Addressing the challenges of 21st century sovereign debt crises.
The mission of the Debt Relief for Green and Inclusive Recovery (DRGR) Project is to utilize rigorous, policy-oriented research to advance innovative solutions to address the challenges of 21st century sovereign debt crises.
Taking a holistic approach, the DRGR Project engages with policymakers, thought leaders and civil society to further ambitious, evidence-based policy dialogue for sustainable development around the world. The DRGR Project has been designed since its inception with input from stakeholders in the Global South, and to advance its policy recommendations through a development-centered lens.
The DRGR Project is a collaboration between the Boston University Global Development Policy Center, Heinrich-Böll-Stiftung and the Centre for Sustainable Finance at SOAS, University of London. Founded in 2020 during the height of the COVID-19 pandemic, the DRGR Project focuses on the linkages between sovereign debt distress and climate change, advancing pioneering proposals to unlock finance for sustainable development and to achieve shared climate and development goals.
Latest research
Giving Voice to The Silent Debt Crisis: How Debt Relief Can Unlock Green Growth Pathways for Africa
October 2024
Africa is amongst the most vulnerable regions in the world to the impacts of climate change, while also grappling with a severe sovereign debt crisis. The policy brief “Giving Voice to The Silent Debt Crisis: How Debt Relief Can Unlock Green Growth Pathways for Africa” by Bogolo Kenewendo, Patrick Njoroge and Alexander Dryden analyzes Africa’s debt dynamics and outlines a proposal to unlock the continent’s potential for green growth and support climate resilience.
Defaulting on Development and Climate – Debt Sustainability and the Race for the 2030 Agenda and Paris Agreement
April 2024
Time is running out to achieve the goals set out in the United Nations 2030 Agenda for Sustainable Development and the Paris Agreement. Not meeting these goals will have tragic impacts on the lives of present and future generations; yet, emerging market and developing economies (EMDEs) are facing conditions that inhibit their ability to mobilize investment, including historic levels of external debt, higher interest rates and low growth prospects to 2030. The report “Defaulting on Development and Climate – Debt Sustainability and the Race for the 2030 Agenda and Paris Agreement” performs an enhanced global external debt sustainability analysis (DSA) to estimate the extent to which EMDEs can mobilize the recommended levels of external financing without jeopardizing debt sustainability.
Debt Relief by Multilateral Lenders –
Why, How and How Much?
September 2023
As the sovereign debt crisis in the Global South continues to unfold, the lack of involvement of multilateral development banks (MDBs) in debt relief efforts has become a contentious issue among major creditors. Although the Group of 20 (G20) has explicitly called for MDBs to develop options to share the burden of debt relief efforts, MDBs have not presented any concrete and systemic plan thus far on how to contribute to debt relief efforts to countries applying for the G20 Common Framework. The report “Debt Relief by Multilateral Lenders – Why, How and How Much?” aims to contribute to the ongoing debate over debt relief negotiations and MDBs in three main areas.
Latest Commentary
- Limited Progress Amid Mounting Debt and Economic Pressures: Insights from the 2024 IMF/ World Bank Group Annual Meetings
Despite record-high debt levels and low growth prospects, the 2024 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group achieved little concrete progress on debt. Nonetheless, discussions underscored the urgent need for innovative solutions – and momentum for effective debt relief appears to be building. Here’s a look at the key takeaways. - Unleashing Africa’s Green Growth: Why Debt Relief Is Essential for Climate Resilience
Africa is amongst the most vulnerable regions in the world to the impacts of climate change, while also grappling with a severe sovereign debt crisis. Our new new policy brief analyzes Africa’s debt dynamics and outlines a proposal to unlock the continent’s potential for green growth and support climate resilience. - Preventing a Default on Development and Climate – A Call to the G20 to Address the Sovereign Debt Crisis
In a joint statement organized by the Debt Relief for a Green and Inclusive Recovery (DRGR) Project, former central bankers and finance ministers call for comprehensive debt relief and the mobilization of new financial resources to prevent a default on development and climate goals.
