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The Eurodad-IBIS conference on Financing for Development (5-7 May) was packed with informative plenary debates and lively workshops. Our top story includes video presentations and resources from the conference. This week, we also analyse the UNCTAD's new Roadmap and Guide for debt workouts. If implemented, it could revolutionise the way sovereign debt is managed.

Top Story

Eurodad-IBIS International Conference on Financing for Development, 5-7 May 

Civil society experts, ministers and ambassadors from five continents met in Copenhagen from 5-7 May for the Eurodad-IBIS international conference on Financing for Development (FfD). During the conference, more than 160 delegates planned for the crucial UN Summit on FfD in July in Addis Ababa, which will decide how to finance international development over the next decade. Read more.

News


UNCTAD releases new Roadmap and Guide for debt workouts
The prevention of debt crises and the way these crises are managed have a tendency to fail due to the lack of adequate institutions. While Europe is still struggling to solve the old debt crises, a new round of debt crises is emerging in developing countries, triggered by falling commodity prices and rising borrowing costs. Against this backdrop, an expert group convened by the United Nations Conference on Trade and Development (UNCTAD) has developed a detailed new Roadmap and Guide that aims to make future debt workouts fairer, more efficient and more sustainable.... Read more

Blog


Financing for development or for private interests?
How can investments in and for the private sector contribute to development cooperation? This is more or less the key question on the agenda during the current Financing for Development (FfD) negotiations in New York. According to the European Union (EU), the answer lies with the risky use of public resources as a catalyst for private investment. However, this outsourcing of development cooperation to the private sector is accompanied by a serious lack of evidence about the real development impact, transparency, accountability and developing country ownership. (This blog was first published in Dutch on Vice Versa Magazine) 
... Read more

News


New anti-vulture fund legislation in Belgium: an example for Europe and rest of the world
On 6 May all major parties represented in the Belgian federal parliament signed a proposal that will curtail the harmful speculation by vulture funds: investment companies that buy up defaulted debts for bargain prices and then sue the country in question for full immediate repayment. Eurodad members 11.11.11 and CNCD-11.11.11 – together with CADTM – have long been advocating for more stringent legal measures against vulture funds and welcome this proposal. (guest post by Jan Van de Poel, Policy officer with 11.11.11)... Read more

News


Letter to Ambassador of Luxembourg in Copenhagen
On May 7, Eurodad and campaigners from all over the world held a demonstration at the Embassy of Luxembourg in Copenhagen against corporate secrecy and prosecutions of whistleblowers. In solidarity with the whistleblowers the activists blew whistles and handed a letter to the Ambassador, Gérard Léon Pierre Philipps. In the letter, CSOs express their deep concern about the role of Luxembourg in facilitating large-scale tax avoidance of multinational enterprises, as well as the prosecution of two whistleblowers and one of the key journalists, who acted in the public interest and helped publish the so-called LuxLeaks information. A press release can also be accessed here. ... Read more
 

What’s New

USEFUL RESOURCES
An expert group convened by the United Nations Conference on Trade and Development (UNCTAD) has launched a detailed new Roadmap and Guide that aims to make future debt workouts fairer, more efficient and more sustainable. Click here to read it.

Eurodad member Erlassjahr launched its Debt Report for 2015. Click here to read it (in German).  

QUOTE
"There are some countries that say this issue should not be discussed at the UN, just the IMF […]. Developing countries are doing our part, you the EU have to do your part as well" - Bolivian ambassador Sacha Llorenti, who chairs the UN General Assembly Committee working on a new global debt restructuring framework. He was speaking at a Eurodad - UN event on the UN's work towards a multilateral framework for Sovereign Debt Restructurings.
 

EURODAD IN ACTION
On 7 May, Eurodad and its members and partners demonstrated in front of Luxembourg’s embassy in Copenhagen to show public support for the whistleblowers and the journalists who are facing prosecution for their roles in LuxLeaks, and to campaign for public country by country reporting. 
Eurodad’s Bodo Ellmers spoke at the joint Eurodad and UN event in the European Parliament on 12 May.

EURODAD MENTIONS
Eurodad’s joint UN event in the European Parliament was covered by EurActiv. Click here for the article.
 
Eurodad’s demonstration in front of Luxembourg’s embassy in Copenhagen during our international conference was covered by the newspaper Luxemburger Wort.  

VACANCY
Oxfam International is looking for a new policy adviser for its World Bank/IMF office in Washington D.C. Click here for more information.
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