Impending collapse or sustainable transformation? The role of the G7 in solving global debt crises

19 May 2022
06PM-08PM
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The multiple crises of climate change, pandemic and global recession have led to the debt situation of many countries in the Global South assuming critical dimensions today. The situation will be further exacerbated by the global economic impact of the Russian-Ukraine war. The debt situation threatens not only the immediate recovery from the pandemic, but also the socially just ecological transformation. But measures taken by the G20 so far have failed to bring about any substantial debt restructuring.

The G7 finance ministers will meet from May 18 to 20. During the German G7 presidency, "the major economic and financial policy issues of the coming years" are to be advanced. This also includes achieving sustainable solutions for critically indebted countries. What should the "strengthened implementation of the international debt strategy" envisaged by the G7 look like in concrete terms in order to facilitate sustainable solutions? What short- and long-term adjustment to the international debt architecture are needed?

An expert discussion in the context of the G7 finance ministers’ meeting in Bonn/Königswinter, with speakers from the World Bank, AOSIS, the German finance ministry, civil society and the private sector.

 

Keynote speech

Patricia Miranda, LATINDADD and international Co-Coordinator Civil7

Moderated panel discussion

Thomas Schäkermann, Multilateral Development Banks, Debt restructurings, Paris Club, German Federal Ministry of Finance

Marcello Estevão, Global Director Macroeconomics, Trade and Investment, World Bank

H.E. Dr. Walton Webson, Chair Alliance of Small Island States (AOSIS)

Dennis Shen, Director Sovereign and Public Sector, Scope Ratings

Prof. James Thuo Gathii, African Sovereign Debt Justice Network

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