A new Vatican-backed report, unveiled in Rome, calls to overhaul the global financial architecture and fix a debt system that it says is punishing Africa and other developing regions.
The Jubilee Report challenges the logic of inequity, arguing that the system is rigged to benefit creditors at the expense of debtor nations.
It advocates systemic reforms such as halting net transfers out of debt-distressed countries expanding debt suspension initiatives creating a global climate fund and promoting South-South financial integration.
In short, it recommends an extensive rewrite of the rules that have long penalised Africa for its inherited debt vulnerabilities.
The document is the culmination of work by over 30 economists commissioned by late Pope Francis, co-chaired by Nobel laureate Joseph Stiglitz and former Argentine economy minister Martn Guzmn, and released by the Pontifical Academy of Social Sciences.