62 CSOs deliver open letter on the Debt Transparency Initiative (DTI) to OECD, G20 and European Commission
62 civil society organisations and global networks across the world have published an open letter expressing their concerns about the design, consultation process and establishment of the ‘inadequate’ OECD Debt Transparency Initiative (DTI).
The DTI was first announced by the G20 in October 2020 as a mechanism to improve transparency in low-income countries.
It is designed around the Institute of International Finance (IIF) Voluntary Principles on Debt Transparency. The IIF and its membership have been active in the design of the initiative, whereas CSOs and borrowing countries have not been invited.
The signatories to the letter – including Eurodad - are asking the OECD to fix the deficiencies in the initiative. In order to have an instrument that delivers true transparency, the following is necessary:
- Participation of governments from the global south.
- Participation of stakeholders from the global south.
- Inclusion of all debt instruments and all countries.
The letter states: “Efforts that fail to address the issues we have raised in this letter will neither be in a position to act as a mechanism for increasing debt transparency in the global south – nor will they be accountable to either borrowers or lenders.”
It also includes a proposal supported by a global network of CSOs to establish a publicly accessible registry of loan and debt data that can be used as an input in the process of design and implementation of the OECD DTI.
63. Financial Transparency Coalition
64. Bulgarian Gender Research Foundation, Bulgaria
65. Centre for Leadership & Environmental Development (CLED), Nigeria
66. Observatori del Deute en la Globalitzacio, Spain
67. Centro de Derechos Económicos y Sociales - CDES, Ecuador
Media contact: Julia Ravenscroft, Communications Manager, Eurodad: +32 486356814/ [email protected]