Debt in Doha: What Should Be on the Agenda?
Source: UN FfD Office
In the Editorial of the Financing for Development monthly newsletter - the 'Road to Doha', Neil Watkins raises the issue of external debt. The author argues that despite high profile debt relief initiatives, the debt crisis continues unabated for most developing countries. Developing country debt today stands at US$2.85 trillion, up from US$2.24 trillion in 2000, and US$1.3 trillion in 1990. With the MDGs at risk of not being met, leaders in Doha should support a call for expanded debt cancellation to all countries that need relief to meet the MDGs. Further, the conditionality which undermines debt relief should also be addressed. With new dynamics in the profile of external debt such as increased lending from India and China and aggressive litigation by vulture funds, there is a real need for a strong binding international system for responsible lending and svereign debt restructuring which holds creditors and debtors responsible. Finally the author supports the global call for action on odious and illegitmate debt and the need for strong new standards for responsible lending.
To read the full newsletter and article, click on the attachment below.
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| 2008_02TheRoadtoDoha.pdf | 938.55 KB |