Resolving sovereign debt crises in developing countries after COVID

22 April 2021
07PM-08PM
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Thursday 22 April 19:00 CET Facebook livestream
 
Resolving sovereign debt crises in developing countries after COVID
 
A large number of developing countries had accumulated unsustainable debt levels the last 10 years before the COVID pandemic. This put countries in a precarious situation when the economic crisis set in, with a narrow fiscal space for counter cyclical measures. Developing countries have been hit especially hard by the economic downturn following the pandemic. 
 
In order to solve the coming debt crises all creditors have to contribute. At this moment the private lenders are unwilling to contribute and states are unwilling to force them legally to partake in restructuring of unsustainable sovereign debt. How can the international community contribute to solving sovereign debt crises in developing countries in the wake of the pandemic? And how can the world build better systems for preventing future accumulation of unsustainable sovereign debt levels in general? What are the legal and political measures needed in order to achieve these outcomes?
 
Panelists:
 
Bodo Ellmers, director of Global Policy Forum`s Financing for Sustainable Development Program
Astrid Iversen, Associate Professor of Law of the Innland Norway University of Applied Sciences
 
Jerome Phelps, Head of Advocacy, Jubilee Debt Campaign
 
Moderator:
 
Thea Sofie Rusten Grastveit, Policy Adviser, Debt Justice Norway

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