DRGR Project Newsletter: June 10, 2024

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Newsletter
Debt Relief for a Green and Inclusive Recovery

Dear Reader,

From June 10–12, the Group of 20 (G20) International Financial Architecture Working Group convenes in Fortaleza, Brazil to tackle urgent global financial challenges and build a more resilient, stable system.

In anticipation of this crucial meeting, over 20 former Finance Ministers and Central Bank Governors from primarily emerging market and developing economies (EMDEs) have signed a letter calling on the G20 for decisive action to address the sovereign debt crisis in the Global South.

A growing number of countries, facing a dangerous mix of shocks and crises, now face the potential of not only defaulting on their debt, but also on development and climate goals.

To catalyze a green and inclusive economic recovery, and to enable the $3 trillion annual investment needed by 2030 to achieve climate and development goals, the signatories call for three key policy reforms:

A revamped Debt Sustainability Framework;
A reformed Group of 20 (G20) Common Framework; and
A stepwise increase in affordable financing.

The letter was organized by the Debt Relief for a Green and Inclusive Recovery (DRGR) Project.

Warm regards,

Your Debt Relief for a Green and Inclusive Recovery Team

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Former Finance Ministers and Central Bank Governors Call on the G20 to Address the Sovereign Debt Crisis

Photo: Urban landscape in Karachi, Pakistan

Preventing a Default on Development and Climate – A Call to the G20 to Address the Sovereign Debt Crisis

With only six years left to meet Paris Agreement targets and the UN Sustainable Development Goals, urgent and decisive action is needed to address the sovereign debt crisis unfolding in large parts of the Global South.

In a new joint letter, over 20 former Finance Ministers and Central Bank Governors call on the G20 to take decisive action and implement three key policy reforms to prevent a default on climate and development goals. .

Read the coverage in Reuters.

Blog

Photo: A wooden bridge at dawn on coastal shore

Preventing a Default on Development and Climate: How Debt Relief Can Support Development Efforts for over 1 Billion People

The latest DRGR Project report argues that debt relief is urgently needed to allow at least 47 economically vulnerable EMDEs to maintain debt sustainability while investing in climate and development.

The companion blog summarizing the report is now available in four languages: Chinese, French, Portuguese and Spanish.

Further information on our website

Contact: Sarah Ribbert, ribbert@boell.de

This newsletter is sent to you by Heinrich Böll Foundation on behalf of the DRGR Project.
In cooperation with Centre for Sustainable Finance at SOAS, University of London and the Boston University Global Development Policy Center.

Photos: Header: Omer Dvori / Unsplash, Public Domain; Blog: Muhammad Jawaid Shamshad / Unsplash, Public Domain; Anna Claire Schellenberg / Unsplash, Public Domain.

Sender: Heinrich Böll Foundation, The Green Political Foundation, info@boell.de

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