Pope Tells IMF, World Bank Why Poor Countries’ Debts Should Be Reduced

Pope Francis of the Catholic Church Worldwide has made a case for poor countries before the World Bank Group and International Monetary Fund (IMF), with regards to debt relief.

Pope was invited to speak to participants at World Bank Group and IMF 2021 Spring Meetings and he gave his address through a letter dated 8 April.

According to him, relieving poor countries of their debts would enable them to thrive in all ramifications.

He also said that foreign powers should accommodate other countries in terms of global decision making.

He observed that recent challenges bedeviling the world required collaboration and unity.

“While many countries are now consolidating individual recovery plans, there remains an urgent need for a global plan that can create new or regenerate existing institutions, particularly those of global governance, and help to build a new network of international relations for advancing the integral human development of all peoples.

“This necessarily means giving poorer and less developed nations an effective share in decision-making and facilitating access to the international market. A spirit of global solidarity also demands at the least a significant reduction in the debt burden of the poorest nations, which has been exacerbated by the pandemic. Relieving the burden of debt of so many countries and communities today, is a profoundly human gesture that can help people to develop, to have access to vaccines, health, education and jobs,” he said.

These two financial institutions play key roles in giving out loans and grants to countries as well as promote International trade.