The important issue of countries' sovereign debt today
Mar 12, 2024 4:55:53 GMT -5
Post by account_disabled on Mar 12, 2024 4:55:53 GMT -5
In the coming days, Paris will host the Summit for a New Global Financial Pact to see how to address the debt already incurred by developing countries and how to facilitate access to international financing for the countries most vulnerable to climate change so that they can respond better to climate challenges. Brigitte Granville, Professor of International Economics and Economic Policy at Queen Mary University of London, analyzes the distress of sovereign debt and the threat it poses to the fight against climate change: “A new way of thinking is needed.”
“The current approach to developing country debt is no longer fit for purpose. At the very least, the upcoming Paris Summit should mark the point at which the search for a new global financing pact began.” This is how forceful this expert in international politics and economics has been in the face of the next major world event for a new global financial pact.
The summit this June 2023 aims to propose Cambodia Telegram Number Data solutions to financing problems that go beyond the climate issue, such as access to healthcare and the fight against poverty, its organizers have highlighted, in a plan directly created by the French president. , Emmanuel Macron, after the G20 Summit last November and at the end of COP27.
“The objective is to build a new contract between the North and the South with the aim of facilitating the access of vulnerable countries to the financing necessary to face the consequences of recent and future crises,” Catherine Colonna stated at the beginning of the year. , Minister for Europe and Foreign Affairs of France.
For Granville, the Summit cannot be accused of lacking ambition, but a new global effort to increase the fiscal space of developing countries can only succeed if it adapts the latest thinking of those who have studied and managed the problem for a long time.
“Like death and taxes, debt is an inevitable feature of human life. However, unlike those two certainties, the unbearable burdens of debt are occasionally alleviated, or even eliminated,” he highlighted in his article.
“Like death and taxes, debt is an inevitable feature of human life.” Brigitte Granville
But the goals of the Paris summit go far beyond addressing the latest resurgence of debt problems among poor countries. As French President Emmanuel Macron said when he announced the meeting at the COP27 Climate Change Conference last November, those gathered will consider “all means and forms to increase financial solidarity with the South.” Therefore, one of the main priorities is to increase the capacity of the World Bank and regional multilateral development banks.
“The current approach to developing country debt is no longer fit for purpose. At the very least, the upcoming Paris Summit should mark the point at which the search for a new global financing pact began.” This is how forceful this expert in international politics and economics has been in the face of the next major world event for a new global financial pact.
The summit this June 2023 aims to propose Cambodia Telegram Number Data solutions to financing problems that go beyond the climate issue, such as access to healthcare and the fight against poverty, its organizers have highlighted, in a plan directly created by the French president. , Emmanuel Macron, after the G20 Summit last November and at the end of COP27.
“The objective is to build a new contract between the North and the South with the aim of facilitating the access of vulnerable countries to the financing necessary to face the consequences of recent and future crises,” Catherine Colonna stated at the beginning of the year. , Minister for Europe and Foreign Affairs of France.
For Granville, the Summit cannot be accused of lacking ambition, but a new global effort to increase the fiscal space of developing countries can only succeed if it adapts the latest thinking of those who have studied and managed the problem for a long time.
“Like death and taxes, debt is an inevitable feature of human life. However, unlike those two certainties, the unbearable burdens of debt are occasionally alleviated, or even eliminated,” he highlighted in his article.
“Like death and taxes, debt is an inevitable feature of human life.” Brigitte Granville
But the goals of the Paris summit go far beyond addressing the latest resurgence of debt problems among poor countries. As French President Emmanuel Macron said when he announced the meeting at the COP27 Climate Change Conference last November, those gathered will consider “all means and forms to increase financial solidarity with the South.” Therefore, one of the main priorities is to increase the capacity of the World Bank and regional multilateral development banks.