Donor countries will undermine the integrity of aid if they continue reporting debt relief as ODA
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This week the OECD’s Development Assistance Committee (DAC), a forum of the main providers of aid, will once again discuss the rules for reporting debt relief as Official Development Assistance. This issue has been on the DAC’s table since 2014, but it is gaining momentum as the goal is to reach an agreement this summer. The response to the Covid-19 crisis is adding pressure to these negotiations, as everybody expects more debt relief to be granted in the near future. This would be a major issue for developing countries, as the crisis has clearly exacerbated the need for fresh financial resources that come with no additional financial liabilities. Read the complete article.
The dual crises of Covid-19 and climate change represent an opportunity for the European Investment Bank (EIB) to become the world's first Climate Bank. 2020 also marks the year in which the EIB will develop a Climate Bank Roadmap. Yet so far, the EIB hasn’t demonstrated any significant leadership in transforming into a bank that values climate resilient development over ‘business as usual’. Eurodad, as part of a coalition of Civil Society Organisations is calling for the EIB to ensure the roadmap aligns with the 1.5°C goal of the Paris Agreement. Read the full letter
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 in this oped for Euractiv ahead of last week's summit where the EU budget was discussed. Read the full article.
Reports & useful resources
The outbreak of Covid-19 has triggered a health, social and economic crisis that exacts its heaviest toll on the marginalised and most vulnerable, further exacerbating existing inequalities. Women are particularly exposed to the virus as they make up the majority of workers in care, social, and frontline health services, and they are also caring for the sick in families. Women are also hit harder economically as many work in the informal economy and small enterprises, which are among the worst impacted by the pandemic. Read the full report.
The Covid-19 pandemic is in danger of seriously undermining the capability of developing countries to achieve the Sustainable Development Goals. Helping these countries to respond adequately to the health emergency and economic fall-out requires a broad range of systemic measures and close international cooperation. Official Development Assistance could play a crucial role in tackling the immediate impacts of the coronavirus crisis and supporting a recovery centred on human rights, gender equality and a just transition. Read the full report.
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.