Pope Francis has launched an appeal to cancel or substantially reduce debt as a matter of justice during the Jubilee Year that is being celebrated by the Catholic Church...
Statement by His Excellency Archbishop Ettore Balestrero,
Apostolic Nuncio, Permanent Observer of the Holy See to the United Nations and Other International Organizations in Geneva at the
58th Session of the Human Rights Council
Item 3: Interactive Dialogue with the Independent Expert on Foreign Debt
Geneva, 10 March 2025
Mister President,
The Holy See takes note of the Report of the Independent Expert on Foreign Debt and expresses its concern that global public debt reached $97 trillion in 2023,[1] placing a significant burden on highly indebted countries. Moreover, the unsustainable cost of debt servicing often translates into cuts in essential public services such as education and healthcare.
It is also alarming that developing countries spent 13 times more on external debt repayments than on combating climate change.[2] Inadequate climate finance and the shortcomings in the international financial architecture have further exacerbated their situation.
While developing countries grapple with unsustainable levels of financial debt, the international community should recognize another form of debt: ecological debt[3], which refers to the responsibility of those countries that contributed disproportionately to climate change.
Mister President,
Pope Francis has launched an appeal to cancel or substantially reduce debt as a matter of justice during the Jubilee Year that is being celebrated by the Catholic Church. In this context the Holy See Mission, together with UNCTAD, organized an event on 25 February last, co-sponsored by Brazil, Ghana, the Philippines, South Africa and Spain, to open a dialogue on the debt crisis with relevant stakeholders, including financial institutions. This demonstrated the relevance of the discussion here in Geneva, which we hope will continue in the future.
Thank you.