President Hichilema is supporting the Pope’s Campaign to cancel Debt-State House
….”The President thanked Pope Francis for backing Zambia’s debt restructuring efforts and urged him to continue advocating for debt relief”….
State House has dismissed assertions that President Hakainde Hichilema has snubbed the campaign by the Vatican to cancel Zambia’s debt preferring to adhere to the G20 Debt mechanism that has rescheduled the country’s debt.
In the Statement issued by State House Chief Communications Specialist, Clayson Hamasaka shortly after President Hichilema met the Apostolic Nuncio to Zambia Archbishop Gian Luca Perici,stated that;
“The President also thanked Pope Francis for backing Zambia’s debt restructuring efforts and urged him to continue advocating for debt relief. “We want to focus on building our economy and creating jobs. We urge the Pope to continue his advocacy on debt relief.”
The Vatican has embarked on a jubilee campaign as done in the 2000s for rich nations and international creditors to cancel unsustainable debt owed by poor countries.
The Apostolic Nuncio to Zambia Archbishop Gian Luca Perici with hope, delivered a special christmas message to the Zambian President.
“Pope Francis is calling for global debt relief and changes to the international financial system to protect the poor and our planet.”
Zambia is among 160 countries struggling with unsustainable debt and Vatican wants her debt written off.
Historically, debt relief has been the most successful campaign of the Catholic Church.
The World Bank reported that developing country debt payments reached almost $1 trillion, double the amount they were a decade ago.
Pope Francis consistently appealed to forgive unpayable debts and create rules for addressing debt crises.
Similarly,Pope John Paul II encouraged debt forgiveness for poor countries during the Catholic Church’s Holy Year 2000.
This was adopted by both the World Bank and International Monetary Fund which culminated in an initiative called, Highly Indebted Poor Countries (HIPC) Initiative.
Zambia benefitted from this when $7billion of her debt was canceled by 2008 when it reached all completion points.
Earlier there was reference to the response by President Hichilema that he “snubbed the proposal” and informed the Nuncio that Zambia was adhering to the G20 Framework on debt reschedule, where she has pushed her debt repayment to a future debt from 2032 to 2048.
But State House has clarified thst President Hichilema welcomed the initiative as dhow in the Statement issued shortly after the meeting.
The Catholic Church celebrates a Holy Year every 25 years, which is rooted in the ancient Jewish tradition of the Jubilee.
During the Jubilee, debts were forgiven and slaves were freed.
The Jubilee is a time to restore relationships with God, other people, and the land.
Debt forgiveness is a way to give people who are overwhelmed by debt a chance to start over.
Below is the Report
As Pope Francis Opens Jubilee Doors, Francis Announces Church Campaigns in 160 Countries on Debt Cancellation to Address Poverty and Climate
December 24, 2024
Vatican City – On Christmas Eve and Christmas day, Pope Francis begins the Jubilee 2025 Year and opens 5 Jubilee Doors. In June with a special address and recently for the World Day of Peace message, Francis laid out the themes for the Jubilee Year as debt cancellation for developing countries and reforms to the international financial system, including a new international bankruptcy process for countries.
“Most countries are dealing with debt and financial crises,” noted Eric LeCompte the Executive Director of Jubilee USA Network, a United Nations finance expert and an advisor to the Vatican and Catholic Bishops on debt and economic issues.
“Pope Francis is calling for global debt relief and changes to the international financial system to protect the poor and our planet.”
This month, the World Bank reported that developing country debt payments reached almost $1 trillion, double the amount they were a decade ago.
Around the world, faith leaders and religious organizations of multiple denominations, together with development groups, plan to lift debt relief as the primary campaign objective in more than 160 countries.
“Historically, debt relief has been the most successful campaign of the Church,” shared LeCompte. “Debt relief and new processes to address poverty are essential for moving forward an economy that serves everyone.”
In Church documents and speeches leading up to the beginning of the Jubilee year, Pope Francis consistently appealed to forgive unpayable debts and create rules for addressing debt crises.