Pope Francis has urged financial leaders worldwide to support debt relief for poor countries.
Addressing the “Debt Crisis in the Global South” conference, organized by the Pontifical Academy of Social Sciences and Columbia University, the Pope criticized poorly managed globalization, which he said has deprived millions of a dignified future.
The Pope called for a new international financial system to break the cycle of debt that burdens the global south, emphasizing the need for solidarity and justice. He stressed that no government should force its people to endure conditions incompatible with human dignity.
The conference revealed that countries in the Global South are facing the worst debt crisis in history, with significant portions of their revenue going towards debt servicing. This situation has led to cuts in essential services like education, health, and social protection.
Finance experts, including Iyabo Masha of the G24, echoed the Pope’s call for urgent reform in the international financial architecture to alleviate the debt crisis and promote sustainable development.
0
0
