Development Finance Watch - World leaders continue to kick the can down the road on debt reform


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World leaders continue to kick the can down the road on debt reform

World leaders failed to seize an opportunity for vital reform of the international debt architecture when they met on March 29 at the UN.

Jean Saldanha, Director of the European Network on Debt and Development (Eurodad), said: “We welcomed calls by Jamaica and Argentina for fundamental reform of debt architecture and the need for a multilateral framework for debt restructuring. But they were lone voices as other powerful players continued to back the status quo, kicking the can on debt reform further down the road."

Click here to read Eurodad's full reaction.

Read the OpEds ahead of the event that were published in Devex, El Pais and Le Monde.

Read Eurodad's new briefing which provides an overview of the dynamics and implications of the 2020 sovereign debt crisis here.

News & blogs

Open letter to World Bank Group President David Malpass and WBG leadership calling for whole-of-institution WBG commitment to end its fossil fuels support

More than 150 organisations and individuals have signed an open letter to the World Bank Group president and leadership, calling on the World Bank to commit to ending all support for fossil fuels.

Click here for the full letter.

Open Letter to the World Bank Group to strengthen public health financing and refrain from promoting public-private partnerships in health care

More than 90 organisations from the global north and south, including Eurodad, have called on the World Bank Group to strengthen public systems and implement a ‘public first’ approach to health financing.

You can read the letter here.

Joint CSO statement on UN Human Rights Council resolution affirming the importance of investing in public services

Eight international civil society organisations welcome a resolution of the United Nations Human Rights Council adopted by consensus on 23 March 2021 affirming the crucial importance of investment in public services for the realisation of economic, social and cultural rights.

Click here to read the full statement.

Reports & useful resources

The Liquidity and Sustainability Facility for African sovereign bonds: who benefits?

By Daniel Gabor

In an effort to improve access to global financial markets for African countries, the United Nations Economic Commission for Africa (ECA) – in cooperation with the asset management firm PIMCO – has proposed setting up a Liquidity and Sustainability Facility (LSF). The aim of this paper is to contribute to an informed dialogue on the most appropriate forms of development finance in view of the critical debt situation of African countries and in the wake of the Covid-19 crisis. This briefing was commissioned by the Heinrich Böll Stiftung, Eurodad and Nawi – Afrifem Macroeconomics Collective.

Click here to read the full report.

How lessons from development finance can strengthen climate finance

Climate finance is a vital and powerful sustainable development tool. This briefing highlights lessons learned from long-standing work on development finance that need to be taken into account in climate finance discussions taking place in 2021.

Click here to read the full briefing.

Civil Society Policy Forum Webinars

An economic future for whom? The Cascade/MFD and recovery

Universal access to healthcare: lessons learned from Public-Private Partnerships

Development Policy Finance: Critical Concerns surrounding Accountability and Outcomes for People and the Climate

Upcoming events

13 - 15 April | Financing for Development Forum (including panels and side events on Infrastructure, Debt, Private Creditors, Liquidity and Illicit Financial Flows). Eurodad will be taking part in various panels and discussions during this forum.

Eurodad event:

21 April | Debt Wednesday Session 3 - Debt relief & the Paris Club historical perspective | Overview of debt in Africa

This newsletter has been produced with co-funding from the European Union, Bread for the World and Norad. The contents of this publication are the sole responsibility of Eurodad and can under no circumstances be regarded as reflecting the position of the funders.

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