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The G-20’s missed opportunity Apr 13,2021 - Last updated at Apr 13,2021 By Shamshad Akhtar, Ulrich Volz, Moritz Kraemer and Stephany Griffith-Jones
ISLAMABAD This month, G-20 finance ministers agreed to a proposal to issue $650 billion worth of the International Monetary Fund’s (IMF) reserve asset, special drawing rights, and an additional six-month moratorium on debt payments for up to 73 developing countries. But while the agreement represents a step in the right direction, the G-20 missed the opportunity to address the looming debt crisis in the Global South head on. Past debt crises ought to have taught us that doing too little, too late will delay recoveries and drive up the cost of debt restructuring for debtors and creditors alike. The world is still at high risk of repeating the mistakes that resulted in two lost decades of development in the 1980s and 1990s. ....
The need for debt-for-climate swaps Dec 16,2020 - Last updated at Dec 16,2020 By Shamshad Akhtar, Kevin P. Gallagher, Stephany Griffith-Jones, Jörg Haas and Ulrich Volz ISLAMABAD A global debt crisis is looming. Even before COVID-19 swept the world, the International Monetary Fund had issued a warning about developing countries’ public debt burdens, noting that half of all lower-income countries were “at high risk of or already in debt distress”. As the economic crisis worsens, these countries are experiencing steep output contractions at the same time that COVID-19 relief and recovery efforts are demanding a massive increase in expenditures. According to the United Nations Conference on Trade and Development, developing countries’ repayments on their public external debts will cost $2.6-$3.4 trillion just in 2020 and 2021 alone. Hence, market analysts now suggest that almost 40 per cent of emerging- and frontier-market sovereign external debt could be ....
G20 debt proposal continues to favour creditors 14 December 2020 by Framework relies on much-critiqued IMF and World Bank debt sustainability analysis Debtor countries must agree to IMF treatment as condition of debt relief Contents to stand behind them in their hour of greatest need,” the world’s poorest countries had “received only about a fraction of what they need in debt relief.” Brown was speaking at the launch event for a proposal for Debt Relief for a Green and Inclusive Recovery written for policymakers by a group of economists, including Kevin Gallagher and Stephany Griffith-Jones. As the global debt crisis exacerbated by the pandemic deepens, the response from the G20 and international financial institutions, dominated by wealthy, creditor countries, risks wreaking further havoc on the economies of countries in debt distress. As well as directly hampering health and other vital public spending during the pande ....
. This series is a unique opportunity for researchers, international stakeholders and policymakers to connect and share evidence on the economic, social, and political challenges caused by the Covid-19 pandemic, to inform polices to recover from the pandemic with more inclusive and equitable societies. Dr Mustapha will discuss the growing public debt in lower-income economies, its composition, and associated risks. Dr Griffith-Jones will discuss the need and recent initiatives for debt relief, to promote sustained recovery. This will be followed by reactions from three experts, all participating in the IDRC-funded research initiative that addresses the socio-economic impacts of the pandemic: Palesa Shipalana, leader Economic Diplomacy Programme, South African Institute of International Affairs ....
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