Last month in New York, the first UN Principles on Sovereign Debt Restructuring Processes were unanimously adopted by the UN General Assembly.
Agreed at the Ad Hoc Committee on Sovereign Debt Restructuring Processes, this set of nine principles builds on the UNCTAD Roadmap released earlier this year and is intended to guide future restructuring processes. It could serve as a basis for future deliberations in this area and seeks to limit the actions of vulture funds.
A formal UN GA Resolution is to be adopted during the next General Assembly, which will officially adopt the new UN principles by not just the Committee but the whole General Assembly, and mandate a follow up process.
As the second phase of the Seco-funded assistance to Sudan on debt strategy formulation, DRI held a technical training workshop with 18 government officials from the Ministry of Finance and Central Bank of Sudan. The workshop trained officials in Debt Relief Analysis using Debt Pro, in Debt Sustainability Analysis using the LIC-DSF, and in cost and risk analysis.Leer más...
A new report from Results UK uses Kenya as a case study to explore the implications of scaling-up Universal Health Care (UHC) in a country graduating from lower income to lower middle income status, and the challenge this will pose the country as Overseas Development Assistance (ODA) levels for health reduces in future years.
While acknowledging the need for ODA to continue to play a vital role, they also point to the increasingly important role domestic resource mobilisation (DRM) will have to play in the context of stagnating aid - especially when aid has previously provided close to 50% of the health budget (rising to 70% in some highly donor dependent sub-sections, such as HIV & AIDS).Leer más...
Are African countries meeting the health spending targets? Based on the latest GSW spending data, this scorecard developed by GSW and the Africa Health Budget Network provides an at-a-glance view of 30 African countries’ performance in reaching health spending targets.
The scorecard assesses performance on 4 indicators:
1. Is government health spending consistent with country wealth?
2. Is health spending prioritised in the government budget?
3. Does the government spend enough on each person’s health?
4. Is government health spending transparent?Leer más...
13.15-14.45 @ Elilly Hotel (Classic Hall)
Come and hear what developing countries and independent experts have to say about what is wrong with the international tax system and what needs to be done to make it fairer and more progressive.
To finance the SDGs and build a just world without poverty, the Financing for Development Conference in Addis Ababa must produce a communiqué which encourages the international community to reform the international tax system fundamentally, going beyond the BEPS/AEOI initiatives, so that developing countries can mobilise theresources needed for their development.
This side event will allow stakeholders to discuss the priority global and national measures which are needed to ensure a much more significant increase in tax revenues in developing countries, and the initiatives being taken to introduce such measures. The discussion will cover changing tax treaties, eliminating tax exemptions, combatting illicit flows, and going way beyond BEPS in the fight against corporate tax evasion and avoidance.Leer más...
The Belgian Government took action on 1st July 2015 has to prevent creditors from exploiting the poorest countries in the world through the Belgian courts. Supporters of international financial regulation have welcomed the country’s pioneering move to pass a law reinforcing Belgian tribunals’ legal framework to tackle so-called “vulture funds”.
The legislation will now cut the wind out of creditors’ sails from using Belgian courts to extract harsh and inequitable payments from poor countries for debts that the investment companies or funds have bought for a fraction of the cost. Belgian tribunals will now be equipped with more effective tools to implement a more stringent regulation against such speculative behaviour and will therefore ensure developing countries are protected from companies’ exploitative practices which hinder their economic growth and development.
For more information, you can read a blog on this issue by Eurodad and consult an article (in French) by Belgian NGO CNCD-11.11.11 which has been actively advocating for years for this legislation to come to fruition.
A new IMF publication takes stock of poverty reduction strategies implemented in Sub-Saharan Africa, in the context of Poverty Reduction Strategy Papers (PRSP). This paper finds that there is no conclusive evidence that its implementation has played a role in reducing poverty and increasing the income share of the poor. In fact, the research reveals that despite PRSP countries’ post-crisis economic resilience, the poverty headcount has not reduced and growth has more than proportionately benefited the top quintile during PRSP implementation.
Read this new blog by GSW on the lessons we can learn from the MDGs’ gaps and shortfalls in key sectors to help inform the current debate on financing the SDGs.
The 2015 installment of the Africa Progress Panel Report entitled “People, Power and Planet - Seizing Africa’s energy and climate opportunities” focuses its attention on climate change and the energy challenges faced by Africa today.
Launched at the World Economic Forum on Africa in Cape Town, South Africa, the publication highlights the need for Africa to accelerate development and adapt to global warming, whilst also addressing the region’s urgent energy crisis. According to the research, two in three Africans have no access to electricity at all, 600,000 deaths a year are being caused by household air pollution, and on current trends, it would take Africa until 2080 to achieve universal electricity access.
To counteract this, the Panel stresses that there is an opportunity for Africa to bypass fossil fuels and move straight to low-carbon sources of power if aid is combined with higher taxes, an elimination of subsidies and a crackdown on illicit transfers to tax havens.
As we approach the MDG deadline and the world prepares for the new Sustainable Development Goals (SDGs), GSW is focusing its attention on the health sector in Africa. Using GSW’s latest 2014 data, this briefing takes stock of current progress on spending targets in Africa in the health sector and asks: is Africa ready for the spending needed to meet the health SDGs?
In a context of fragile economic recovery and possible future debt crises, UNCTAD has published The Roadmap and Guide for Sovereign Debt Workouts which gives recommendations to improve the coherence, fairness and efficiency of current sovereign debt restructuring processes. Aiming principally to guide countries through steps they can take before and during debt restructuring, this document hinges around five principles for sovereign debt workouts: legitimacy, impartiality, transparency, good faith and sustainability. An analysis of this Roadmap by Eurodad can be accessed here.