Pope Francis tackled the pressing issue of the global debt crisis at a Wednesday conference organized by the Pontifical Academy of Sciences, focusing on the economic challenges faced by the Global South.
“We are now faced with a debt crisis that mainly affects the countries of the Global South, generating misery and distress,” the pope said.
The crisis, exacerbated by issues including mismanaged globalization, pandemics, and wars, puts millions at risk of a bleak future.
The Pope called for a bold new approach to international financial architecture to address these challenges.
“What is needed,” he said, “is a multinational mechanism to manage debt that considers the global significance of the problem and its economic, financial, and social implications.”
This system should promote shared responsibility between lenders and borrowers.
Looking ahead to the Jubilee Year of 2025, Pope Francis recalled the tradition of debt forgiveness every 25 years, rooted in ancient Jewish practice.
He reiterated the call made by Pope John Paul II during the 2000 Jubilee for the reduction or cancellation of foreign debts.
“We are only custodians and stewards of our money, not masters,” he said.
The pontiff concluded his address by urging collaboration for the improvement of our global community and requested prayers for his efforts, promising to pray for the participants as well.
“What you are doing is important. I will pray for you, and please, do not forget to pray for me,” he said.
