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Argentina: creditors must take action to stem human impact of debt crisis

Iolanda Fresnillo, Daniel Munevar

14 May 2020 11:38:24

Argentina continues to struggle with recession and a mounting debt crisis. The country has been on selective default for a few months, and is battling to avoid a broader default. It has been trying to find a workable solution both with its private creditors, with bilateral creditors through the Paris Club and with the IMF, by proposing a comprehensive and consistent debt restructuring process. However, this has resulted in little success to date. On top of this already complicated situation, Argentina is now facing the economic consequences of the Covid-19 pandemic. That is why CSOs across the world are writing to the members of the Paris Club backing Argentina's call. “A substantial debt restructuring in Argentina, with fair burden-sharing by all creditors, is imperative in order to address ...

Will donors finally agree on fair rules for reporting debt relief as ODA?

Jan Van de Poel, Nerea Craviotto

14 May 2020 10:52:26

The rules on how debt relief should be counted as Official Development Assistance are currently being negotiated by the Organisation for Economic Co-operation and Development (OECD) Development Assistance Committee (DAC) – under the auspices of its Chair Susanna Moorehead – and the Paris Club, which is an informal group of creditor governments. This important issue has been left unresolved ever since the DAC decided to switch to a grant equivalent system for reporting loans in 2014. According to our information, both parties are set to meet early next week and are aiming to reach an agreement by June this year. This means the next few weeks will be key in making sure the new rules set the best incentives for the provision of much-needed ODA resources to eradicate poverty and tackle inequalities ...

NGO Statement: European Green Deal must strengthen partner countries’ recovery from the COVID-19 crisis

Leia Achampong

11 May 2020 09:25:50

Today, Eurodad, along with 15 other civil society organisations, released a joint statement calling for the European Union to pursue a green recovery that supports all people, communities and the planet.  Countries all over the world have mobilised to react to the COVID-19 pandemic. ‘But for developing countries in the global south, their experiences are compounded by the ongoing climate impacts that they’re also experiencing during this pandemic.  As European countries start transitioning to a post-COVID-19 period, it’s imperative that a green recovery plan is equitable, transparent, inclusive and contributes to a global recovery response that supports developing countries too.  The immediate priority is for the EU to demonstrate solidarity with partner countries in the ...
This submission represents the views of a group of 29 civil society organisations (CSOs) from the global south and the global north. The submission was coordinated by the DAC-CSO Reference Group - an open platform, which aims to facilitate CSO engagement ...

Is ODA up to the challenges posed by the coronavirus pandemic?

Jan Van de Poel, Nerea Craviotto

30 Apr 2020 09:54:04

On 16 April 2020, the Organisation for Economic Co-operation and Development (OECD) released the preliminary statistics on Official Development Assistance (ODA) for 2019. The figures were published amidst an unprecedented crisis that risks erasing any progress made in achieving the Sustainable Development Goals by 2030. While it is clear that ODA will be an important part of the international community’s response to the coronavirus crisis, this blog assesses whether ODA is up to the job and identifies three key challenges that the international community needs to address as a matter of urgency.A quest for more ODAA first challenge is to scale up the available support for developing countries to help them respond to the coronavirus crisis, as Eurodad has argued in a previous blog, at least ...

G20 debt service suspension: A response not fit for purpose (II)

Daniel Munevar

24 Apr 2020 11:32:01

This second part of our two-part blog series provides an assessment of the G20 Debt Service Suspension Initiative announced last week. Part I analyses the impact of the proposal on fiscal responses to Covid-19. Part II places the initiative in the context of the broader economic costs of the crisis for developing countries.  In the first part of this blog series, we examined the impact of the G20 Debt Service Suspension Initiative (DSSI) on emergency responses by the world’s poorest countries to the Covid-19 pandemic. While the DSSI provides some room to bolster the response to the crisis, it is clearly insufficient. The trifling nature of the initial multilateral response is further exposed once the impact of the crisis on public debts is taken into account. This highlights the ...

Eurodad reacts to UN calls for a global mechanism for sovereign debt restructurings

Thursday 23 April 2020 Today, the UN Secretary General called for a sovereign debt restructuring mechanism to be established as part of the longer term response to the Covid-19 crisis and its economic impacts. The call is accompanied by a new report from UNCTAD - the main UN body dealing with trade, investment and development issues - calling for a global authority to oversee debt restructurings.  Mark Perera, Policy and Advocacy Manager at the European Network on Debt and Development ...
The International Monetary Fund (IMF)-World Bank virtual Spring Meetings took place as global economic turmoil deepened. The IMF projected the worst recession since the Great Depression – and warned that even this forecast might be too optimistic. While ...

G20 debt service suspension: A response not fit for purpose (I)

Daniel Munevar

21 Apr 2020 11:32:36

This blog series of two parts will provide an assessment of the G20 debt service suspension initiative announced last week. Part I analyses the impact of the proposal on fiscal responses to Covid-19. Part II places the initiative in the context of the broader economic costs of the crisis for developing countries.  On 15 April, the G20 announced an agreement to suspend public external debt service for a group of 77 developing countries to help tackle the Covid-19 crisis. The G20 Debt Service Suspension Initiative (DSSI) will involve the postponement of up to US$ 12 billion in payments by the world’s poorest countries to official bilateral creditors until the end of 2020. The initiative does not cover multilateral and external private creditors. In order to benefit from it, countries must ...