In the modern world, economies play a key role in determining the roles that can be played by nations in various spheres in the global political arena, whereby rich countries can have an edge in determining the course of the upcoming events in the world, as this can as well be reflected in launching economic projects that provide job opportunities and provide citizens with a good standard of living.

On the other hand, poor nations that are bereft of any opportunity to energize their economies resort to taking debts from rich countries or international monetary organizations in order to fill missing gaps. It is important to note in this regard that if such debts are employed in lucrative projects, then this sounds good as the money generated from such projects can repay the debt.  However, so many poor countries use such funds taken as debts only to cover exigent needs or what is referred to as "from hand to mouth".

His Holiness Pope Francis has repeatedly touched on this sensitive issue on several occasions in an attempt to draw attention to the seriousness of this issue on the future of poor nations, as he has called on world leaders to cancel debt of poorer nations.

After his traditional New Years’ Day Angelus prayer, the Pope issued a powerful call to political leaders, urging them to “set a good example by cancelling or significantly reducing the debts of the poorest countries.”
 

In his address at St. Peter’s Square, Pope Francis said, “God is the first to forgive debts, as we always ask in the ‘Our Father.' The Jubilee calls us to translate this forgiveness into social terms so that no individual, family, or people are crushed by debt. I encourage leaders of nations with Christian traditions to set an example by cancelling or significantly reducing the debts of the poorest countries.”

Once the calls made by the Holy Father regarding the cancellation of debts are fulfilled, it is important to note that such a measure does not immediately solve impending financial problems. These countries should resort, in the meantime, to launching well planned income-generating projects since cancellation of debts will not be beneficial in the long-run if it is concomitant with initiating productive projects that augur a bright future. Furthermore, once cancellation of debts, creditor nations are asked to help turn the due debts into productive projects that can help such nations recuperate financially. Another important facet of indebtedness is that the debt crisis adversely impacts projects relevant to climate change as debt repayments consume resources that could be used to deal with the growing climate emergency.

It is important in this regard  to note that while approaching the Jubilee Year in 2025, Caritas Internationalis has launched the Jubilee 2025 ‘Turn Debt into Hope’ campaign. Inspired by Pope Francis’ message of solidarity, this global call advocates for debt justice and transformative financial reforms to bring renewed hope to communities burdened by unsustainable debt.

Cardinal Tarcisius Kikuchi, President of Caritas Internationalis, “Debt is not just an economic burden – it is a moral crisis. The Jubilee tradition calls us to act with compassion, restoring hope to those oppressed by debt. As we enter the Jubilee Year, we must transform debt into opportunities for justice and renewal.”

Consequently, in the spirit of the Jubilee year, it is important to address a exigent message to global leaders, creditors, and decision-makers asking them to act accordingly as well as to help eliminate all debt-related social and environmental problems that emerge in light of the lurking debts.