On July 25, the Canadian Conference of Catholic Bishops issued an important pastoral letter on the Jubilee, debt and economic justice. Observing that over 3 billion people live in countries that spend more on paying the interest on their loans than either healthcare or education, the bishops explain that our international financial system is unjust, holds back development, and locks many countries into a cycle of unfair borrowing.
To address this problem, the bishops advise not only cancelling unjust and unpayable debt but also finding the ambition to address the structural problems in the financial system that lead to debt crises.
The Government of Canada, the bishops add, should use its influence following the G7 summit in June to “become a global leader on debt justice,” such that Canada will “be remembered as a reliable champion of the dignity and rights of all people to live without the burden of unpayable and unjust debt.”
The letter also highlights Pope Francis’s recognition of the “ecological debt” owed by the Global North to the Global South, resulting from disproportionate use of resources and contributions to climate change. “As those to whom much has been given, much will also be required of us” (cf. Luke 12:48), the bishops explain. “Given our privileged situation, which is in part due to our access to the raw materials of the Global South, Canadians have a moral obligation to assist our brothers and sisters who lack the benefits and safeguards we enjoy.”
Recalling the impressive efforts of Canadians and the Catholic Church in the 2000 Jubilee campaign, the bishops tell us that in this Jubilee Year, “Catholics in Canada once again have an opportunity to raise our voices for debt relief and justice.” To do so, the bishops encourage Canadians to join our Turn Debt into Hope campaign, beginning with signing the global petition for debt justice. We are thankful that the bishops have trusted Development and Peace ― Caritas Canada to help Canadians connect with a global movement for debt justice in this Jubilee Year.