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Online Discussion: Global Debt Crisis – Will 2021 be the year of sovereign debt defaults?
132 out of 154 developing countries and emerging economies examined are in a more or less critical debt situation. This is the result of the recently published Global Sovereign Debt Monitor 2021 by erlassjahr.de and MISEREOR. The main reason for this devastating development is the global recession triggered by the COVID-19 pandemic which led to a dramatic economic downturn. In 2020, Zambia was the first country entering default due to the corona-induced recession; Suriname has followed since then, and other countries are also on the verge of default. In addition to the immediate threat by the pandemic’s fallout, there is a risk of a lost decade of development in many countries in the Global South.
In April 2020, the G20 reacted quickly to the pandemic with the “Debt Service Suspension Initiative (DSSI)”; in November, the G20 agreed on the “G20 Common Framework for Debt Treatments beyond the DSSI”. In January 2021, Chad became the first country to apply for debt restructuring under the new framework; shortly afterwards, Ethiopia and Zambia also announced that they would use the framework. But the much-discussed deficits of the initiatives remain, including the lack of binding participation by private creditors and the limitation to only the poorest countries in the world.
What can over-indebted countries expect from the Common Framework? What further steps are needed to prevent a catastrophe? What concrete reforms can be expected from the international community in the coming months? We would like to discuss these and other questions with you and the invited speakers.
Agenda and Speakers
3:00 pm: Introduction and presentation of the results of the Global Sovereign Debt Monitor 2021
Kristina Rehbein, erlassjahr.de
3:15 pm: Moderated panel discussion
- Ludger Wocken, Federal Ministry of Finance, Germany
- Dr. Charity Musamba, Jesuit Centre on Theological Reflection, Zambia
- Stephanie Blankenburg, UNCTAD
4:00 pm: Questions and discussion
4:30 pm: End
Moderation: Dr. Klaus Schilder, MISEREOR
The event will be held in German and English with simultaneous translation.
Please register here by Sunday, 21 March 2021. The dial-in data will be sent to you after registration.
For this online seminar we use the software Zoom. Information on data protection can be found here.