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Herald Malaysia
2 hours ago
- Politics
- Herald Malaysia
‘Crippling' debt weighing down
3.3 billion people or nearly half the world's population, live in countries that spend more money on debt than on health care. Jun 06, 2025 VATICAN: 3.3 billion people or nearly half the world's population, live in countries that spend more money on debt than on health care. That was one of the more shocking statistics to emerge from a recent online town hall organised by Caritas Internationalis, the charitable arm of the Catholic Church. Held on May 28, the webinar brought together more than 200 individuals, humanitarian workers, internationally-recognised economists, and senior Vatican officials, to discuss debt, climate, and development. Alastair Dutton, Caritas' Secretary-General, introduced the discussion. He suggested that the fact that so many countries spend more on servicing their debt than on health care and education shows that, in today's economy, human beings are secondary 'to economic interest'. Dutton also highlighted that the subject of debt reform has already been raised by Pope Leo, just weeks into his pontificate. The topic was also seen as crucial, the Caritas chief noted, by the late Pope Francis who, in 2024, called for a 'multinational mechanism' to manage debt between countries, avoiding an 'every man for himself' mentality in which 'it is always the weakest' who lose out. In his remarks, Dutton highlighted Caritas' Turn Debt Into Hope campaign, which calls for the forgiveness of unjust debt. The aim of the campaign is to build public pressure around unfair debt practises. Caritas officer Alfonso Apicella explained, particularly in view of the Catholic Church's ongoing 2025 Jubilee Year, a period traditionally associated with financial clemency. 'There are 1.4 billion Catholics in the world,' Apicella said, 'and we want to show that they have agency.' Among the other speakers at the event was Professor Martin Guzmán of Columbia University, a former Argentinian Minister of Economy. Professor Guzmán highlighted the devastating effects of the global debt system on the world's poorest countries, which, he said, are charged higher interest rates than their richer peers. He also discussed the work of the Vatican's Jubilee Commission of Experts, chaired by the Nobel-prize winning economist Joseph Stiglitz, which is producing a report on debt and development crises in the Global South. Meanwhile, Sr Alessandra Smerilli, Secretary of the Holy See's Dicastery for Promoting Integral Human Development, highlighted Pope Francis' notion of the 'ecological debt' owed by rich countries towards the poorer countries, which are suffering the effects of a climate crisis which they have contributed much less to causing. This was a topic also touched on by Archbishop Gabriele Caccia, Permanent Observer of the Holy See to the United Nations, who noted that the concept of ecological debt was also highlighted by Pope Francis in his Bull of Indiction for the Jubilee Year. 'The concept of 'jubilee' is deeply rooted in Scripture as a time of restoration when debts are forgiven and relationships are reconciled,' Caccia explained. 'In our time, this tradition speaks directly to the lived experience of millions across the globe.' More than 50 nations are currently in or at high risk of bankruptcy and around half of the world's population are living in countries where debt payments exceed spending on services such as health care and education, the Holy See representative highlighted during the Wednesday meeting. Describing the current debt crisis as a 'profound failure of our global economic system,' Caccia expressed hope for a 'renewed vision of multilateralism' at the United Nations' upcoming fourth International Conference on Financing for Development to take place from June 30 to July 5 in Seville, Spain. 'No one is exempted from striving to ensure respect for the dignity of every person, especially the most frail and vulnerable,' Caccia said, quoting Pope Leo's May 16 speech to diplomats accredited to the Holy See. 'Together we can turn the jubilee vision of hope into a tangible action, ensuring that no one is left behind,' he shared with webinar participants. --Vatican Media/CNA
Herald Malaysia
29-05-2025
- Business
- Herald Malaysia
Caritas: ‘Crippling' debt weighing down developing countries
Vatican officials, charity workers, and internationally-recognised economists come together to discuss debt reform in an online town hall organised by Caritas Internationalis. May 29, 2025 A participant at an International Monetary Fund meeting stands near the organisation's logo (Johannes P. Christo) By Joseph Tulloch3.3 billion people – or nearly half the world's population – live in countries that spend more money on debt than on healthcare. That was one of the more shocking statistics to emerge from a recent online town hall organised by Caritas Internationalis , the charitable arm of the Catholic Church. Held on Wednesday, the webinar brought together more than 200 individuals – humanitarian workers, internationally-recognised economists, and senior Vatican officials – to discuss debt, climate, and development. 'Turn debt into hope' Alastair Dutton, Caritas' Secretary-General, introduced the discussion. He suggested that the fact that so many countries spend more on servicing their debt than on healthcare and education shows that, in today's economy, human beings are secondary "to economic interest'. Dutton also highlighted that the subject of debt reform has already been raised by Pope Leo, just weeks into his pontificate. The topic was also seen as crucial, the Caritas chief noted, by the late Pope Francis – who, in 2024, called for a 'multinational mechanism' to manage debt between countries, avoiding an 'every man for himself' mentality in which 'it is always the weakest' who lose out. In his remarks, Dutton highlighted Caritas' Turn Debt Into Hope campaign, which calls for the forgiveness of unjust debt. The aim of the campaign – as Caritas officer Alfonso Apicella explained – is to build public pressure around unfair debt practises, particularly in view of the Catholic Church's ongoing 2025 Jubilee Year, a period traditionally associated with financial clemency. 'There are 1.4 billion Catholics in the world,' Apicella said, 'and we want to show that they have agency.' The impact of the debt system Among the other speakers at the event was Professor Martin Guzmán of Columbia University, a former Argentinian Minister of Economy. Professor Guzmán highlighted the devastating effects of the global debt system on the world's poorest countries, which, he said, are charged higher interest rates than their richer peers. He also discussed the work of the Vatican's Jubilee Commission of Experts, chaired by the Nobel-prize winning economist Joseph Stiglitz, which is producing a report on debt and development crises in the Global South. Meanwhile, Sister Alessandra Smerilli, Secretary of the Holy See's Dicastery for Promoting Integral Human Development, highlighted Pope Francis' notion of the 'ecological debt' owed by rich countries towards the poorer countries - which are suffering the effects of a climate crisis which they have contributed much less to causing. This was a topic also touched on by Archbishop Gabriele Caccia, Permanent Observer of the Holy See to the United Nations, who noted that the concept of ecological debt was also highlighted by Pope Francis in his Bull of Indiction for the Jubilee Year. Archbishop Caccia stressed the importance of clearly communicating the impact of the debt system on poor countries. 'It's not just a technical matter of economics,' he said, but 'a clear hindrance to integral human development.'--Vatican News
