report that I've seen from the Fund," noted LeCompte who monitored IMF reports since 2010.

Read about the World Economic Outlook Report

Read the IMF Global Financial Stability Report

Read about Jubilee USA's Friday High-Level IMF/World Bank event with His Excellency Dr. Abdirahman D. Beileh, Minister of Finance for Somalia, on resolving Somalia's debt and economic crisis here

IMF Reports Dismal, "Uncertain" Economic Outlook

Washington DC - The International Monetary Fund downgrades global economic forecasts, calling the future of the economy, "precarious" and "uncertain," with the release of the 2019 World Economic Outlook Report.

"This is the most bleak economic outlook report that I've seen from the Fund," noted Jubilee USA Director Eric LeCompte who monitored IMF reports since 2010. "World leaders should be very concerned."

As a result of global economic risks, rising debt levels and trade tensions, the IMF's flagship report down graded economic growth projections to 3 percent. The report also cited growing disparity in wealthy and "advanced" economies and regions.

"Inequality is on the rise even in some of the richest societies," stated LeCompte who serves on United Nations finance expert groups. "The same disparity we see between developed and developing economies, is also on the rise at regional levels and within wealthy countries themselves."

Read the IMF World Economic Outlook Report

Read about Jubilee USA's Panel Are We Sitting on a New Debt Time Bomb? Tackling the Debt Emergency