debt relief

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.

Financing a sustainable recovery: the role of debt-relief instruments

Dear Colleagues,

Please join us for an HLPF Side Event on “Financing a sustainable recovery: The role of debt-relief instruments.”

This virtual side event, which is part of the Financing for Development in the Era of COVID-19 and Beyond Initiative, is jointly organized by UN DESA and UN Economic and Social Commission for Western Asia (UN ESCWA), with participation of UN Economic Commission for Latin America and the Caribbean (UN ECLAC) and UN Economic and Social Commission for Asia and the Pacific (UN ESCAP) and the IMF.

The event brings together UN and other international experts to present and explore efforts to develop instruments for debt relief and restore fiscal space, for countries’ COVID response, climate action and the SDGs. The session aims to strengthen international and regional discourse on debt relief, especially in relation to climate change and the upcoming COP26.

The side event will take place on Thursday, 15 July 2021 (7:30 am – 9:00 am, New York/EDT) on WebEx.

Click here to register for the event and for more information, including the full concept note.

We welcome the participation of all stakeholders. You are most welcome to share this invitation with your networks.

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 ngocsdvienna.org