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DRGR-Proposal Receives Recognition in Progressive International’s Policy Briefing

In the run-up to the G20 meeting on February 25 and 26, “Progressive International” featured the DRGR proposal in its policy briefing on “Debt Justice at the G20”.

Following the criticism of the G20s own “Common Framework”, the document regards itself as “a call to break with [the] system of neo-colonial exploitation — and an analysis of the G20 obligations to initiate a just debt workout system that 

  • Compels every creditor — public and private — to participate, putting an end to “holdouts” that undermine debtors’ bargaining power in order maximize their profits.
  • Includes all countries facing debt distress — not just the poorest countries who have the cheapest debt.
  • Creates a “workout” process that is transparent and inclusive — rather than one is that by and for creditors.
  • Guarantees “independent debt assessments” that focus on restoring economic capacity, not on cost minimisation.
  • Offers real debt cancellation, instead of diagnosing the debt crisis as a question of liquidity.
  • Includes no austerity conditionalities — conditionalities that have intensified inequalities and hollowed out public health systems.
  • Delivers additional financing for pandemic response and sustainable recovery.” 

At the end of the document, various predominant debt relief proposals are compared in a summary table. The DRGR-idea is featured here as “HBS/SOAC/GDPC”:

Originally published here
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UNDP Discussion on DRGR-Proposal (Video)

On February 24, UNDP hosted an online-discussion on our proposal for Debt Relief for a Green and Inclusive Recovery. Read the full announcement here.

Three of the report authors, Shamshad Akhtar, Stephany Griffith-Jones, and Ulrich Volz presented its key elements and calls for action.

They were then joined by the UNDP colleagues

  • Luis Felipe Lopez Calva (UN ASG and UNDP Director, RBLAC),
  • Celine Moyroud (UNDP Resident Representative, Lebanon) and
  • Raymond Gilpin (Chief Economist, UNDP Africa).

The discussion was moderated by George Gray Molina (GPN Chief Economist, UNDP). 

Full Video Recording:

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DRGR at CNBC Africa

Moritz Kraemer, Senior Advisor to the Debt Relief for a Green and Inclusive Recovery Project and contributor to our report, has been interviewed by CNBC Africa on the way forward for African Debt.

Listen yourself to the interesting conversation, that features the DRGR proposal and reflects the concerns of African bond issuers about market access.

https://www.cnbcafrica.com/2021/covid-19-whats-the-way-forward-for-african-debt/