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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 ...

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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 ...

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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 ...

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Six things you should know about Covid-19 and debt for developing countries

Iolanda Fresnillo, Daniel Munevar

16 Apr 2020 13:46:54

An overwhelming amount of information regarding the impact of and response to Covid-19 has been published over the last month. Through this blog, we hope to provide a guide to understanding the key issues for developing countries.  1. There is so much going on right now. How can I keep track of what is happening?  Don’t worry. At Eurodad have been working on these issues for decades and we feel the same. The Covid-19 crisis is having a profound impact on many aspects of our lives. For countries in the global south, the impact of the crisis is such that we are not yet able to fully comprehend its implications.  Despite this uncertainty, at least three basic facts are clear:  Firstly, the health care systems in most of these countries are vulnerable and lack the required ...

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IMF Debt Relief: Implications for developing countries

Daniel Munevar

14 Apr 2020 15:19:14

On 13 April, the IMF announced an initiative to provide debt relief for a selected group of 25 countries. The program deploys resources from the Catastrophe Containment and Relief Trust (CCRT) to cover scheduled IMF repayments from beneficiary countries over the next six months. At a time when developing countries are desperately seeking  emergency financing and require an immediate cancellation over all external debt payments due in 2020, this is a welcome development but more is needed beyond the important symbolism of this measure. As discussed in a previous Eurodad report, it is vital for the IMF to adopt a leadership role and take the initiative by cancelling payments owed to it. By doing so, the IMF can promote an understanding amongst official and private creditors regarding the ...

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COVID-19, deuda pública y sistemas de salud en el sur global

Daniel Munevar

06 Apr 2020 16:57:22

COVID-19, deuda pública y sistemas de salud en el sur global El costo humano y económico de la crisis causada por COVID-19 es un claro recordatorio de la fragilidad de nuestra sociedad globalizada. La capacidad de los países para contener la pandemia se define por su capacidad para proporcionar protección efectiva a los más vulnerables. Hasta ahora, cerca del 80 por ciento de los casos confirmados de COVID-19 han sido reportados en Estados Unidos, la Unión Europea y China. La mayoría de estos países tienen sistemas avanzados de atención médica con los recursos necesarios para enfrentar los desafíos que plantea la pandemia. Desafortunadamente, no se puede decir lo mismo de la gran mayoría de los países del sur global. Según la OMS, estos países cuentan con sistemas de salud ...

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Debt relief must deliver on ambitions

The IMF and WB are calling on the G20 to support debt relief for impoverished countries in the face of the COVID-19 outbreak. But the institutions must break with the past to ensure debt relief fulfils its purpose. The COVID-19 pandemic is an exceptional crisis and potentially implies devastating legacy impacts for many impoverished countries. Global policy responses to deal with the economic fallout must therefore break with precedent and also ensure a reinforcement of longer-term development priorities. The call for a moratorium on official bilateral debt by the Bretton Woods Institutions is welcome, and could be a significant measure in securing fiscal breathing space for countries battling against the consequences of the COVID-19 outbreak. But for some countries, such a standstill may not ...