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This two-part blog series will provide an analysis of the possible structure of the G20 “Common Framework for Debt Treatments beyond the DSSI”. Part I describes the likely structure of the framework. Part II analyses why a Paris Club-based approach to the Common Framework is unlikely to succeed.

This briefing provides an analysis of the possible structure of the G20 'Common Framework for Debt Treatments beyond the DSSI'. It describes the likely structure of the framework, and analyses why a Paris Club-based approach to the Common Framework is unlikely to succeed.

Read the briefing in English, Spanish, Portuguese and French.

Last week was a crucial week for the citizens of developing countries, who are being hit hard by the Coronavirus crisis. They are facing increasing poverty, growing inequality and uncertain futures – and were looking to the world's leaders for decisive action. Yet despite a week of stirring rhetoric from G20, International Monetary Fund (IMF) and World Bank (WB) leaders, who claim they are determined to tackle the crisis, the results are deeply disappointing. What is clear is that world leaders and the Bretton Woods institutions need to take much more ambitious steps to deliver in the public interest. 

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.

• 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

The Covid-19 pandemic has triggered health, economic and social crises of unprecedented proportions that have the potential to seriously undermine the (already slow) progress made by developing countries towards achieving the Sustainable Development Goals.

A Eurodad-led review reveals insufficient and inadequate multilateral response to the Covid-19 pandemic on the part of the IMF, locking a large number of countries into a decade-long crisis of debt and austerity. 

Read the report in English, Spanish, Portuguese and French.

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.