Report on the VIVAT Co-Sponsored Vatican High-Level Segment Event
58th Regular Session of the UN Human Rights Council – Palais des Nations, 25 February 2025
Justice, Not Charity
In partnership with the Genève Forum, VIVAT co-sponsored and participated in a Vatican-led High-Level Segment on sovereign debt forgiveness during the 58th Human Rights Council session in Geneva. The event focused on debt justice for developing nations, framed through the powerful moral lens of the Jubilee Year.
More than a symbolic tradition, the Jubilee calls for a radical reset: a time to renew commitments to justice, equity, and mercy. It reminds us that Earth’s resources are meant for all, not monopolized by the privileged few. It challenges us to confront systemic inequality and respond with bold, restorative action.
Debt Forgiveness as a Moral Imperative
At the heart of this year’s Jubilee message is a call for sovereign debt forgiveness—an issue framed not as an economic strategy, but as a matter of human dignity and moral obligation. With global public debt topping $97 trillion in 2023, many developing nations are drowning under crushing financial burdens that stunt development and strip citizens of basic rights and services.
This isn’t just about numbers. It’s about the child without access to education, the family without healthcare, and entire communities abandoned as funds are diverted to service debt instead of building futures. The panelists underscored that this debt crisis threatens the achievement of the Sustainable Development Goals and deepens cycles of poverty and inequality.
Broken Systems, Urgent Solutions
Speakers stressed that the current global debt architecture is failing. It overlooks the urgent needs of vulnerable nations and lacks effective mechanisms for meaningful relief. Past proposals have often fallen short, failing to address core pillars like healthcare, education, infrastructure, and climate resilience.
The call to action was clear: short-term relief must be matched with long-term reform. We need a global financial system that works for both debtor and creditor nations—a system based on transparency, equity, and non-debt-creating financing. Only then can developing nations move from survival to sustainable prosperity.
Lessons from the Past, Urgency for the Future
The 2000 Jubilee movement led to $110 billion in pledged debt relief. Twenty-five years later, with climate breakdown accelerating and inequality deepening, we face an urgent moral test: Will we once again rise to the challenge?
Panelists argued that debt relief must now be paired with broader systemic change. That means building fairer lending frameworks, supporting local solutions, and empowering nations to chart their own development paths. As the Jubilee Year continues, it offers a rare moral rallying point—one that can unite faith groups, governments, and civil society around justice, not charity.
Concrete Goals of the Event
Co-organized by the Permanent Observer Mission of the Holy See and UNCTAD, and co-sponsored by Brazil, Ghana, the Philippines, South Africa, and Spain, the event aimed to:
- Highlight the real human impact of the debt crisis on sustainable development and rights.
- Share case studies from the Global South showcasing local innovation and resilience.
- Propose tangible strategies for immediate debt relief and long-term reform.
- Promote dialogue around fairer global financial systems rooted in accountability.
- Mobilize international commitment to embody the Jubilee’s transformative call for justice.
Distinguished Panelists Included:
- H.E. Archbishop Paul Richard Gallagher, Secretary for Relations with States, Holy See
- H.E. Ms. Rebeca Grynspan, Secretary-General, UNCTAD
- Dr. Ilze Brands Kehris, Assistant Secretary-General for Human Rights, OHCHR
- Mr. Robert Powell, Special Representative to the UN, IMF
- Dr. Manuela Francisco, Global Director, Macroeconomics, Trade and Investment, World Bank
- Ms. Christine Allen, Executive Director, CAFOD
The Jubilee Year is a timely moral summons. Debt relief is not a handout—it is a matter of justice, solidarity, and shared human dignity. And now, more than ever, is the time to act.
