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Developing country debt must be cancelled to tackle coronavirus crisis

Emergency finance must not add to debt burdensProcess to reduce debts to sustainable level in future also neededEmbargoed to: 00:01 April 7 2020 CEST On World Health Day, amid an unprecedented global crisis, more than 100 organisations are calling for developing country debt to be cancelled to fight the Covid-19 health and economic crisis. Cancelling all debt payments owed by low-income countries to other governments, multilateral institutions and private lenders would free up to US$ 25.5 billion ...
COVID 19 is a global health emergency that can only be effectively tackled by well-resourced public health systems and public policies that prioritise the vulnerable. These are issues that Eurodad has long advocated for. We are following the advice of ...

Impoverished countries spending up to 40% of government revenues on repaying debt, according to new research

Poor countries around the world are cutting public services such as health and education as the cost of debt rises Cuts put women’s rights and advances in gender equality at risk Thursday February 20 2020  A report published today shows that rapidly rising and more expensive public debt is pitting the rights of creditors against those of the world’s poorest - and in particular women and girls - as countries devote up to 40 per cent of revenue to external debt service. The new research ...

European Parliament hearing on aid effectiveness


07 Feb 2020 13:01:07

On 22 January, Eurodad Director Jean Saldanha spoke as part of the public hearing on aid effectiveness held by the European Parliament Committee on Development. The hearing will feed into a forthcoming report by DEVE Member Tomas Tobé that comes at a crucial moment as negotiations for the EU’s multiannual budget are ongoing and the EU is debating the future of its development finance architecture. Acknowledging the positive and proactive role the European Parliament has played in keeping development effectiveness on the EU’s agenda, Eurodad focused on the key role of ODA as a vital and irreplaceable resource for eradicating poverty and tackling inequalities. Development effectiveness principles are key to unleash the catalytic potential of ODA, while recent assessments show ...

Eurodad's priorities for 2020

Jean Saldanha

31 Jan 2020 13:21:31

2020 starts the ten-year countdown for the successful implementation of the Sustainable Development Goals. It is also a critical period for a just response to climate change, ensuring that those who are the least responsible do not pay the greatest price.Here, Eurodad Director Jean Saldanha explores some of the issues Eurodad will tackle in 2020: 1. A fair resolution to unsustainable debtUNCTAD’s 2019 Trade and Development Report warned: “A spluttering North, a general slowdown in the South, and rising levels of debt everywhere are hanging ominously over the global economy; these, combined with increased market volatility, a fractured multilateral system and mounting uncertainty, are framing the immediate policy challenge.”The worsening debt picture across the Global South is being ...

Eurodad response to today's Statement by the Inclusive Framework on BEPS

Friday January 31 2020, Tove Maria Ryding, Tax Coordinator at the European Network on Debt and Development (Eurodad) said: "If we look at what is currently on the table, it seems the existing transfer pricing system will be maintained. Basically, the new tax rules are supposed to run in parallel with the old rules, but only apply to a relatively small part of the overall profits of multinational corporations. Given that the current transfer pricing rules have proven to be both ineffective and deeply ...

The right finance crucial to success of the EU’s Green New Deal


10 Dec 2019 15:20:08

The new European Commission is sending a clear signal by tabling a “Green New Deal” within a month of its inception. But to be a true statement of intent rather than a mere public relations manoeuvre, it must speak to the urgency for action. Equally, it must address the climate challenge in all its dimensions, not just environmental or economic, but the interconnected social and political dimensions as well. Related to this are three crucial tests to determine whether the detail will make or break the deal.  The first test is how seriously the EU will take its responsibility to uphold the Paris agreement’s commitment to stay well below the 1.5 deg C threshold. As part of the industrial world, the EU has a specific responsibility not only to act at home but to ...
***Photo call on Thursday 28 November at 8:30am at Schuman: Civil society organisations will hold a public action outside the Council of EU Member States***Three years have passed since the European Commission published a legislative proposal for mandatory ...
Dear Ambassador,  We welcome the innovations in this year´s draft UN General Assembly Resolution on “External Debt Sustainability and Development” (A/C.2/74/L.9). The new wave of debt crises threatens to derail the 2030 Development Agenda and ...

Eurodad response to OECD consultation on international tax rules

Tove Ryding

14 Nov 2019 11:30:37

Together with members and allies from across Europe, Eurodad has submitted a response to the OECD consultation on the secretariat’s proposal for new international rules to determine the way taxing rights are allocated between countries. The submission, which can be found in full here, among other things highlights that: The signatories welcome the growing recognition of the shortcomings of the transfer pricing system and the arm’s length principle. Furthermore, the signatories welcome the growing recognition of the value of taxing multinational corporations on the basis of their global consolidated profits, with taxing rights being allocated between governments based on an agreed formula and supplemented by a minimum effective tax rate. However, as it stands, the signatories consider the ...