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The imperative of more sovereign debt relief

There is no moral hazard involved now in offering help to struggling economies

By Megan Greene  

Photo: Graeme Sloan/SIPA USA/PA Images

The Pope’s Easter message doesn’t usually wade into economics. But this year Pope Francis called for “debt reduction, if not forgiveness” for the world’s poorest countries that are being hit hardest by the pandemic. Pope Francis is right that countries need help in the face of this truly exogenous shock. In the short term, debt forbearance is absolutely necessary, and when the dust settles we should look into forgiveness.

The coronavirus crisis has been…

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