Press Releases

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Julia Ravenscroft

Reaction to G20 Common Framework for Debt Treatments: designed by and for creditors

Today the G20 published its “Common Framework for Debt Treatments beyond the DSSI.” The proposed framework is extremely disappointing, and yet again another mechanism that has been designed by and for creditors.

  • Debt Justice
  • Debt Resolution
Julia Ravenscroft

Eurodad reaction to OECD-DAC High Level Meeting - A missed opportunity

Following the OECD Development Assistance Committee High Level Meeting, Eurodad laments that delegates failed to show the solidarity that is needed to stay on track to reach the sustainable development goals.

  • Development Finance
  • Covid-19
Julia Ravenscroft

World’s biggest development finance institutions have failed to invest in the poorest countries during Coronavirus pandemic

  • New research shows five of world’s largest DFIs – including the World Bank IFC – have directed just 2% of investments to companies based in low income countries
  • CSOs call for a rethink during virtual Finance in Common (FIC) summit next week, where 400 public development banks, including DFIs, will discuss their role in the Covid-19 recovery effort
  • Development Finance
  • FiC
Julia Ravenscroft

IMF-WB Annual Meetings: Strong rhetoric, weak action

As the Annual Meetings of the IMF and World Bank draw to a close, Jean Saldanha, Director of the European Network on Debt and Development (Eurodad) reflects on a crucial, but disappointing, week in development finance.

  • Debt Justice
  • Covid-19
Iolanda Fresnillo

Eurodad reaction to G20 announcements on the Debt Service Suspension Initiative (DSSI)

Today the G20 announced a six-month extension to the Debt Service Suspension Initiative. It also extended the period of debt payments suspension from four years to six years. In addition, the G20 announced a common framework for debt treatments beyond the DSSI, the details of which will be announced in November.

  • Debt Justice
  • Covid-19
Julia Ravenscroft

Over half of the World Bank's emergency funding to tackle the Coronavirus crisis goes to the private sector

  • Almost 60 per cent of the Bank’s fast track Covid-19 Facility (US$ 8 billion) is being allocated through its private sector arm, the International Finance Corporation (IFC)
  • Publicly available information indicates that as of June 2020, 68 per cent of IFC Covid-19 projects targeted financial institutions
  • It also shows that 50 per cent of IFC-supported companies are either majority-owned by multinational companies or are themselves international conglomerates
  • Publicly-backed Private Finance
  • Global Processes
Tove Ryding

Eurodad response to today's blueprints for the Inclusive Framework on BEPS

Today the OECD published its blueprints for how to repair the global corporate tax system, which follows an update that the OECD provided in January 2020

  • Tax Justice
  • Covid-19
Julia Ravenscroft

Over 500 organisations and academics around the world call on IMF to stop promoting austerity in the Coronavirus recovery period

  • Eurodad analysis shows Covid-19 ‘recovery packages’ could force tax increases and spending cuts in 80 developing countries by 2023, threatening achievement of SDGs.
  • 59 countries have fiscal consolidation plans over next three years that are almost five times larger than Covid-19 response packages implemented in 2020
  • Debt Justice
  • Covid-19
Jan Van de Poel

Eurodad response to the DAC’s agreement on reporting debt relief as ODA

Today the OECD Development Assistance Committee (DAC) – the group of countries that regulate how aid should be reported – agreed new rules for reporting debt relief as Official Development Assistance (ODA). Eurodad regrets that donor governments decided to rush an agreement, which allows them to report additional ODA for debt relief.

  • Aid Effectiveness
  • Covid-19
Iolanda Fresnillo

‘Draining out the Titanic with a bucket’ – New Eurodad report shows why G20 plan to tackle Covid-19 debt crisis in developing countries is failing

  • Debt suspension offered by G20 only covers 3.65% of all the debt service payments to be made in 2020 by all developing countries
  • G20 leaders urged to massively scale up debt relief and work on longer-term global reforms to resolve debt crises or risk abandoning sustainable development and climate goals
  • Debt Justice
  • Covid-19