According to a new report by the United Nations, the COVID-19 pandemic is threatening the fight against poverty and increasing global inequality. In its chapter on debt relief, the text refers to our proposal.
According to the briefing “A debt pandemic: Dynamics and implications of the debt crisis of 2020”, public debt of developing countries has increased from an average of 40 to over 60 percent of GDP within the last ten years. More than one-third of the increase took place in 2020 alone.
The DRGR report calls on the G20 calls on the G20 to move beyond the Common Framework for Debt Treatments and to require public and private creditors to provide a substantial debt cut to a broad set of low- and middle-income countries, in exchange for a commitment to a green and inclusive recovery.
On Monday, 16. November 2020, 2pm UTC, we launch our first report. It puts forth an ambitious proposal for concerted and comprehensive debt relief on a global scale to support sustainable recoveries, economic resilience, and a just transition to a low-carbon economy.