Statement on the Passing of Pope Francis and His Legacy on Sovereign Debt

Three members of the Boston University Global Development Policy team were appointed to the Jubilee Commission of Experts to Address Debt and Development Crises hosted by the Pontifical Academy of Social Sciences (PASS) and Columbia University’s Initiative for Policy Dialogue (IPD). Convening in 2025, it is designed to address the growing sovereign debt and development crises that are affecting countries across the Global South. These members issued the following statement with the passing of Pope Francis on April 21, 2025.

We are deeply saddened to learn of the passing of Pope Francis. He was a moral leader who inspired billions with his commitment to the dignity of all people, no matter the country they happened to be born in.

It is our immense honor to be part of the Jubilee Commission of Experts to Address Debt and Development Crises during the 2025 Jubilee Year. The Jubilee Year of 2000 inspired a wave of debt relief for low-income countries that was both the most effective in modern history, yet insufficient in scope to prevent the recurrence of debt crises. Confronted by COVID-19, climate change, and interest rate hikes, many developing countries once again face debt distress that in many important ways rivals their experience of the turn of the century. In this context, debt relief—coupled with reforms of the international financial architecture to prevent crises from recurring the future—is a moral, economic and environmental imperative. As Pope Francis is laid to rest, we believe this as a way to advance his legacy of tackling the issue of debt, climate and development as a means to a just world.

Today, more than 3.3 billion people live in countries that spend more on interest payment than health or education. Pope Francis knew that populations living under debt distress are more than data points. They mean educations that have ended prematurely, illnesses gone untreated, and roads and houses left unbuilt. We look forward to working with the Jubilee Commission to propose a plan to address debt distress and reform the international financial architecture. We hope this work will contribute to how the world will remember Pope Francis and his quest for a just world.