We celebrate the letter that was sent by @Pontifex to the @IMFNews & the @WorldBank:

"It is my hope that your discussions will contribute to a model of “recovery” capable of generating new, more inclusive and sustainable solutions to support the real economy, (continues...)

assisting individuals and communities to achieve their deepest aspirations and the universal common good. (continues...)

The notion of recovery cannot be content to a return to an unequal and unsustainable model of economic and social life, where a tiny minority of the world’s population owns half of its wealth.

[...] A spirit of global solidarity also demands at the least a significant reduction in the debt burden of the poorest nations, which has been exacerbated by the pandemic.

#CutTheDebt

Nor can we overlook another kind of debt: the “ecological debt” that exists especially between the global north and south. We are, in fact, in debt to nature itself, as well as the people and countries affected by human-induced ecological degradation and biodiversity loss.
#PayUp

In this regard, I believe that the financial industry, which is distinguished by its great creativity, will prove capable of developing agile mechanisms for calculating this ecological debt, so that developed countries can pay it, (continues...)

#PayUp

not only by significantly limiting their consumption of non-renewable energy or by assisting poorer countries to enact policies and programmes of sustainable development, but also by covering the costs of the innovation required for that purpose.

#PayUp

[...] financial markets should be underpinned by laws and regulations aimed at ensuring that they truly work for the common good. A commitment to economic, financial and social solidarity thus entails much more than engaging in sporadic acts of generosity.

“It means thinking and acting in terms of community. It means that the lives of all are prior to the appropriation of goods by a few. It also means combatting the structural causes of poverty, inequality, the lack of work, land and housing, the denial of social and labour rights.

It is time to acknowledge that markets –particularly the financial ones– do not govern themselves. Markets need to be underpinned by laws & regulations that ensure they work for the common good, guaranteeing that finance - rather than being merely speculative or financing itself.

[...] we especially need a justly financed vaccine solidarity, for we cannot allow the law of the marketplace to take precedence over the law of love and the health of all.

#VaccinesForAll

Here, I reiterate my call to government leaders, businesses and international organizations to work together in providing vaccines for all, especially for the most vulnerable and needy.

#VaccinesForAll

From the Vatican, 4 April 2021

FRANCIS

Read full text: http://www.vatican.va/content/francesco/en/letters/2021/documents/papa-francesco_20210404_lettera-banca-mondiale.html