UN framework convention on sovereign debt - Building a new debt architecture for economic justice
#CancelTheDebt #WBmeetings #IMFmeetings #FfD4 #EurodadIC25
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UN framework convention on sovereign debt - Building a new debt architecture for economic justice
A new blueprint to reform the global debt architecture has been published.
The paper outlines 10 reforms that European civil society organisations believe are necessary to prevent further unsustainable debt accumulation - particularly in the global south - and to offer fair and sustainable solutions when crises do occur. These reforms should be encompassed within a new binding legal framework that should be discussed and agreed under UN auspices.
It is authored by Eurodad and is endorsed by 13 other civil society networks and organisations across Europe. It is also the result of discussions with debt justice networks in Africa, Latin America, Asia and North America.
Read the briefing (English) | Spanish version | French version
Read the executive summary (English)
IMF/World Bank Annual Meetings
The IMF and World Bank at 80: Nothing to celebrate
Last week's Annual Meetings of the International Monetary Fund (IMF) and World Bank - during which the institutions have marked their 80th anniversary - has ended in an anticlimax. Forecasts of historically high public debt levels, combined with low growth, demonstrate the failure of these institutions to fulfil their mandate. Instead these institutions stuck to tried and failed recipes such as austerity and market-based approaches, in the face of increasing inequality and a climate emergency.
Read our media reaction
G20, IMF and World Bank kick the can down the road and fail to deliver solutions to the worst debt crisis ever - CSOs react
Last week G20 finance ministers, the IMF and the World Bank have again failed to take any meaningful action to deal with the deepening global debt crisis, continuing to term it ‘short-term liquidity challenges’.
CSOs' proposal for a transformative IDA21 replenishment
Ahead of the International Development Association (IDA) Forum, which took place last week, a group of CSOs released a set of policy proposals for an ambitious policy framework that would truly deliver for people living in the lowest-income countries.
Annual Meetings serve the rich and damn the poor!
by AFRODAD
In her closing remarks at the Annual Meetings, IMF Managing Director, Kristalina Georgieva warned of a world now facing a low growth – high debt trajectory. This situation is all too familiar in Africa where, at the start of the Annuals, four countries (Chad, Ethiopia, Ghana, and Zambia) defaulted on their debt and entered a restructuring programme under the G20 Common Framework brokered by the IMF.
Read more
Reflection on IMF/World Bank Annual Meetings 2024
By MenaFem
Eighty years after the creation of the Bretton Woods institutions, the global south faces a deepening debt crisis, exacerbated by a myriad of challenges. In their reflections after the Meetings, MenaFem takes stock of some of the key discussions between the institutions and civil society.
Don’t look back: Bretton Woods Institutions (BWIs) plough down path of reforms lacking evidence and willingness to engage with broader UN-led reform processes
by Bretton Woods Project
The World Bank’s Scorecard launch & IMF’s charges review were key points of discussion at the Annual Meetings. But the conversations highlighted a palpable gap between talk about reform and the very real struggle to pass incremental changes.
2024 Annual Meetings of the IMF and the World Bank: continuing disconnect between IFI and UN agendas
by Bodo Ellmers (Global Policy Forum)
Last week's Annual Meetings were the first major gathering of policymakers after the UN Summit of the Future (SotF), and one of the few remaining milestones before the Fourth International Conference on Financing for Development (FfD4). However, neither the outcome of the SotF has been reflected in the international financial institutions‘ (IFIs) own outcome documents, nor have the Annual Meetings been used as a strategic step to prepare for FfD4. The need for better coordination of UN and IFI agendas is more visible than ever.
Read the blog
The IMF just made the case for its own irrelevance
by Michael Galant (CEPR)
This month, the IMF had an opportunity to put an end to surcharges, one of its most reviled policies and lift billions of dollars of debt off the backs of crisis-stricken developing countries. It chose not to.
Read the opinion piece (via IPS News)
Pivoting from the 2024 World Bank Annual Meetings to COP29
by The Big Shift Global
The World Bank Group’s journey to create a world free of poverty on a livable planet continues. With COP29 around the corner, “climate finance” are the words on everyone’s lips and the role of the Bank remains a key focus.
Read more
Videos:
You can rewatch the following Civil Society Policy Forum events here:
· "A tale of two emergencies: debt policies of international financial institutions and fiscal injustices from a global south perspective"
· "Arab voices for sustainable development financing: rights-based approaches to addressing the debt-tax-climate crises"
· "Pretend and extend, or #CancelTheDebt? A fork in the road for the debt crisis"
· Watch the analysis of Tim Jones (Debt Justice UK) via X/Twitter
News
A reassessment of vulnerabilities in a context of high debt burden
by LATINDADD
The latest version of the Atlas of Vulnerabilities of Latin America and the Caribbean reflects a situation in which recovery from the crises is not close. The map highlights significant setbacks in education, food security and women’s socio-economic conditions.
Read more in English | Spanish version
Blogs
“Greenwashing” structural adjustment
by Lara Merling (CEPR)
How the debt crisis unfolds could have lasting consequences for the global energy transition. Not only does debt limit a country’s ability to finance an ambitious climate agenda, but now, it also makes the institution often at the center of debt negotiations—the IMF —increasingly relevant for global climate policy.
Reports
AidWatch 2024: whose interests does Official Development Assistance truly serve?
by Concord Europe
European Official Development Assistance (ODA) is in a critical condition. The ODA reported by the EU and its Member States still falls far short of commitments made half a century ago. Furthermore, not all reported ODA actually meets the official criteria. This report provides information, analysis and recommendations on the quantity and quality of ODA reported by the EU and its Member States.
Building new foundations: reimagining the international financial architecture
by Global Policy Forum
In this new report, independent researchers from academia and civil society rethink the financial architecture and make proposals for new foundations, for fundamental reforms towards more legitimate and more effective institutions.
Analysing outcomes from debt restructurings
by Debt Justice UK
This briefing shows how much creditors are profiting even after debt restructurings and how insufficient these are for countries with unsustainable debts.
Up to US$41 billion in World Bank climate finance unaccounted for, Oxfam finds
by Oxfam International
Up to US$41 billion in World Bank climate finance —nearly 40 percent of all climate funds disbursed by the Bank over the past seven years— is unaccounted for due to poor record-keeping practices, reveals a new Oxfam report.
Read the report
Giving voice to the silent debt crisis: how debt relief can unlock green growth pathways for Africa
by Debt Relief for Green Recovery Initiative
A new policy brief details the challenging debt dynamics facing African nations and outlines several solutions that would improve their fiscal capacity to address the climate emergency and embark on a sustainable growth pathway.
Useful resources
Get involved in the construction of integrity principles for debt swaps
by LATINDADD and CDES
In a joint effort by LATINDADD (Latin American Network for Economic and Social Justice) and CDES (Center for Economic and Social Rights), the first draft of the “High-Integrity Principles for Debt Swaps” is presented as part of ongoing efforts to promote climate and fiscal justice. This draft encourages global collaboration to develop and implement debt swaps that uphold high standards of transparency, accountability, and inclusivity.
Contributions and feedback are welcome and should be submitted by December 10 via [email protected] or [email protected]
Read more in English | Spanish version
Joining the Dots - Key issues for transforming the international financial architecture and shaping the fourth international conference on financing for development
by Action Aid
This briefing pulls together some of the evidence from research and advocacy, developed in women’s rights organisations, trade union federations, climate justice, economic justice and feminist movements, collating the insights that are most relevant for overhauling the international financial architecture.
State of affairs in Argentina and the IMF agreement: views from civil society
by Fundación Ambiente y Recursos Naturales (FARN), Espacio de Trabajo Fiscal para la Equidad (ETFE) and Recourse
This document analyses the current state of Argentina and its agreement with the IMF. It delves into the debt problem, the need for an environmental and human rights perspective and the paths to be taken so that the country can comply with its international obligations.
Towards a Peoples’ History of the IMF-World Bank: Critical articles amid 80 years of neocolonial plunder
by IBON International
This collection of articles reflects on the issues of the colonial character of the IMF-World Bank paradigm; how their history is intertwined with the history of past and present conflicts and militarism; and the failures of their model of social protection, of financing energy projects, and of land policy.
Read more
Events
13 & 26 Nov | Online | Aid webinars - The murky business of Private Sector Instruments: a stocktake one year after the agreement that changed what counts as aid
Join Eurodad for a series of two webinars exploring the relationship between private finance and aid. On 13 November we will bring together a panel to initiate critical dialogue on the PSI agreement one year after it came into force. The second webinar will take place on 26 November, and will focus on the promotion of guarantees as a financing instrument to allocate aid resources.
7 Nov | Online | Book launch - Feminism in public debt: a human rights approach
"Feminism in public debt: a human rights approach” is an interdisciplinary volume that explores the intersection of sovereign debt and women's human rights. During the webinar, some of the authors will exchange on a human rights approach to sovereign debt.
28-29 Jan 2025 | Barcelona and online | Eurodad international conference: 2025 - a once in a decade opportunity to achieve economic justice
Our next International Conference will take place in Barcelona in January and will be co-hosted with our Spanish members Debt Observatory in Globalization (ODG), Oxfam Intermon and Alianza-ActionAid Spain. It will provide a unique opportunity to share ideas ahead of the UN Financing for Development Conference (FfD4) in the country that will host the summit.
Stay tuned, registrations open soon!
Vacancies
Tax justice officer (Chargé.e de plaidoyer justice fiscale)
CCFD-Terre Solidaire
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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. |
