By Amb. Emmanuel Mwamba
The Vatican Wants Total Debt Write-off as Zambia resists!
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.
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.
Surprising President Hichilema 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.
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.