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On the occasion of the release of the new report “Securing Private-Sector Participation and Creating Policy Space for Sustainable Development“, Reuters takes a close look at DRGR’s key ideas.
They center around a call to the G20 group to establish a global facility to provide new bonds that could be exchanged by private lenders for old debt obligations, including significant write-offs.
Such an appeal becomes necessary against the backdrop of a simmering debt crisis in the Global South that has been exacerbated by the COVID-19 pandemic. It threatens both low- and middle-income countries with the inability to respond to multiple trouble spots, including health, economic and climate crises.
A key problem, as Reuters summarizes our position, is that “the G20 response thus far has focused on the poorest countries, leaving out 22 of the 72 countries seen at high risk of debt distress. And private-sector creditors have largely failed to join the G20 freeze in debt service payments and the broader common framework for debt treatments.”
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