According to a study, global debt will reach a record figure of $313 trillion in 2023. The Pope said that this problem is causing “misery and anguish.”
Pope Francis’ request for global debt.
Reuters
He Pope Francisco He said Wednesday that the world must do more to reduce the debt burden borne by low-income countries to prevent them from entering a cycle of poverty and despair. At a conference at Vatican on the emergence of debt in the global south, indicated that the problem is causing “misery and anguish” to millions of people around the world.
According to a study, global debt will reach a record figure of US$313 billion in 2023, and developing economies will reach new maximum in the relationship between debt and Gross Domestic Product. Thats why he Dad stated that “to try to break the debt financing cycle it is necessary create a multinational mechanism (…) that takes into account the global nature of the problem and its economic, financial and social implications,” he stated.
What Pope Francis said about global debt
Pope Francis January 25.avif
In 2020, the world’s 20 largest economies agreed on a “common framework” to facilitate the debt restructuring process and help poor countries recover, but progress has been slow. Currently There is no general international law that regulates national bankruptcies.
“The absence of such a mechanism favors the ‘every man for himself’ mentality, in which the weakest always lose,” said the Dad. “ No government can morally demand that its people suffer deprivations incompatible with human dignity.“he added.
Pope Francis once again asked for peace
During the angelus prayer in Peter’s Square, Pope Francis called for the “wisdom of rulers” to avoid a war escalation. This was after remembering the conflicts in Ukraine and Palestine and Israel.
It is not the first time that the Supreme Pontiff has asked for peace. On the last occasion, he asked that the armed conflicts stop and stated that We are currently living in times of “world war”so it is necessary “pray for peace“.
First of all, Jorge bergoglio began asking for peace in Sudan. In addition, he called for them to lay down their weapons and that with “the commitment of local authorities and the international community help is brought to the people and that the many displaced people can find shelter and protection in neighboring countries”.
He then mentioned the conflict in Ukraine, Israel and Palestine and asked “the wisdom of the rulers to avoid escalation“.
Source: Ambito
