Julia Ravenscroft

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
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
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
Julia Ravenscroft

Developing country debt must be cancelled to tackle coronavirus crisis

On World Health Day, amid an unprecedented global crisis, more than 100 organisations are calling for developing country debt to be cancelled to fight the Covid-19 health and economic crisis.

  • Debt Justice
  • Debt Resolution
Julia Ravenscroft

Impoverished countries spending up to 40% of government revenues on repaying debt, according to new research

A report published today shows that rapidly rising and more expensive public debt is pitting the rights of creditors against those of the world’s poorest - and in particular women and girls - as countries devote up to 40 per cent of revenue to external debt service.

  • Debt Justice
  • Debt Sustainability
Julia Ravenscroft

Failed Tunisian airport exposes major problems with public-private partnerships

World Bank, EIB and other major donors continue to push failed PPP model in the MENA region, according to new report

  • Publicly-backed Private Finance
Julia Ravenscroft

IMF loan conditions make situation worse for crisis-hit countries, shows new study

The IMF is attaching an increasing number of conditions to its loans to crisis-hit countries – and many of these promote harsh austerity measures which are damaging countries’ ability to provide essential services to their citizens, for example health services.

  • Development Finance