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V20 Debt Review: An Account of Debt in the Vulnerable Group of Twenty

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.

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V20 issues Statement on Debt Restructuring

V20 Statement on Debt Restructuring Option for Climate-Vulnerable Nations
STATEMENT BY THE V20 PRESIDENCY

The V20 Group are the finance ministers of the Climate Vulnerable Forum (CVF). The CVF encompasses 48 countries with 1.2bn people. Ahead of COP26, the V20 has issued a statement on Debt Restructuring that draws upon the proposal “Debt Relief for a Green and Inclusive Recovery (see our 3-minute video for a quick explanation).