The indicators of a severe debt crisis were already present in Pakistan long before the Covid-19 crisis hit. Coordinated efforts by CSOs all round the world are needed to ensure that countries like Pakistan are not left alone dealing with its impact.

This weekend, G20 Finance Ministers passed up the chance to scale up debt relief to developing countries, demonstrating a galling lack of urgency in the face of the debt crisis engulfing a pandemic-stricken globe. Worse still, their approach risks making a bad situation worse.

As more and more of our work moves online, the new Eurodad website offers a space to work more effectively in a coordinated manner, amplifying our collective voice for transformative change.

Debt relief should not be reported as ODA. In the coming weeks, DAC members need to decide what is most important to them: allowing ODA double counting and inflation to create incentives to reward debt relief or upholding the credibility, integrity and solid reputation of DAC statistics.

Piling on more debt on to the shoulders of developing countries will not help them recover from the Covid-19 crisis, write Isabelle Brachet and Maria Jose Romero.

Climate action cannot stop, despite the cancellation of high-level climate meetings due to Covid-19. When the time comes to rebuild our economies, we must focus on achieving the goals set out in the Paris Agreement.

Before Covid-19 most discussions on development finance were focused on using public money and institutions to ‘leverage’ private finance. The pandemic has, however, exposed the consequences of decades of austerity policies and privatisation strategies.

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. 

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.