Civil society activists from across the world have come together online to sound the #DebtAlarm, calling upon world leaders to act on debt cancellation. 

More than 500 civil society organisations are calling on the International Monetary Fund (IMF) to immediately stop promoting austerity around the world, and instead advocate policies that advance gender justice, reduce inequality, and decisively put people and planet first. 

The International Monetary Fund (IMF)-World Bank virtual Spring Meetings took place as global economic turmoil deepened

The G20 agreement is significant and will support the immediate Covid-19 response. But the breathing space it provides countries may be short-lived.

The world is facing an unprecedented humanitarian crisis triggered by the outbreak of COVID-19. As the Bretton Woods Institutions (BWIs) deliver their virtual Spring Meetings, there are strong calls for an ambitious response.

This seminar took place in the context of an emerging wave of debt crises across the globe, and an especially acute situation in Argentina, which had already partly defaulted on sovereign debts and announced that action on debt needs to be taken.

The 12th UNCTAD Debt Management Conference titled “Making debt work for development” took place in Geneva this week. At one of the best attended policy conferences ever, several hundred participants – including Eurodad staff, members and partners - discussed topics such as how to tackle the unfolding developing country debt crisis, debt sustainability analyses for a new debt landscape, new debt transparency initiatives, and more effective debt workout mechanisms. Participants agreed that urgent action is needed to address the new wave of debt crises, and called for more political will.

Eurodad, along with CSOs from across the world, welcome the draft UN General Assembly Resolution on "External Debt Sustainability and Development."

Thirty-five civil society organisations have today signed a declaration rejecting the IMF austerity policies implemented in Ecuador, Argentina and Haiti.

The UN Independent Expert on foreign debt and human rights will be presenting new Guiding Principles on human rights impact assessments of economic reforms to the 40th session of the UN Human Rights Council (HRC) in February/March 2019.

The Spring Meetings of the IMF and World Bank took place amid warnings of a ‘borrowed boom’ as an uptick in global growth was matched by global debt levels reaching record highs. 

The 2017 spring meetings of the IMF and World Bank, which also included the second edition of the Global Infrastructure Forum, took place against the uncertainty generated by geopolitical changes such as the election of President Trump in the US and the formalisation of the UK’s exit from the European Union.

Argentina and its bilateral creditors, coordinated by the Paris Club, have reached a deal to settle outstanding loans that were in default since 2001. According to the agreement made on 29 May, Argentina is going to pay US$ 9.7 billion over the next five years.

The long litigation odyssey between the government of Argentina and holdout creditors continues.

As the United Nations moves rapidly towards alternative proposals to sovereign debt work-out, it seems that the International Monetary Fund (IMF) does not want to be sidelined on the issue.

Almost 40 civil society organizations signed a letter calling upon Members of the European Parliament Committee on Development and European Development Ministers to take action with respect to Haiti’s debt.