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Online: The global debt crisis and the role of private creditors

28.10.2021

Sharing responsibilities as well as benefits?
The global debt crisis and the role of private creditors
Thursday, 28 October 2021
3:00-4.30p.m. CET / 9:00-10:30a.m. EST

The results of the G20 initiatives to relieve the debt of the Global South, which has been hard hit economically by the pandemic, are sobering. Many eligible countries are reluctant to make use of the opportunity of debt treatments since they are concerned about the impact on their sovereign ratings and long-term access to private capital. These apprehensions have been reinforced by the public discourse of creditors, especially from the private sector. As a consequence, even middle-income countries, which are over-indebted, would rather continue paying than seek much-needed debt restructuring negotiations.

Additionally, the private sector participation in the debt relief initiatives of the G20 and Paris Club, the Debt Service Suspension Initiative (DSSI), and the Common Framework for Debt Treatments, has been heavily insufficient since its inception compromising official efforts to create breathing space and prevent a protracted debt crisis in vulnerable countries.

Why this is the case and what can be done to support countries to manage debt distress and invest in sustainable development is at the center of this online expert panel. In the advent of the G20 Joint Finance and Health Ministers’ Meeting we want to discuss the following questions:

Is there empirical evidence that debt relief excludes countries from much-needed development finance?
On what grounds could the participation from the private sector in official debt relief initiatives, comparable to other creditors, be expected?
In what ways can the G20 compel private sector participation and equal burden-sharing?

You are warmly welcome to participate.
Agenda

Opening remarks:

Annette Schlicht, Friedrich-Ebert-Stiftung
Introduction and Moderation:
Kristina Rehbein, erlassjahr.de

Speakers:

Aitor Erce Ph.D., Advisor to the Chief Economist of the African Development Bank, Visiting Professor at the School of European Political Economy (LUISS)
Dr. Moritz Krämer, Chief Economist, CountryRisk.io
Dr. Valentin Lang, Assistant Professor for International Political Economy and Development, University of Mannheim
Dr. Nadine Kalwey, Head of Division, German Federal Ministry of Finance

Organizational information and registration

The event will be held in English. Simultaneous interpretation in German will be provided. Please register here until October 27.

Access data to Zoom will be provided by email one day prior to the event. Further background information can be found here.

Register Here! Link

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