World leaders failed to seize an opportunity for vital reform of the international debt architecture when they met on March 29 at the UN.
Despite the limitations of the G20’s Debt Service Suspension Initiative (DSSI), heads of state and the world’s most powerful financial institutions continue to stick to it doggedly, together with its Common Framework, even though they exclude most middle-income countries and fail at binding private creditors’ participation. As the Argentinean president stated yesterday, there can’t be a global recovery when there are countries excluded from the solutions...
Jason Rosario Braganza, Executive Director at The African Forum and Network on Debt and Development (AFRODAD) said: “There is an opportunity here to walk and chew gum that global leaders and CSOs must not miss if we are going to build forward together. The rhetoric needs to be matched by tangible political will to redress the power imbalances that isolate poor countries in favour of private finance. We call for people to be placed at the centre of the recovery and not profits. This is the only way out of the pandemic with minimal damage and a lost decade on socio-economic outcomes. ”Read the full Press Release here
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