THE Borrower forum is praised as an important step in efforts to reform the architecture of international debt, supported by the UN and emerge as a key element of Seville agreement Result document.
“It is not only the conversation-it is execution,” said Egyptian Minister of Planning and Economic Development, Dr. Rania Al-Mashat. “” The borrower forum is a real plan, motivated by the countries, to create a shared voice and strategy to deal with the debt challenges. “”
Rebeca Grynspan, Secretary General of United Nations Trade and Development (Trecta), said that developing countries are often confronted with creditors as a united block while negotiating alone. “The voice is not only the ability to speak – it is the power to shape the results. Today, 3.4 billion people live in countries that pay more in debt service than on health or education. ”
The forum – one of the 11 recommendations of the group of experts from the United Nations Secretary General on Debt – will allow countries to share experiences, receive technical and legal advice, promote loans and responsible borrowing standards and strengthen the collective negotiation force.
Its launch deals with long -standing calls from the world South for more inclusive decision -making in a debt system dominated by the interests of creditors.
‘Silent but urgent’
The Minister of Foreign Affairs of Zambia, Mumbo Haimbe, told journalists that the initiative Promote “long -term partnerships, mutual respect and shared responsibility” And expressed the will of his country to organize a first meeting.
The Spanish Minister of Finance, Carlos Cuerpo, described the current debt crisis as “silent but urgent” and Called the forum a “moment of Seville” to correspond to the Paris credit club, created almost 70 years ago.
UN special envoy on financing the 2030 agenda Mahmoud Mohieldin said the forum was a direct response to a system that has maintained debtor countries for too long. “” This is the voice, equity – and preventing the next debt crisis before it begins. “”
The launch comes at a time from the distress of increasing debt in the developing world.
The agreement – known in Spanish as the Seville compromiso – Adopted by consensus at the conference, includes a group of commitments on the reform of sovereign debt.
In addition to the care of initiatives led by borrowers, he calls for better transparency of the debt, better coordination between creditors and the exploration of a multilateral legal framework for the restructuring of debt.
It also approves of the sustainability strategies of debt led by the country, suspension clauses of debt for vulnerable climatic nations and greater support for debt swaps for nature and debt for climate – although with stronger guarantees and impact evidence.
Frustration on the “missed opportunity” to fight against the debt crisis
On Wednesday, civil society groups brutally criticized the result adopted in Seville, calling this a missed opportunity to offer a significant reform of a global debt system which paralyzes many developing nations.
Speaking during a press briefing within the conference, Jason Braganza of the Forum and the African Development Network (Afrodad) said that the final result document adopted on the first day – the Seville agreement – was far from what was necessary.
“” This document did not start with a lot of ambition and still managed to be watered down“, He said.” Almost half of African countries face a debt crisis. Instead of investing in health, education and clean water, they pay creditors. »»
Mr. Braganza praised the management of the African group and the alliance of small island states, which fought for a UN framework convention on sovereign debt.
‘False solutions’
Although this ambition was not fully carried out, He welcomed a little breakthrough In the form of a new intergovernmental process which could lay the foundations for a future reform.
Civil society leaders have also warned of the dangers of the so-called “climate debt exchanges”, Mr. Braganza calling them “false solutions” which do not provide a real tax space for developing countries.
Tove Ryding of the European Network on Debt and Development (Eurodad) echoes these concerns, saying: “We are told that there is no money to fight poverty or climate change – but there are. The problem is economic injustice. And the result of this conference reflects business as usual. “”
She underlined the progress made on a new United Nations tax convention as proof that the determined countries can lead to real changes, adding: “If only we had a dollar of tax for each time that we were told that this day would never come. »»
The agreement is bearing fruit for public health
To help fill the gaps in access to public services and policies, and to combat health care reductions that could cost thousands of lives, Spain launched the global health action initiative aimed at revitalizing the entire global health ecosystem.
The initiative, which will channel 315 million euros in the global health system between 2025 and 2027, is supported by main multilateral health organizations and more than 10 countries.
