AMECEA calls for financial reforms in debt cancellation campaign

By Sr. Jecinter Antoinette Okoth, FSSA

Debt cancellation has become a pressing necessity in regards to global economics, social justice and financial stability, especially in developing countries in Africa which are struggling with unsustainable debt burdens.

At the launch of the Jubilee 2025 Debt Cancellation Campaign following Pope Francis solidarity appeal for “international community to work towards forgiving foreign debt in recognition of the ecological debt existing between the North and the South of this world,” Bishop Charles Sampa Kasonde, the chairman for the Association of Member Episcopal Confernces in Eastern Africa (AMECEA) stated that the mission of the campaign is to extend “beyond debt cancellation.”

“We seek comprehensive global financial reforms aimed at preventing the cycle of debt entrapment that have plagued our nations. We advocate for responsible borrowing and lending practices that uphold justice and equity,” said Bishop Kasonde of Solwezi, stressing the need to urgently consider strategies for recovery.

A path to sustainable relief and economic stability

Speaking in Kenya on February 12, the Zambian Bishop said debt negotiations play a crucial role in easing financial burdens. As nations grapple with mounting debts, restructuring offers a viable solution to adjust repayment terms, reduce financial strain, and create a pathway toward sustainable growth.

“We need to engage in meaningful debt restructuring negotiations to lighten the repayment burden and seek fairer international borrowing terms that ensure sustainability,” he said. “Strengthening domestic revenue mobilization through effective tax reforms will also be pivotal in restoring our nations to a path of growth and resilience.”

Embracing the spirit of the Jubilee

Bishop Kasonde drew from the Biblical roots that the Jubilee year is a time of spiritual renewal, forgiveness, and reconciliation, inspired by the Old Testament concept (Leviticus 25:8-13), which emphasizes freedom, debt forgiveness, and justice. “Let us embrace the spirit of Jubilee, a concept steeped in history and moral obligation,” he said.

 “Originating from the biblical tradition,” he added, “Jubilee calls for periodic debt, forgiveness and the restoration of economic equilibrium. It serves as beacon of hope, a promise of renewal and freedom, and a remedy for the structural inequalities that have persisted for far too long.”

He further echoed Pope Francis’message that debt forgiveness is a profound moral responsibility. “When debt burdens entrench poverty, amplify inequality, and stifle economic growth, we are compelled to act-especially as we approach the Jubilee Year 2025, themed ‘Pilgrims of Hope.’ This moment in time challenges us to reshape our financial systems, prioritizing human dignity over corporate profits and the dominance of lender nations.”

Legacy of Jubilee on debt cancellation

The Jubilee principle has always influenced movements advocating for debt relief, particularly for developing nations. The Catholic Church and other religious groups have championed debt forgiveness leading to real financial relief for many countries, as well as fostering resilient economies and sustainable development.

 “The Jubilee 2000 Campaign,” said Bishop Kasonde, “led to the cancellation of over $100 billion in debt for some of the most indebted nations, freeing resources for vital public services like healthcare, education, and infrastructure.”

Yet, he concluded, “the relief we secured was not enough to remedy the systemic flaws within the global financial architecture, which continues to leave African nations at the mercy of recurrent debt crises… let us embrace this moment as a profound opportunity to stand together as a global community.”