Dear friends, good morning and welcome!
I am delighted to be here with you today. I extend my greetings to Cardinal Turkson, the Chancellor of the Pontifical Academy of Sciences, and to all of you who have joined the discussion on “Addressing the Debt Crisis in the Global South”. This gathering aims to facilitate a dialogue on implementing policies to tackle the debt issues that plague many countries in the global South, impacting millions of families worldwide.
It is crucial that financing not only benefits individuals but also fosters shared responsibility between borrowers and lenders. The efficacy of such financing in society depends on its terms, utilization, and the frameworks guiding resolution of potential debt crises.
In the aftermath of mismanaged globalization, combined with the impacts of the pandemic and conflicts, we find ourselves grappling with a debt crisis primarily affecting global South nations, leading to suffering and deprivation for millions. No government should morally subject its citizens to indignities incompatible with human dignity.
To break the cycle of debt-driven financing, we need a multinational mechanism founded on solidarity and cooperation, addressing the global problem’s economic, financial, and social dimensions. The absence of such a mechanism promotes a self-serving mentality, where the vulnerable are left behind.
In keeping with the teachings of my predecessors, it is imperative to uphold justice and solidarity in seeking solutions. Acting in good faith and truth, guided by an international code of ethical conduct, is essential for constructive dialogue. Let us envision a new international financial architecture that is innovative and courageous.
During the Jubilee of the Year 2000, Saint John Paul II highlighted that the issue of foreign debt is not merely economic but touches upon fundamental ethical principles and should be a concern in international law. He advocated for substantial debt reduction, if not outright cancellation, for the common good. This message resonates even more urgently today, as ecological and external debts are intertwined, compromising the future.
The upcoming Holy Year of 2025 beckons us to untie the knots of bondage strangling the present, acknowledging our role as custodians, not masters. Let us dream and collaborate in conscientiously nurturing our shared home, mindful of our duty to alleviate the suffering of our marginalized brothers and sisters.
Your work here is impactful, and I offer my prayers for your endeavors. May God bless you all, and I humbly ask for your prayers as well. Let us strive for a more just and compassionate world. Amen.
