global South

The global debt crisis and the role of private creditors

Sharing responsibilities as well as benefits? The global debt crisis and the role of private creditors

The results of the G20 initiatives to relieve the debt of the Global South, which has been hard hit economically by the pandemic, are sobering. Many eligible countries are reluctant to enter into negotiations. They fear that debt relief will cut off their long-term access to private capital markets and cause them to lose the confidence of private investors. These concerns have been reinforced by creditors, especially from the private sector. And the G20? Despite its commitment to private sector participation in the Common Framework for Debt Treatments, it has so far not found the political will to make such participation mandatory. However, this would be a key step to shield debtor countries from uncooperative creditors and achieve substantial debt relief.

In the run-up to the joint meeting of G20 health and finance ministers this October we have invited international experts from academia, government, and financial institutions to discuss the following questions among others:

  • Is there empirical evidence that debt relief excludes countries from much-needed development finance?
  • On what grounds could the participation from the private sector in official debt relief initiatives, comparable to other creditors, be expected?
  • In what ways can the G20 compel private sector participation and equal burden-sharing?

Further event details will be forthcoming, but please stay apprised of updates here: https://ny.fes.de/

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CoNGO Notes: For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com. For more information on the NGO Committee on Sustainable Development-New York, please visit ngocsd-ny.org.

The global debt crisis and the role of private creditors

Sharing responsibilities as well as benefits? The global debt crisis and the role of private creditors

The results of the G20 initiatives to relieve the debt of the Global South, which has been hard hit economically by the pandemic, are sobering. Many eligible countries are reluctant to enter into negotiations. They fear that debt relief will cut off their long-term access to private capital markets and cause them to lose the confidence of private investors. These concerns have been reinforced by creditors, especially from the private sector. And the G20? Despite its commitment to private sector participation in the Common Framework for Debt Treatments, it has so far not found the political will to make such participation mandatory. However, this would be a key step to shield debtor countries from uncooperative creditors and achieve substantial debt relief.

In the run-up to the joint meeting of G20 health and finance ministers this October we have invited international experts from academia, government, and financial institutions to discuss the following questions among others:

  • Is there empirical evidence that debt relief excludes countries from much-needed development finance?
  • On what grounds could the participation from the private sector in official debt relief initiatives, comparable to other creditors, be expected?
  • In what ways can the G20 compel private sector participation and equal burden-sharing?

Further event details will be forthcoming, but please stay apprised of updates here: https://ny.fes.de/

____________________________________________________________________________________________

CoNGO Notes: For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com. For more information on the NGO Committee on Sustainable Development-New York, please visit ngocsd-ny.org.

Reclaiming and Transforming Multilateralism: Towards a Peoples’ Multilateralism

Alongside the High-Level Political Forum 2021, ActionAid’s Youth Working Group will launch its popular education and advocacy series called “Reclaiming and Transforming Multilateralism: Towards a Peoples’ Multilateralism.” The report was authored by Diyana Yahaya, edited by Nancy Kachingwe, and commissioned by Katherine Robinson.

This series of primers are intended to raise awareness and increase participation amongst the youth movements and young human rights defenders, including young womxn and feminist activists, on the importance of multilateral spaces in safeguarding and expanding their rights, advancing social justice, defending democratic space, and fostering cooperation and solidarity between states as well as between peoples’. With a focus on global multilateral spaces and institutions, it explores the current state of multilateralism, attacks on and the corporate capture of multilateral spaces; and how we can reclaim and transform multilateralism in a way that puts human rights, environmental, social, and gender justice at its center.

Join this panel of feminists from across the Global South in reimagining a just future. Register here!

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CoNGO Notes: For more information on the NGO Committee on Social Development, please visit ngosocdev.org. For more information on the NGO Committee on Intergenerational Solidarity, please email the vice chair at susanne.seperson@gmail.com. For more information on the NGO Committee on the Status of Women-NY, please visit ngocsw.org. For more information on the NGO Committee on the Status of Women-Vienna, please visit ngocswvienna.org. For more information on the NGO Committee on the Status of Women-Geneva, please visit ngocsw-geneva.ch

Reclaiming and Transforming Multilateralism: Towards a Peoples’ Multilateralism

Alongside the High-Level Political Forum 2021, ActionAid’s Youth Working Group will launch its popular education and advocacy series called “Reclaiming and Transforming Multilateralism: Towards a Peoples’ Multilateralism.” The report was authored by Diyana Yahaya, edited by Nancy Kachingwe, and commissioned by Katherine Robinson.

This series of primers are intended to raise awareness and increase participation amongst the youth movements and young human rights defenders, including young womxn and feminist activists, on the importance of multilateral spaces in safeguarding and expanding their rights, advancing social justice, defending democratic space, and fostering cooperation and solidarity between states as well as between peoples’. With a focus on global multilateral spaces and institutions, it explores the current state of multilateralism, attacks on and the corporate capture of multilateral spaces; and how we can reclaim and transform multilateralism in a way that puts human rights, environmental, social, and gender justice at its center.

Join this panel of feminists from across the Global South in reimagining a just future. Register here!

_____________________________________________________________________________________________

CoNGO Notes: For more information on the NGO Committee on Social Development, please visit ngosocdev.org. For more information on the NGO Committee on Intergenerational Solidarity, please email the vice chair at susanne.seperson@gmail.com. For more information on the NGO Committee on the Status of Women-NY, please visit ngocsw.org. For more information on the NGO Committee on the Status of Women-Vienna, please visit ngocswvienna.org. For more information on the NGO Committee on the Status of Women-Geneva, please visit ngocsw-geneva.ch