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Vatican-backed report urges urgent global action on debt, development crises
A landmark new report commissioned by Pope Francis and led by Nobel laureate Joseph Stiglitz and former Argentine Economy Minister Martín Guzmán has called for urgent global action to address mounting debt and development crises facing billions of people across the world.
Titled “The Jubilee Report: A Blueprint for Tackling the Debt and Development Crises and Creating the Financial Foundations for a Sustainable People-Centered Global Economy,” the report was released today at the Vatican as part of the Catholic Church’s Jubilee Year 2025. It forms a key legacy initiative of Pope Francis, now being carried forward under Pope Leo XIV.
The report, authored by the Jubilee Commission — a group of over 30 prominent economists handpicked by Pope Francis — offers a comprehensive roadmap for systemic financial reform. It argues that the global debt crisis is exacerbating development challenges, with 54 developing countries now spending over 10% of their tax revenues on interest payments alone. These rising debt burdens are diverting crucial funds away from health, education, infrastructure, and climate action — worsening poverty and inequality.
“This does not have to be the case,” the report insists. “Solutions exist that are both economically sound and morally necessary.”
The Jubilee Report outlines five core recommendations:
1. Reform debt restructuring mechanisms — urging legal changes in key jurisdictions like New York and London to incentivize fairer and faster debt deals.
2. End bailouts for private creditors — calling on institutions like the IMF to stop propping up speculative investors at the cost of public welfare.
3. Strengthen domestic policy tools — including capital controls and investment in structural transformation to promote long-term stability.
4. Enhance financial transparency and accountability — ensuring broad societal support and oversight for financial policies.
5. Reimagine global finance — by building new models that prioritize sustainable development over short-term market gains.
“There is growing consensus among experts that the current debt system serves financial markets, not people,” said Stiglitz. “This threatens to condemn entire nations to a lost decade — or worse. Now is the time for responsible action.”
Guzmán added, “The debt crisis is crowding out investments in health, education, and climate. Pope Francis’ call was a moral act of timely leadership. In this Jubilee year, a coalition of the willing must act, or inequality and instability will spiral.”
The report will serve as a foundation for global policy discussions at major upcoming forums, including the 4th International Conference on Financing for Development in Seville (June 30–July 3), the UN General Assembly in New York (September), and the G20 Summit in Johannesburg (November).
At his inaugural homily on May 18, Pope Leo XIV echoed the urgency of the Commission’s message:
“We still see too much discord, too many wounds caused by hatred, violence, prejudice, the fear of difference, and an economic paradigm that exploits the Earth’s resources and marginalizes the poorest.”
The Jubilee Report blends economic expertise with a moral imperative — offering what it calls “a practical and ethical blueprint” for transforming global finance to serve humanity and the planet. With the Jubilee Year 2025 offering symbolic and political momentum, the report’s authors hope it will spark decisive international action to prevent what they warn could otherwise become “a lost decade for global development.”