Development & Peace
Turn Debt into Hope Campaign
Signing the petition for the global Turn Debt into Hope campaign
This Jubilee Year 2025, Pope Francis has called us to be “Pilgrims of Hope.” The Bishops of Canada invite us to answer his call by signing the global petition to Turn Debt into Hope. This appeal is in keeping the Biblical tradition of jubilee years, when debts were cancelled, slaves were set free, and the land was allowed to rest.
What is Pope Francis asking for?
In the bull announcing this Jubilee, Pope Francis wrote, remedying the cause of injustice, feeding the hungry and settling unjust debts is necessary for peace in the world.
He also asked the richest nations to “acknowledge the gravity of so many of their past decisions and determine to forgive the debts of countries that will never be able to repay them.” He called it not “a question of generosity,” but “a matter of justice.”
Why is debt a problem?
Today, more than 100 countries in the Global South are facing a debt crisis. Their situation has been worsened by the pandemic, by exorbitant interest rates and by global inflation.
More than 3.3 billion people live in countries that spend more on repaying foreign debt than on health or education. This has become an obstacle to sustainable development. Many countries now owe so much that their debts are impossible to repay have become a crushing burden for current and future generations.
Should the global financial system be reformed?
Yes, it should! And why? Because the foreign debt crisis is not inevitable. It is the result of political choices. Reforming the global financial system would transform the lives of billions of people. It would shift the focus from enriching creditors to favouring people, creating a just society and saving the planet.
What does the petition call for?
The global Turn Debt into Hope petition calls for:
- Canceling unjust and unsustainable debts
- Reforming the global financial system to prioritise people and the planet
- Establishing a binding and comprehensive debt framework within the United Nations
Together, let us repeat the resounding success of the global Jubilee 2000 campaign, which had led to the cancellation of over $100 billion in foreign debt for 36 impoverished countries.
Let us join voices with Pope Francis, with our bishops, and with organizations and movements around the world. Let us call to Turn Debt into Hope―to end the injustices the foreign debt that impoverished countries bear.
Please sign our global campaign before leaving church. You can also sign it online at devp.org/debt.
Make this gesture one of your Jubilee year actions! Thank you.