Vatican diplomat calls for ‘radical and transformative action’ on international debt
September 20, 2024
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CWN Editor's Note: Addressing a session of UN Trade and Development (UNCTAD), a leading Vatican diplomat called for “radical and transformative action on debt, including by lowering interest rates, extending repayment periods, and even considering debt forgiveness, in order to achieve the goal of a world without poverty by 2030.”
Archbishop Ettore Balestrero, apostolic nuncio and Permanent Observer to the United Nations and other international organizations in Geneva, Switzerland, added that “in the fight against poverty and under-development, investment facilitation is vital to ensure that resources flow efficiently to the areas where they are most needed.”
To that end, the prelate called on businesses and governments to “give full consideration to the ethical dimensions when seeking solutions to contemporary challenges.” He also called for a “clear and transparent regulatory framework” and said that “it is necessary to streamline administrative procedures and reduce costs and uncertainties to avoid deterring potential investors.”
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