The Vatican wants to solve the global debt crisis. Our political leaders should take note

National debt is often held by private lenders charging extortionate rates — draining much needed funds from schools and hospitals in the developing world. As the Jubilee Debt Commission meets today, Bishop Stephen Wright explains how the issue can be solved for good

 Climate. Migration. War. Whatever the global challenge, politicians learnt over the last twelve years to expect a clarion call from Pope Francis on it.

Just weeks before his death, Francis was preparing once again to urge governments to respond to another crisis quietly devastating communities.

In February of this year, the late pontiff commissioned a group of more than 30 internationally-recognised economists and academics to produce a report into a debt crisis that dozens of countries are grappling with. This is an economic disaster robbing children of an education, depriving families of healthcare and impeding communities from preparing for and recovering from climate catastrophes across half the world.

On Friday, 20th June, this ‘Jubilee Debt Commission’ – which includes the Nobel Prize-winning professor Joseph Stiglitz – are presenting their report to the Vatican’s Pontifical Academy of Social Sciences. Although Pope Francis did not live to see it finished, his successor, Pope Leo, has already spoken of the “hope” that debt relief would bring.