financial crime

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.

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

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

Combating Corruption: The Relevance & Capacities of Faith-Based Organizations

Special Session of the United Nations General Assembly Against Corruption (UNGASS)

Side meeting: “Combating Corruption: The Relevance and Capacities of Faith-Based Organizations”

Representatives from diverse faith traditions, along with UN officials with direct experience in combating and proposing solutions to corruption—trafficking, public corruption, organized crime—will discuss the role of FBOs in corruption prevention and intervention efforts to improve ethics, justice, rule of law, good governance, and sustainable development.

Moderator: Dr. Thomas G. Walsh, Chairman, Universal Peace Federation; Co-Chair, Coalition of Faith-Based Organizations, USA

Panelists:

  • Amb. Thomas Stelzer, Dean, International Anti-Corruption Center, Vienna
  • Mrs. Livia Krings, Crime Prevention and Criminal Justice Officer in the Corruption and Economic Crime Branch of the UN Office on Drugs and Crime (UNODC), Austria
  • Dr. Liberato “Levi” Bautista, President of The Conference of Non-Governmental Organizations (CoNGO) in Consultative Relationship with the United Nations and Main Representative to the UN for the United Methodist Church-General Board of Church and Society
  • Imam Sheikh Mohammad Ismail, The Muslim Chaplain, The University of Sheffield, The Octagon Centre, Sheffield, UK
  • Bishop Munib Younan, Former President, Lutheran World Federation; Honorary President, Religions for Peace, State of Palestine

Question and Answer:

For Q&A, please email questions to coalitionfbo@gmail.com Thank you!

This webinar is sponsored by:

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CoNGO Notes: For more information on the Committee of Religious NGOs at the United Nations, please visit rngos.wordpress.com. For more information on the NGO Committee on Drugs & Crime-NY, please visit nyngoc.org. For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org. For more information on the NGO Committee on Freedom of Religion or Belief, please visit unforb.org.

UN Webinar on the COVID-19 Impact on Transfer Pricing

The COVID-19 outbreak is not only a health crisis, but a jobs crisis, a humanitarian crisis and a development crisis of unprecedented scale and dimension and it demands unprecedented efforts, including to finance the response and recovery.

The UN Webinar on the COVID-19 Impact on Transfer Pricing will be a 4-hour virtual learning event on the COVID-19 pandemic impact on the policy and administrative aspects of the transfer pricing analyses for developing countries in their efforts to mobilize domestic resources for response and recovery. Given the relevance of the topic to stakeholders from all regions and multiple disciplines, the event will be open to the public. The forthcoming update of the Manual on Transfer Pricing for Developing Countries, approved by UN Committee of Experts on International Cooperation in Tax Matters in its 21st Session, will be considered in light of the COVID-19-related crisis.

Register here!

The webinar is designed to:

• Give participants a better understanding of how the COVID-19 pandemic has disrupted business’ value chains and how the rapid changes and economic downturn have impacted the transfer pricing position of taxpayers and posed a challenge to tax administrations in assessing transfer prices under these circumstances.

• Identify some of the specific issues faced by developing countries on the impact of the COVID-19 pandemic on the transfer pricing position of their taxpayers and suggest practical solutions to these challenges.

• Give particular attention to the issue of the lack of local comparables to undertake the transfer pricing analysis based on the arm’s length principle. It is acknowledged that this issue is not exclusive of the COVID-19 pandemic, but has been exacerbated by it.

• It is acknowledged that while many businesses have incurred losses, some may have experienced extraordinary gains. It is important for developing countries to identify these different circumstances and have a better understanding of how to deal with extraordinary losses, as undue treatment of losses can further erode the tax base.

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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

Celebrate International Women’s Day with the NGO Committee on Ageing-NY

The NGO Committee on Ageing calls your attention to our next Program Meeting on Thursday, March 4th, from 11:00am to 12:30pm EST.

Register here!

Program Agenda

Welcome and Announcements: Cynthia Stuen, Chair, NGO CoA

Moderator: Sandra Timmermann, Co-Chair, NGO CoA Program Subcommittee

Updates on OEWGA and other business: Frances Zainoeddin, Vice-Chair, NGO CoA

The COVID19 “She-Session”: The Impact of the Pandemic on the Economic Security of Older Women

  • Melissa Grober-Morrow, Thought Leadership Director, Financial Resilience, AARP
  • Ben F. Bolton, Director, Global Partnership Engagement, Office of International Affairs, AARP

Q & A and Discussion: Erica Dhar, AARP

Plans for the Commission on the Status of Women and CoA Member Input: Susan Somers, INPEA (Time will be allotted for member organizations to discuss their plans for CSW.)

The NGO CoA thanks the International Network for the Prevention of Elder Abuse (INPEA) for hosting the meeting on Zoom.

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CoNGO Notes: For more information on the NGO Committee on Ageing-NY, please visit ngocoa-ny.org. For more information on the NGO Committee on Ageing-Vienna, please visit ngoageingvie.org. For more information on the NGO Committee on Ageing-Geneva, please visit ageingcommitteegeneva.org. For more information on the NGO Committee on Intergenerational Solidarity, please email the vice chair at susanneseperson@gmail.com.

Launch of FACTI Panel Final Report

The FACTI Panel is the High Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda. It aims to improve the world’s chances of achieving sustainable development by making recommendations that both strengthen current efforts to combat illicit financial flows, and close remaining gaps in the international system.

The FACTI Panel is set to launch its final report at 8:00-10:30 (EST) on Thursday, 25 February 2021. The event will be conducted virtually with simultaneous interpretation for all UN official languages.

All interested participants can register by clicking the registration link below and filling out the form. After registering the FACTI Panel Secretariat will directly send you connection details to attend the launch.

Register here.

Read the FACTI Panel interim report here.

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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-New York, please visit ngocsd-ny.org.

Intersessional Meeting of the COP to the UN Convention Against Corruption: Asset Recovery

Intersessional meeting of the Conference of the States Parties to the UN Convention against Corruption: Thematic focus on asset recovery (Vienna)

This meeting is second of five preparatory meetings to be held before the Special Session of the General Assembly Against Corruption.

Tentative timeline available here: https://ungass2021.unodc.org/uploads/ungass2021/documents/session1/UNGASS2021_tentative_timeline.pdf

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CoNGO Notes: For more information the NGO Committee on Sustainable Development-Vienna, please visit ngocsdvienna.org. For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org

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