The Permanent Mission of the Holy See co-organised a side-event during the current UN Human Rights Council session in Geneva, with the aim of raising awareness of the human cost of the debt crisis in developing countries, and mobilising international efforts for debt relief in the spirit of the Jubilee Year.
The event was co-sponsored by Brazil, Ghana, the Philippines, South Africa and Spain, and attended by ERI and the members of the visiting schools group from Ireland
Panelists included Archbishop Paul Richard Gallagher, Secretary for Relations with States and International Organizations, Holy See, and representatives from the UN , The World Bank and the International Monetary Fund (IMF) as well as the Catholic Agency for Overseas Development (CAFOD).
In his address, Archbishop Gallagher noted that half of the world’s population (3.3 billion people) live in countries that were spending more on debt repayments than on health and education. He also stressed that respecting human rights and the dignity of all people must take priority over profits. He called for a cancellation of debt along the lines of the 2000 jubilee campaign which led to the debt cancellation of heavily indebted countries.
These comments were echoed by Christine Allen (CAFOD) who stated that the current international debt architecture is unjust and worsening poverty and human rights.
All panellists agreed that the global financial arrangements must be reformed to create a more sustainable and inclusive system that works for everyone.