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Pope Francis urges debt cancellation

Today, September 1, Pope Francis called on the international community to write off the debts of poor countries affected by the coronavirus pandemic.

“Today the voice of creation urges us, alarmed, to return to the right place in the natural order, to remember that we are part, not owners, of the interconnected web of life. The disintegration of biodiversity, the vertiginous increase of the climatic disasters, the uneven impact of the ongoing pandemic on the poorest and most fragile are warning signs in the face of the unbridled greed of consumption” said Francisco.

These countries are experiencing serious consequences in the medical, social and economic spheres, according to the address of Pope Francis posted on the Vatican website, writes “Mirror of the week.”

“In this context, I reiterate my call for debt cancellation of the most vulnerable countries in recognition of the serious consequences of the medical, social and economic crises that they face as a result of COVID-19,” the message says.

In April, the Argentinian-born pontiff called for debt to be reduced or canceled in a message from an empty Saint Peter’s Basilica.

On Tuesday, he said: “Policy, legislation and investment must be focused on the common good and guarantee that global social and environmental goals are met.”

The World Bank warned last month that coronavirus might have driven as many as 100 million people into extreme poverty.

The situation made it imperative that creditors reduce the amount of debt held by poor countries, the Washington-based institution’s president David Malpass said.

Advanced economies in the G20 have already committed to suspending debt payments from the poorest nations until the end of the year.

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