GPF Perspectives
The Development Agenda after the 2005 Millennium+5 Summit (November 2005)
This briefing paper analyzes the outcome document of the Millenniun+5 Summit, stressing the importance of financing for the Millennium Development Goals. At the Summit, governments set a timetable for increasing Official Development Assistance (ODA). This paper warns that governments may count debt relief as aid, to avoid directing more resources to poor countries. Regarding global taxes, due to opposition from the US and Japan, the document merely mentions "the value" of alternative financing such as aviation taxes. (Global Policy Forum and Friedrich Ebert Foundation)
Articles and Documents
2015
CSO submission to the UN General Assembly's new debt committee (January 20, 2015)
Following the global financial crisis, low-, middle-and high-income countries are seeing increased levels of sovereign debt. Today, no international mechanism exists to deal comprehensively and effectively with sovereign debt problems. This submission to the UN ad hoc committee on debt that was prepared and endorsed by 27 Civil Society Organizations, calls for an international and independent debt workout mechanism.
2014
On September 9, 2014 the UN General Assembly passed a landmark resolution that mandates the UN to create a “multilateral legal framework for sovereign debt restructuring”. Promoted by the G77 countries and triggered by the aggressive "vulture funds" lawsuits against Argentina, this resolution could be a game changer for the way future debt crises are managed. First and foremost, it has shifted the forum for political debate away from the International Monetary Fund (IMF) towards the UN. However, shamefully the EU’s vote was split over this crucial decision.
Historic Resolution on Sovereign Debt Restructuring Adopted by UN (September 9, 2014)
On 9 September 2014 the General Assembly adopted an important resolution on sovereign debt restructuring that would establish an intergovernmental negotiation process aimed at increasing the efficiency, stability and predictability of the international financial system.
United Nations develops new debt resolution mechanism (July 24, 2014)
Parallel to the call of 78 academics for the establishment of an insolvency mechanism for states the United Nations Conference on Trade and Development (UNCTAD) is about to deliver a concept for a debt workout mechanism. Due to the ongoing financial crisis and Argentina’s struggling with “vulture funds” the international community has become more aware of the lack of a timely and cost effective mechanism. As key aspects legitimacy and impartiality have been identified throughout the expert group sessions that developed the basis for the UNCTAD-concept. In contrast, the traditional regime as well as a new concept developed by the International Monetary Fund (IMF) are perceived as creditor biased not taking human rights and development aspects into account. (Eurodad)
Scientists demand state insolvency mechanism (July 23, 2014)
In an open letter 78 scientists from 22 countries urge political decision makers to establish an insolvency procedure for indebted states. In the appeal they denounce political inactivity in the face of emerging and ongoing crises and the refusal of decision makers to learn from past mistakes. If not implemented, the world would have to pay a high price in the form of an increasing social and economic divide between rich and poor as well as unnecessarily high losses for investors, according to the signatories. Debt crises are by no means unique events, but regularly occurring phenomena. Nevertheless, at no time comprehensive solutions have been developed. In order to avoid continuation of this vicious circle the signatories demand the establishment of a reliable, transparent and rules based mechanism for state insolvency under the auspices of an independent institution that is neither debtor nor creditor. (Erlassjahr)
Vulture funds: US court ruling on Argentina enrages debt justice campaigners (September 6, 2013)
The long litigation odyssey between the government of Argentina and holdout creditors continues. Debt justice campaigners in Argentina and the USA are enraged about a new ruling by the New York appeals court in favour of the vulture funds NML Capital Ltd and Aurelius Capital, which sued for full payment of US$1.3 billion of holdout debt. The New York court upheld the previous ruling that Argentina must repay the vulture funds every time it repays the creditors that participated in the debt swap of 2005. Enforcement is still on hold until the US Supreme Court has made a decision to take the case. If it is upheld in this last instance, Argentina would face the choice between paying vulture funds that speculated on the country’s bankruptcy after the financial crisis of 2002, which is forbidden by Argentine law, or defaulting on the restructured debt too. (Bodo Ellmers, eurodad)
2012
Private Sector Debt Gnawing at Developing Countries (July 30, 2012)
A recent report by Jubilee Debt Campaign reveals the rise in foreign debt payments of the private sector in developing countries. Excessive borrowing by the private sector caused debt crises in the 1990s. Banks benefit from the increase in private sector’s debt, and therefore there is a conflict of interest in countries where the political elites are also the economic elites. The debt crisis in Greece mirrors what has been happening in the developing world: “lenders can go on lending with impunity and borrowers will always have to pay the price.” Could it be about time to reevaluate the ideology of liberalization in the global financial system? (IPS)
2011
Debt Crisis: A Default in Europe Could Benefit Poor Countries (August 9, 2011)
In this contribution the Guardian’s “Poverty Matters” blog, Jonathan Glennie of the Overseas Development Institute explores how debt default by a relatively rich country like Greece, could provide support for alternative solutions to global debt problems. Glennie points out that default is no longer a controversial option in political and academic circles because its benefits are increasingly seen to be legitimate. Still, however, many poor countries are forced to pay their debts whilst their societies suffer. According to Glennie, a Greek default might inspire burdened countries to do the same and encourage world leaders to look for a “fair and transparent mechanism to deal with debt problems”. (The Guardian)
Greek Debt Pressured by Restructuring Speculation (April 14, 2011)
Investor confidence in Greece wanes as a default on government debt obligations is all but imminent. Government officials deny reports that a strategic default is in the works, but remarks from Germany’s finance minister Wolfgang Schaeuble suggest a default is probable. His comments spooked markets, sending Greek bond yields higher. Greek budget austerity measures imposed last year have failed to hit desired deficit reduction targets. Worse yet, these measures are rolling back the welfare state at a time of high unemployment and grinding poverty. (Wall Street Journal)
IMF Urged to Use Surplus Gold for Debt Relief (April 4, 2011)
The IMF has received windfall profits from recent gold sales. Tim Jones, a policy officer at the Jubilee Debt Campaign, has urged the IMF to use the profits to relieve debt for poor countries. 58 civil society organizations have signed a petition calling on the IMF to forgive poor country debt. The IMF has not responded to the calls for debt relief thus far. (The Guardian)
Europe Needs Debt Relief, not Decades of Austerity (March 28, 2011)
European governments implementing harsh austerity measures that roll back welfare state provisions should look to the effects earlier austerity programs had in Africa. Western banks went on a lending spree in Africa and Latin America in the 1970s. When the credit bubble burst in the 1980s, the IMF was called in and forced countries to take harsh economic medicine that included severe public spending cuts and deindustrialization. These policies have had a ruinous impact on human development, and should make European policymakers reconsider austerity programs. (The Guardian)
Sudan's North-South Talks in Ethiopa Agree on Seeking Debt Relief (March 6, 2011)
Following the referendum, North and South Sudan are negotiating several items including payment of external debt. Together the two countries owe approximately $35 billion to bilateral, multilateral, and commercial creditors. The southerners have claimed they will not repay debts that were used to finance a war against them. Both sides have pressed creditors for debt forgiveness in an effort to reduce what is a complex and multifaceted situation. (Sudan Tribune)
Egypt Seeking Debt Relief from European Union (February 22, 2010)
The newly formed Egyptian government may place a formal request for debt relief from the European Union. The Egyptian economy remains paralyzed by the protests that toppled the regime of Hosni Mubarak after nearly three decades of rule. Egypt owes EU member states $9 billion, which is nearly a third of total foreign debt. The EU has not confirmed whether the demand for debt relief will be met, though European ministers have discussed aid options in the context of Egypt and other North African countries mired in economic crisis. (Associated Press)
2010
Guineau Bissau: IMF, World Bank Back US $1.2 Billion Debt Relief for Nation (December 20, 2010)
Guinea-Bissau, a country whose nominal GDP is under a billion dollars a year, was offered a $1.2 billion debt relief package by the IMF, World Bank, and Paris Club group of creditors. The West African nation will have its external debt obligations reduced by 87 percent. The move to provide debt relief coincides with gains in political stability and poverty reduction, which partially motivated creditors to write down the nation's debts. (allAfrica.com)
IMF Cancel's Haiti's $268m Debt (July 22, 2010)
On the same day that the IMF announced its plans to drop Haiti's USD$268 debt, it also made another announcement. A new $60 million loan! The funds are intended to manage the volatility that could arise from the aid flowing into the country. And the IMF suggests that this programme should provide donors with the confidence to come through on their aid pledges. The loan carries no interest until 2011 and following that rates will be low. Nevertheless, organizations and civil society movements, concerned that this financing will create another debt spiral argue that this financing should have come by way of a grant not a loan. (Al Jazeera)
IMF to Haiti: Freeze Public Wages (January 15, 2010)
"It's time to stop having a conversation about charity, and start having a conversation about justice" says Richard Kim on Haiti's reconstruction and development. The country's vulnerability is not accidental. Since liberation from France in 1804, Haiti has been stymied by a relentless debt-burden. Recently, the IMF announced a new $100 million emergency loan. But Haiti is already bound to $165 million in IMF debt, and limited to the conditionalities imposed along with it. (The Nation)
2007
Aid and the Cycle of Debt (September 7, 2007)
In this interview with the Politic, Sameer Dossani, director of 50 Years Is Enough, makes the case for debt relief for poor countries. Dossani discusses the complexities of debt relief and vulture funds and explains how the poor countries debt accumulated over the 1970s. In the 1980s, the World Bank and the IMF made the debt crisis worse by imposing conditionalities on the aid to poor countries. According to Dossani, aid cannot solve the world's poverty problem. Instead, major debt relief would provide the flexibility that poor countries need to tackle real development problems and escape the debt-impoverishment cycle. (Politic)
Development Aid from OECD Countries Fell 5.1% in 2006 (April 3, 2007)
In this review of official development assistance in 2006, the Organization for Economic Cooperation and Development (OECD) finds that the world's 22 major donor countries have fallen far short of their pledges for increased aid and debt relief. Only five countries reached the United Nations' recommended aid target of 0.7 percent of gross national income, and overall assistance fell by 5.1 percent. Furthermore, the OECD expects foreign aid to continue to decrease in 2007 as US debt relief to Iraq and Nigeria declines. (OECD)
"Vulture" Feeds on Zambia (February 15, 2007)
"Vulture funds" buy debt cheaply from developing countries and then sue the governments for the full value of the debt plus interest. One such company, Donegal International, has sued Zambia for US$55 million -over ten times what it paid for the original debt. Although unlikely to uphold the full amount of Donegal's "evasive and even dishonest" claim, the UK judge hearing the case "had little choice but to say the contract was binding." (Guardian)
Skeletons in the Cupboard: Illegitimate Debt Claims of the G7 (February 9, 2007)
A study on debt relief by eight NGOs reveals that G7 governments knowingly lent money to corrupt and repressive regimes. The report argues that many of the loans were intended to promote business abroad for G7 companies in "unviable projects," and calls for the complete cancellation of billions of dollars of this "odious debt." (Eurodad)
Debt the Illegitimate Legacy of Africa's Dictators (January 26, 2007)
Arguing that the majority of debts in poor countries were accrued under "dictatorial, unaccountable and irresponsible leaders," participants at the 2007 World Social Forum in Nairobi, Kenya called for complete debt cancellation by international financial institutions. This Inter Press Service article reports that, without unconditional debt cancellation, impoverished countries will not meet the Millennium Development Goals by 2015. (IPS News)
Assistance for Africa: "Don't Turn Your Back on My Country" (January 3, 2007)
At the 2005 Gleneagles summit, the G8 pledged to double aid to Africa by 2010. A year later, however, African nations such as Liberia, "one of the poorest places on the face of the earth," are facing diminishing international aid flows. Liberia had failed to meet the condition of "good governance" at the time of the Gleneagles summit, and therefore did not qualify for debt cancellation. President Ellen Johnson-Sirleaf fears the aid shortage will further destabilize the already volatile country as it struggles to recover from civil war. (Independent)
US Swaps Guatemalan Debt for Forest Conservation (October 3, 2006)
The US government has announced a "major debt-for-nature swap" with Guatemala, reports this Environment News Service article. The US will forgive debt worth US $24 million that Guatemala will instead invest over the next 15 years in conserving its tropical forests in the Cuchumatanes region. The money will help protect an area, home to many rare and endangered species, which has been under threat from illegal logging, drug trafficking and unsustainable agriculture. The US "Tropical Forest Conservation Act" from 1998 will allocate US $125 million to protect tropical forests over the next 10-25 years. (Environment News Service)
Norway Breaks Silence on "Illegitimate Debt" (October 3, 2006)
This Inter Press Service article reports on Norway's encouraging decision to cancel US $80 million worth of poor countries' debt, acknowledging the debt's illegitimacy. The Norwegian government admits that efforts to bolster Norway's troubled shipbuilding industry by selling vessels to poor countries in the late 1970's, contributed to an "illegitimate debt" that financed failed policies and corrupt governments in these countries. NGOs comment that in doing so, Norway breaks the silence on rich countries' responsibility for this debt accumulation, and sets an important precedent for other international creditors. Norway will not follow rich countries' frequent practice of counting the debt cancellation as development assistance. (IPS News)
Mali People's Forum Challenges Top-Down G8 Agenda (July 20, 2006)
The fifth annual People's Forum in Mali, held parallel to the July 2006 Group of Eight (G8) Summit in Russia, focused on poverty- and trade-related issues. Participants included NGO representatives, farmers, women and young people from all over Africa, Europe and the US. Speakers criticized the "feeble" progress on debt relief for 18 countries, a commitment made by G8 leaders at their 2005 meeting in Gleneagles, Scotland. (Christian Aid)
Africa Out of the Limelight: The Debt Crisis One Year after the Gleneagles G8 (July 6, 2006)
The G8 took steps towards achieving the Millennium Development Goals on debt relief in 2005. While 14 African nations benefited from 100% debt cancellation, international financial institutions held some nations such as Nigeria to debt payments that severely limited their potential to address domestic concerns. Africa Action urges the G8 leaders to renew their commitment to African debt relief. (Africa Action)
At 50, Is the Paris Club a Colonial Relic? (June 20, 2006)
The Paris Club, a coalition of 19 creditor governments, sets standards for dealing with collective debt. Like the International Monetary Fund and World Bank, the Club has a tendency to reschedule debt, leading to increased payments over the long run and perpetuating the debt cycle. However, emerging donor nations such as China and Brazil threaten the Club's ability to control lending and erode the system of economic dependence. (Inter Press Service)
Aid Inflows, Debt Relief Yet to Translate into Reduced Poverty (March 20, 2006)
Uganda, as many other sub-Saharan African countries, has achieved increased economic growth accompanied by moderate inflation rates. However, this "macroeconomic stability" has failed to improve the living conditions of the country's poor. At a meeting organized by the International Monetary Fund (IMF), Ugandan government officials pointed out that, although the country receives more aid flows "on paper" they have little impact "on the ground." (New Vision)
Debt Boomerang (March 2006)
Based on a study of 77 heavily indebted countries, this Institute for Policy Studies report explains how poor country debt affects the citizens of wealthy nations like the US. Debts in foreign countries impact global job markets, international health plans, global warming, security, and immigration. Debt also causes great losses for the poorest citizens, as some countries in Africa must spend more on repaying loans than on health and education initiatives. (Institute for Policy Studies)
IMF Debt Relief Welcomed as "First Step" (December 21, 2005)
The International Monetary Fund (IMF), following the promises of the Group of Eight in July 2005, offered a 100 percent debt cancellation for 18 "heavily indebted" countries. More countries might eventually qualify for debt relief, the Fund also announced, but only if they demonstrate "satisfactory progress in a few policy areas." Fearing that the IMF could tie debt relief to economic benchmarks, anti-debt campaigners urge further actions to eliminate all forms of debt for poor countries. (Inter Press Service)
Climate Change "Could Ruin Drive to Eradicate Poverty" (October 24, 2005)
The relationship between poverty and climate change is much closer than many people think. Man-made greenhouse gases are exacerbating drought and famine conditions in Africa, and most scientists consider global warming "the biggest single threat to the world today." This article warns that the Gleneagles agreement on debt relief will not decrease poverty unless it is attached to a strong action plan on climate change. (Independent)
Operation Corporate Freedom: The IMF and the World Bank in Iraq (September, 2005)
The Paris Club of Creditors, which includes the G8 industrialized countries, is using the promise of debt cancellation as leverage for controlling Iraq's new economic structure. In exchange for forgiveness of its national debt, Iraq must accept IMF and World Bank economic liberalization policies. Though the agreement appears to benefit Iraq, its provisions would open up Iraq's economy to foreign corporations by privatizing state-owned industries and curtailing public services. (50 Years Is Enough)
How the G8 Lied to the World on Aid (August 23, 2005)
The UN has described the forthcoming Millennium+5 Summit as a "once-in-a-generation opportunity to take bold decisions." But, this Guardian article says the draft outcome document of the meeting lacks a new development strategy, and does not differ from the old failed privatization and economic liberalization approach. The author also considers the G8 promises of debt relief and increased aid as false claims. (Guardian)
Leaks Reveal G8 Debt Deal Faces Funding Shortfall (August 2, 2005)
Leaked World Bank documents suggest that the G8 countries have pledged to finance only the first three years of the poor country debt relief package they agreed on in July 2005. To fulfill the G8's promises, the Bank may have to shift funds from other programs. The documents also call into question the G8's promise to immediately cancel the full value of the debt, and suggest that the G8 will only service poor countries' debt until they pay off their loans. (World Development Movement and Jubilee Debt Campaign)
The Downside of the G8 Debt Deal (July 8, 2005)
The Group of Eight (G8) decision to relieve the debts of the eighteen most indebted countries has been welcomed as a step forward in debt relief. In order to qualify for debt relief, however, the eighteen countries had to "jump through hoops," such as privatizing their public services and resources and liberalizing their economies. Forced privatization and liberalization can be even more crippling for a vulnerable economy than the burden of debt. Debt relief must be unconditional to be effective. (BBC)
Why Turn a Blind Eye to Tyranny? (July 4, 2005)
Debt relief and increased aid cannot alone alleviate poverty in Africa, according to this International Herald Tribune editorial. Rather than oversimplifying the debate on aid to Africa, world leaders would do well to attack the root causes of poverty, such as corruption and human rights violations, if they are committed to "making poverty history." Aid to Africa must be accompanied by "an equally serious effort to address human rights violations," or world leaders will risk strengthening and funding the abusive governments responsible for so much of the continent's misery. (International Herald Tribune)
Removing "Unfreedoms": Women and Debt Cancellation (June 30, 2005)
Women have suffered the most as a result of the diversion of funds from social services to debt repayments. In solving the debt crisis and making sure that it never happens again, women must participate fully in political and economic decisions. That's why the international community must ratify the Protocol on the Rights of Women, says this Pambazuka article. (Pambazuka)
Nigeria to Get $18bn Debt Relief (June 30, 2005)
Nigeria, the most populous nation in Africa, and also one of the most poor and indebted, will finally receive some debt relief. Most of Nigeria's debt is owed to the 19-member Paris Club of creditor countries. The debt was accumulated by corrupt military dictators, and the country has been struggling to repay the outstanding $31 billion for decades. The Paris Club has agreed to write off $18 billion of the debt, leaving Nigeria with $13 billion left to pay. (BBC)
Devilish Details: Implications of the G7 Debt Deal (June 14, 2005)
The debt deal struck by the G7 ministers is not the "historic breakthrough" that the ministers claim. Rather than cancelling 100 percent of debt, NGOs calculate that the deal only cancels 10 percent of the needed debt relief, in only 18 of the 62 indebted countries. This deal also only includes debts to three multilateral institutions, while there are currently 19 multilateral creditors lending money to poor countries. The G7 must make a larger effort if it is serious about debt relief and poverty reduction. (European Network on Debt and Development)
G8 Cancellation of World Bank, IMF Debt: "Step Forward" (June 13, 2005)
Finance ministers from the Group of Seven have agreed to write off debts owed to the World Bank, IMF, and African Development Bank for the 18 countries that have completed the Heavily Indebted Poor Countries (HIPC) initiative. Although many NGOs have criticized the HIPC initiative for requiring privatization and liberalization of markets, they recognize the agreement on debt relief as a step in the right direction. (Bretton Woods Project)
G8 Finance Ministers' Conclusions on Development (June 11, 2005)
After years of discussion, the Group of Eight has finally agreed to cancel the debt of the world's poorest nations. This document presents the conclusions of the G8 finance ministers. Integral to their decision is the continuation of the Doha Development Agenda and the removal of trade barriers in poor countries, although agricultural subsidies in rich countries are mysterously absent from the debate. (HM Treasury)
In the Balance: Why Debts Must Be Canceled Now to Meet the Millennium Development Goals (June 2005)
This NGO briefing paper by Jubilee Debt Campaign, ActionAid UK, and Christian Aid argues that if the world is going to achieve the Millennium Development Goals, the G8 must extend debt relief to all poor countries, not just those that fulfill the Highly Indebted Poor Countries (HIPC) criteria. The current debt crisis has trapped these poor countries in "a cycle of poverty and powerlessness," that the richest and most powerful nations have created and perpetuated. (Jubilee Debt Campaign, ActionAid UK, and Christian Aid )
Debt Cancellation: Historic Victories, New Challenges (May 2005)
Ten years ago, mainstream politicians scoffed at debt cancellation as absurd. Today, 100% multilateral debt relief is on the top of the agenda for the meeting of the Group of Seven/Group of Eight in Scotland. How did a once "radical" idea become a major global issue? The ensuing debate illustrates that, ultimately, debt is only one element of "the system of economic neoliberalism" that has deepend the divide between rich and poor. Even if 100% debt relief is achieved, poor countries "still face steep barriers to exercising true self-determination." (Foreign Policy In Focus)
World Leaders Agree Poor Countries Need Debt Relief, But Can't Agree on Plan (April 18, 2005)
The G7 countries continue to disagree on how to provide debt relief for world's poorest nations. Rich countries have discussed at least four different debt cancellation plans, of which Britain's initiative would involve selling some the International Monetary Fund's gold reserves, a move the United States opposes. African countries and anti-debt activists say the slow progress costs lives because poor countries have to use their scarce financial resources for debt service instead of providing basic health services for their people. (OneWorld)
Debt Cancellation Should Be Considered (April 15, 2005)
The multilateral debt that African nations owe to the World Bank and the International Monetary Fund inflicts a "crippling burden" on economic and social progress in the region, says this Seattle Post-Intelligencer opinion piece. After years of activist pressure, rich countries are finally beginning to recognize the necessity of canceling the debt, but cannot agree on a practical plan on how to reach this goal. Pointing out that "time is of the essence," the authors call on the G7 countries to make quick decisions and to cancel 100 percent of poor countries' debt. "Anything less [...] will fail to resolve the debt crisis," argue the authors. (Seattle Post-Intelligencer)
Lessons from Argentina (March 9, 2005)
The recent restructuring of Argentina's debt could teach both lenders and borrowers to be more careful in the future, says this Washington Post editorial. However, the restructuring took a very long time, unnecessarily hurting both Argentineans and creditors. To expedite the process in similar cases, the paper calls for the establishment of an international bankruptcy court for dealing with governments. (Washington Post)
All Talk and No Action (February 25, 2005)
In 1999, G7 leaders announced they would cancel 90 percent of the debt for 42 highly indebted poor countries. But six years later, the debt has only increased. This Focus on the Global South article asks why poor countries should believe the G7 states are any more serious about the vague promises they made in February 2005. (Focus on the Global South)
Long-Term Help for the Poor (February 25, 2005)
Appropriations for foreign aid are usually among the first targets when governments start thinking about where they could save money. However, the fight against AIDS requires long-term planning and support. According to this New York Times editorial, the easiest way to create a long-term stream of money is for rich countries to cancel the poorest nations' debts. Currently, Sub-Saharan countries annually spend US$15 billion in debt service, which could be used to fight AIDS. (New York Times)
Debt Relief is Only a Small Step for Poor Africa (February 8, 2005)
Debt Relief is Only a Small Step for Poor Africa (February 8, 2005) Even if rich states could finally agree on complete cancellation of poor countries' debt, it would not be enough to lift Africa from poverty. This Reuters article argues that poor countries need to grow their export base and diversify their economies – but they cannot do it without increased aid and fair access to global markets. (Reuters)
Can Debtors Be Choosers? (February 2005)
In the middle of its financial crisis, Argentina faced a difficult choice: it could default on its payments to the International Monetary Fund (IMF), or divert domestic income from its recovering economy for debt service. A decision to balance between these two options allowed the country to control its debt more effectively than most other governments facing the same situation. According to this Foreign Policy In Focus article, Argentina's policies could serve as an example for other heavily indebted countries. (Foreign Policy In Focus)
Paying for 100 % Multilateral Debt Cancellation: Current Proposals Explained (January 2005)
Even though rich states begin to agree on the principle of canceling poor countries' debt, disputes over how to pay for it threaten to block the process. Many governments argue that they cannot provide the necessary resources even if the amounts in question remain very small in comparison to their budgets as a whole. This Eurodad briefing looks into current proposals and examines ways to reach the goal of 100 % multilateral debt cancellation. (Eurodad)
