A Matter of Justice: Debt Forgiveness in the Jubilee Year

As the Catholic Church celebrates a Jubilee Year in 2025, it serves as a reminder that the goods of the earth are not destined for a privileged few, but for everyone. The Jubilee Year thus represents a moment to reflect on persisting inequalities and to take bold steps toward addressing them. Central to this is the call for debt forgiveness. Debt relief is not merely an economic measure but a moral imperative, offering a pathway to protect dignity and allow for the integral human development of each and every person under an equitable and just financial system. 

During the 2000 Jubilee, a campaign led to a $110 billion pledge to cancel the debt of heavily indebted countries. Twenty-five years later, with the deadline for the Sustainable Development Goals fast approaching, bold action guided by the principle of justice, can help get the world back on track towards ending poverty, reducing inequality, and tackling the climate crisis. By framing debt forgiveness as a moral and ethical obligation, the Jubilee can inspire a coalition of a wide range of stakeholders to take transformative action that protects human dignity and gives the world's poorest countries a genuine chance to build prosperous futures free from the burden of unsustainable debt. 

Co-organized by the Permanent Observer Mission of the Holy See and UN Trade and Development (UNCTAD) and co-sponsored by Brazil, Ghana, The Philippines, South Africa and Spain, this event hopes to: 

• Highlight the human and social costs of the debt crisis in developing countries, both in terms of development and enjoyment of human rights.

• Present case-studies with experiences from the Global South.

• Propose actionable solutions for immediate debt relief and long-term reforms.

• Foster dialogue on creating a fairer financial system that can prevent this debt crisis from reoccurring in the future.

• Mobilize international commitment to align debt relief efforts with the spirit of the Jubilee Year.

Panellists

His Excellency Archbishop Paul Richard Gallagher, Secretary for Relations with States and International Organizations, Holy See 

Ms. Rebeca Grynspan, Secretary-General, United Nations Trade and Development (UNCTAD) 

Dr. Ilze Brands Kehris, Assistant Secretary-General for Human Rights and Head, Office of the United Nations High Commissioner for Human Rights (OHCHR) in New York 

Mr. Robert Powell, International Monetary Fund's Special Representative to the United Nations

Dr. Manuela Francisco, Global Director for Macroeconomics, Trade and Investment, World Bank

Ms. Christine Allen, Executive Director, Catholic Agency for Overseas Development (CAFOD)

The full Concept Note can be read here.