debt

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.

Public dialogue on the progress of the Inter-agency Task Force on Financing for Development

Dear colleagues,

You are cordially invited to an informal public dialogue on the progress of the Inter-agency Task Force on Financing for Development (IATF on FFD), in preparation for the 2022 Financing for Sustainable Development Report. The public dialogue will be held on the 21st of October (Thursday), 9:00 – 10:30 EDT, virtually via MS Teams.

Representatives from the Secretariat, the five major institutional stakeholders (World Bank Group, IMF, WTO, UNCTAD and UNDP), and other Task Force members will brief Member States and external stakeholders on their work. A short presentation will be followed by an interactive discussion to solicit feedback and input. We welcome the participation of all delegations and all stakeholders in this briefing and look forward to your contributions to the dialogue.

If you are interested in attending the briefing, please click here to register and you will receive a specific calendar invitation for the event.

Background information on the briefing is available on the Task Force website. For further information please contact Mr. Peter Chowla (chowla@un.org), Ms. Poh Lynn Ng (ng6@un.org), and Ms. Jie Wei (weij@un.org).

Kind regards,

Navid Hanif

Director, Financing for Sustainable Development Office, Department of Economic and Social Affairs, United Nations

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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-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com.

World Bank + IMF Annual Meetings

The 2021 Annual Meetings of the World Bank Group and the International Monetary Fund will take place from Monday, October 11, through Sunday, October 17. All public and by-invitation-only events—including the Program of Seminars and other public events, ministerial meetings, CSO engagements, and press conferences—will be virtual and accessible on World Bank digital platforms. To accommodate time-differences, events may take place outside of the principal week.

At the heart of the Annual Meetings are the Annual Meetings plenary speeches, the joint World Bank Group/IMF Development Committee, and the IMF International Monetary and Financial Committee. Other featured events include regional briefings, press conferences, and fora focused on the global economy, international development, and the world’s financial markets.

Registration will open in mid-August. Information about the schedule of the 2021 Annual Meetings will be posted soon – check back regularly for updates here: worldbank.org/en/meetings/splash/annual

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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 ngocsdvienna.org. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org.

[registration deadline] Course on non-tariff measures and their relevance to the pandemic

The UNCTAD secretariat is pleased to inform the permanent missions of member States in Geneva that the UNCTAD Trade Analysis Branch will organize the first edition of an online course on economic analysis of non-tariff measures of 2021. This edition of the course will be held from 4 October to 19 November 2021.

The objective of this course is to introduce the main empirical approaches used to assess the impact of non-tariff measures on bilateral trade flows. The course targets audiences who are working in trade and/or development field, such as government officials, researchers and representatives of the private sector. We especially encourage participants who want to strengthen their understanding of non-tariff measures, use non-tariff measures data and/or who are or may be involved in the design or negotiation of policies related to non-tariff measures. The course may also be of benefit to participants involved in the regulatory cooperation and harmonization of non-tariff measures across countries/sectors and participants involved in the resolution of trade frictions related to non-tariff measures.

A limited number of applications will be considered from the stakeholders of developed countries. Qualified women candidates are particularly encouraged to apply.

Interested candidates should apply by following the instructions available at research.net/r/EconNTMs. The deadline for applications is 26 September 2021.

To obtain assistance with the online application process, please contact elearningtrade@un.org. Requests for further information or clarifications about the course may be sent to Ms. Chi Le Ngo, Trade Analysis Branch, UNCTAD Division on International Trade and Commodities; email: ntm.training@unctad.org.

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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-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit ngocsdvienna.org.

UNCTAD Civil Society Forum

The hosting of UNCTAD 15 in October of 2021, by a Small Island Developing State (SIDS) offers a critical opportunity to ground the discussions in the present and future realities and prospects of the most vulnerable countries and their populations.

The theme of UNCTAD 15, From Inequality and Vulnerability to Prosperity for All, provides a platform to re-energize and refocus development efforts and commitments. It also presents a unique opportunity for member states to respond strategically by reinforcing the value of multilateralism and providing a renewed mandate for a strengthened UNCTAD.

This Civil Society Forum is intended to contribute to the transformative discourse that needs to take place to address some of the systemic and structural inequalities in the trade and development space. The Day 3 agenda includes:

Closing

14:45-15:00 (CEST) • 08:45–09:00 (AST)

Speakers:

  • Ms. Kozel Peters-Frazer, Caribbean Policy Development Centre and host country civil society coordinating organization
  • Ms. Arlette Verploegh, UNCTAD
  • Ms. Shantal Munro-Knight, Barbados UNCTAD15 Civil Society Forum Lead

Solidarity and system change are the only way forward to overcome the global economic, health, and human rights crisis: feminist perspectives from Asia and the Pacific

15:05–16:20 (CEST) • 09:05–10:20 (AST) | side event organized by Asia Pacific Forum on Women, Law and Development

Exploring the divide between the global north and south

15:05–16:20 (CEST) • 09:05–10:20 (AST) | side event organized by Tax Justice Network Africa

Sustainable solutions to debt crisis, the role of UNCTAD 

16:25–17:40 (CEST) • 10:25–11:40 (AST) | side event organized by the Global Policy Forum

How do we build a just recovery from the COVID crisis?

16:25–17:40 (CEST) • 10:25–11:40 (AST) | side event organized by Friends of the Earth International

Discussion on the Civil Society Declaration

17:40–19:40 (CEST) • 11:40–13:40 (AST) | The session will provide for discussion and confirmation of the Civil Society Declaration. The Caribbean Policy Development Centre is the host country civil society organization.

Access the sessions here: wtvglobal.6connex.eu/event/UNCTAD15-Barbados/login

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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-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com.

SDG Investment Fair: Facilitating Private Investment for SDG Impact [registration deadline]

Facilitating Private Investment for SDG Impact | 28 – 29 September 2021 

The SDG Investment (SDGI) Fair is a platform for scaling up investment in sustainable development by facilitating direct interaction between representatives of governments of developing countries, private sector and multilateral agencies.

The Fair is evolving from an annual event to a year-round program. The September 2021 Fair seeks to introduce new countries to the SDGI Fair program and to increase interaction between investors and participating countries. Three countries will have a chance to present their projects to potential investors.

The event will also feature one-on-one matchmaking sessions between the investors and countries, online investor exchanges, knowledge sharing and capacity building.

Further details, including the participating countries and event’s agenda, will be published at a later date. However, registration is now open.

Please register here: cognitoforms.com/UNDESA1/September2021SDGInvestmentFair2?v2

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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 ngocsdvienna.org. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org.

9th Global Commodities Forum: Strengthening resilience in commodity dependent countries

Ninth Global Commodities Forum: Strengthening resilience in commodity dependent countries

The Global Commodities Forum will be held at the Palais des Nations, Geneva, with physical and remote participation, from 13 to 15 September 2021. It will commence at 3pm on Monday, 13 September 2021. The ninth meeting of the Global Commodities Forum is jointly organized by UNCTAD and the Government of Barbados, in collaboration with their partners. It is held in the lead up to the 15th session of the United Nations Conference on Trade and Development, hosted by Barbados, to be held with remote participation from 3 to 7 October 2021 and the theme of which is “From inequality and vulnerability to prosperity for all.”

The Global Commodities Forum is a major multi-stakeholder meeting, at which participants can discuss pragmatic solutions to perennial problems in the commodity economy. It offers a unique platform at which to debate issues at the intersection of commodities and development, including food security, water management, the transition from fossil fuels and the greening of the mining sector. The theme of the 2021 Global Commodities Forum is “Strengthening resilience in commodity dependent countries.” Responding effectively to the COVID-19 pandemic and meeting development needs in the context of accelerating climate change processes are challenging many commodity dependent developing countries. How countries will adapt to a constantly evolving environment depends on their capacity to promote innovative economic and social development programmes. In this regard, international cooperation is crucial. The Global Commodities Forum will connect policymakers with practitioners to address current challenges and future opportunities for commodity dependent economies.

The Global Commodities Forum will help to frame international policy discussions on commodities, highlighting challenges and opportunities for developing countries, in particular commodity dependent developing countries. In this regard, four thematic sessions and a high-level round table will be organized. On day 1, the first session will be dedicated to agriculture, with a focus on the policy actions required to ensure food security, and the second session will examine the challenges related to access to water in the twenty-first century. On day 2, the third and fourth sessions will examine issues related to energy commodities and minerals, with a focus on energy transitions. On day 3, a high-level round table will be held on strengthening resilience.

Register & view the full program, including speaker biographies, here: unctad15.org/commodities-forum.

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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 ngocsdvienna.org. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Disarmament, Peace, and Security, please visit ngocdps.wordpress.com

Climate Investment Summit 2021: Accelerating Green Investments

Climate Investment Summit 2021 is a leading summit aimed at increasing investments in climate and green recovery – built on the experience of practitioners, best practice business models and cross-sector collaboration.

The Climate Investment Summit is a pivotal milestone in the Climate Investment Coalition’s investment roadmap leading to a historical COP26 and beyond. The Summit will showcase the UK’s leading global position, commitment to net zero and the investment opportunities that this provides across the whole of the UK to catalyse billions of pounds of investment for the Ten Point Plan for a green industrial revolution.

Participate virtually here: climateinvestmentsummit.org

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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 the Rights of Indigenous Peoples, please visit facebook.com/NGOCoRIP. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit ngocsdvienna.org

UNCTAD Trade and Development Board 32nd special session

The thirty-second special session of the Trade and Development Board will start on Monday, 6 September 2021 in hybrid format. The session will open at 10 a.m. in room XVIII of the Palais des Nations, Geneva. The provisional agenda for the session, together with the secretariat’s annotations thereto, will be contained in document TD/B(S-XXXII)/1.

Nominations and participation

Registration should be completed online and is required in order to be included in the list of participants. To register, please use the following link: Thirty-second special session. Other participants (i.e. representatives of members of UNCTAD that are not members of the Board and representatives of specialized agencies, non-governmental organizations and intergovernmental bodies wishing to attend as observers) are also eligible to participate in the session as observers and should register online by the same date using the link above. Any enquiries concerning registration should be sent to the UNCTAD secretariat, Intergovernmental Support Service, Palais des Nations, CH-1211 Geneva 10; email: meetings@unctad.org.

Logistics

Preparations to organize the meeting through a remote simultaneous interpretation platform with the six official languages of the United Nations are at an advanced stage. The link to the formal virtual meeting will be sent to the email address used for registration one day in advance of the start of the session.

Further information and contact details

Questions on preparations for the thirty-second special session of the Trade and Development Board should be addressed to Lisanne Losier, Deputy Secretary of the Trade and Development Board, Intergovernmental Support Service, email: correspondence@unctad.org; tel.: 41 22 917 4054.

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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 Education, Learning, and Literacy, please visit facebook.com/NGOCELLatUN. For more information on the NGO Committee on Sustainable Development-Vienna, please visit ngocsdvienna.org. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org

South-South Sharing of Experiences in Macro-Financial Policies for Structural Transformation

UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT

Meeting the 2030 Agenda and the Sustainable Development Goals (SDGs) is inextricably linked with the process of structural transformation. Macroeconomic and financial policies are a key area in which many developing countries face limitations in their capacity to effectively design, manage, coordinate, implement, and evaluate the policy levers of structural transformation. South-South sharing of experiences, including by drawing lessons from success stories such as China’s development strategy, can help to address this shortcoming and assist national capacity-building.

China’s successful development experience over the past 40 years has been based on a pragmatic, gradual and experimental approach to development. Many other developing countries adopted policy strategies that emphasize reducing state influence over key macroeconomic policy levers such as exchange rates and interest rates, combined with broad-based liberalization and privatization at the sectoral level. This latter approach did not result in structural transformation. As such, China’s experience may act as a reference point from which other developing countries can assess alternative economic policy options that are consistent with their own objectives for structural transformation and adapted to their own specific circumstances.

This webinar looks at macroeconomic and financial policies from a comparative cross-country perspective. It aims at fostering a better understanding of the key macroeconomic and financial policy challenges that developing countries face and the extent to which China’s development strategy, trajectory and dynamics can inform other countries’ macroeconomic and financial policy strategies.

Register here: us02web.zoom.us/webinar/register/WN_ryV6dH_4SsKEuaGb7o44tw

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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 ngocsdvienna.org. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org.

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