Panelists
- Laura Carvalho — Global Director of Equity, Open Society Foundations
- Fr Charlie Chilufya — Global Justice Advocate, Jesuits in Southern Africa
- Rebeca Grynspan — Secretary General, UNCTAD
- Martin Guzman — Professor, Columbia University, SIPA; Co-President, Initiative for Policy Dialogue (IPD)
- Joseph Stiglitz — Professor, Columbia University; Co-President, Initiative for Policy Dialogue (IPD)
- Moderator: Maria Mateo Feito — Head of International Affairs, Minister of Economy, Trade and Business’ office, Spain.
Concept Note
The conventional perspective that a debt crisis occurs only when a country defaults is deeply flawed. In reality, numerous nations are experiencing economic stagnation due to unsustainable debt burdens, even without formal default.
According to UNCTAD, more than three billion people live in countries where debt servicing surpasses spending on essential sectors such as education and healthcare. Moreover, the current global financial architecture is ill-equipped to tackle the complex and interrelated challenges of economic, social, and environmental sustainability. Without structural reforms, debt-distressed nations will continue to face systemic barriers to development, reinforcing global inequalities and undermining progress toward the Sustainable Development Goals. The Jubilee movement, which gained momentum 25 years ago, played a crucial role in securing debt relief for the world’s poorest nations through the Heavily Indebted Poor Countries (HIPC) Initiative. However, this initiative failed to enact the structural reforms necessary to prevent future crises. As a result, the world is once again witnessing a mounting debt crisis. This crisis not only restricts economic growth but also exacerbates social inequality, undermines peace and security, and hinders efforts to address the climate emergency. 2025 marks another Jubilee year – a moment for the Catholic Church to renew its call for economic justice. Pope Francis emphasized the urgency of addressing sovereign debt and the need for comprehensive financial reforms.
A commission of experts, convened by the Vatican and led by Professor Joseph E. Stiglitz, published The Jubilee Report: A Blueprint for Tackling the Debt and Development Crises and Creating the Financial Foundations for a Sustainable People-Centered Global Economy on June 20, 2025. During this side event, members of the Commission and leading experts will share their insights on the report’s recommendations and practical solutions to the global debt and development crises.
As the world faces an urgent need for systemic change and the UN’s 4th International Conference on Financing for Development provides an opportunity to drive progress, this event will support critical dialogue between faith-based organizations, multilateral institutions, and policymakers, helping advance meaningful reforms that promote global economic justice.
Agenda
- 8:30 – 8:40am: Opening Remarks
- 8:40 – 9:30am: Moderated Discussion
- 9:30 – 9:50am: Audience Q&A
- 9:50 – 10:00am: Closing remarks