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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 ...

Donor countries will undermine the integrity of aid if they continue reporting debt relief as ODA

Jan Van de Poel, Nerea Craviotto

24 Jun 2020 06:25:58

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 (ODA). 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. And things are not looking great, as discussions seem to be moving towards a solution where reporting additional debt relief could allow donors to meet their ODA commitments by inflating aid figures. This would be a major issue for developing countries, as the crisis has clearly exacerbated the need for fresh financial ...

Could this month’s UN climate conference be the catalyst to get the world back on track?

Leia Achampong

12 Jun 2020 06:27:16

Could this month’s UN climate conference be the catalyst to get the world back on track? The national lockdowns caused by the COVID-19 pandemic led to many meetings on climate change being cancelled in 2020, including the UN COP26 climate conference and the June technical meetings ahead of that conference. Consequently, the opportunities to advance discussions on climate finance have reduced dramatically this year. That is why the decision by the UN Framework Convention on Climate Change Secretariat to hold the June Momentum on Climate Change (UNFCCC) online at the beginning of this month was so welcomed. This was an eight-day event on climate action aimed at continuing cooperation throughout the pandemic, and advancing solutions to the climate crisis.   The rallying call ...

Development finance in times of Covid-19: Time for a rethink at the World Bank

Maria Romero

11 Jun 2020 14:40:37

This text was first published on SLUG, Nettverk for rettferdig gjeldspolitikkBefore Covid-19 most discussions on development finance were focused on using public money and institutions to ‘leverage’ private finance. The World Bank’s ‘Maximising Finance for Development’ (MFD) approach is perhaps the most widely known illustration of this drive. The pandemic has, however, exposed the consequences of decades of austerity policies and privatisation strategies that have undermined public health systems and stifled progress on universal social protection. With calls to rethink the prevailing development model, under the imperatives of ‘building back better’ economies and societies, it is critical to learn lessons and consider a change of course. MFD and the financialisation of Development ...
#EurodadPF20 The Eurodad policy forum and general assembly 2020 is taking place from 15-19 June and registrations are now open.  Download the full agenda To register for the main public webinar on June 15 please click here.  To register ...

IIF Private creditor participation proposal: A cure worse than the disease

Daniel Munevar

02 Jun 2020 14:13:31

Following the G20 Debt Service Suspension Initiative (DSSI) announced during the 2020 Spring Meetings, the International Institute of Finance (IIF) has released a template for the voluntary involvement of private creditors in a debt service suspension. The proposal is the result of a consultation with over 100 private creditors representing over US$ 45 trillion in assets under management. It is a useful guide to assess the willingness of private creditors to provide meaningful debt relief to countries affected by the dual health and economic shock of COVID-19.  A review of the proposal reveals that no actual relief is being offered to developing countries.  The IIF proposal entails the provision of short-term cash support by private creditors to countries included in the G20 DSSI ...

Argentina: creditors must take action to stem human impact of debt crisis

Iolanda Fresnillo, Daniel Munevar

14 May 2020 11:38:24

Argentina continues to struggle with recession and a mounting debt crisis. The country has been on selective default for a few months, and is battling to avoid a broader default. It has been trying to find a workable solution both with its private creditors, with bilateral creditors through the Paris Club and with the IMF, by proposing a comprehensive and consistent debt restructuring process. However, this has resulted in little success to date. On top of this already complicated situation, Argentina is now facing the economic consequences of the Covid-19 pandemic. That is why CSOs across the world are writing to the members of the Paris Club backing Argentina's call. “A substantial debt restructuring in Argentina, with fair burden-sharing by all creditors, is imperative in order to address ...

Will donors finally agree on fair rules for reporting debt relief as ODA?

Jan Van de Poel, Nerea Craviotto

14 May 2020 10:52:26

The rules on how debt relief should be counted as Official Development Assistance are currently being negotiated by the Organisation for Economic Co-operation and Development (OECD) Development Assistance Committee (DAC) – under the auspices of its Chair Susanna Moorehead – and the Paris Club, which is an informal group of creditor governments. This important issue has been left unresolved ever since the DAC decided to switch to a grant equivalent system for reporting loans in 2014. According to our information, both parties are set to meet early next week and are aiming to reach an agreement by June this year. This means the next few weeks will be key in making sure the new rules set the best incentives for the provision of much-needed ODA resources to eradicate poverty and tackle inequalities ...