Emerging markets and developing countries (EMDCs) face multiple crises at the same time: while still contending with the COVID-19 pandemic, they are also affected by the ramifications of Russia’s war in Ukraine. Even prior to this, however, a debt crises loomed in the Global South.
The Vulnerable Group of 20 (V20) is an initiative of 55 climate vulnerable developing countries, and they are at the epicenter of the climate and debt crises which threaten their ability to mobilize the necessary resources to build resilient and low-carbon economies.
Prior to the 2021 United Nations Climate Conference in Glasgow (COP26), the finance ministers of V20 countries released a statement calling for a global debt restructuring scheme that would link debt relief to climate and development goals.
In partnership with the V20, the Boston University Global Development published a new policy brief by Luma Ramos, Rishikesh R. Bhandary, Kevin P. Gallagher and Rebecca Ray that provides a detailed look on the scale, composition and distribution of the V20’s debt profile.