Development Finance International
10-13 December, Kigali – OIF Debt Policy Workshop Agrees Urgent Advocacy and Capacity-Building Needs
Senior Officials of 12 OIF LICs and LMICs and 4 regional organisations, as well as representatives of Francophone parliamentarians and civil society organisations, held a workshop in Kigali during 10-13 December to discuss their countries’ debt problems and identify urgent advocacy and capacity-building steps to reduce them. The workshop was hosted by the Government of Rwanda, and facilitated by DFI and OIF, with inputs from Afrodad, Cleary Gottlieb, the Commonwealth Secretariat, Eurodad, the IMF, UNCTAD, and the World Bank. The workshop identified the top priority needs of countries on designing debt policies and strategies; transparency and accountability; mobilising new external finance; domestic and regional market borrowing; and debt restructuring and renegotiation. These needs will be communicated to all participating organisations at a senior level to ensure Francophone countries benefit from the maximum assistance. Participants also agreed on a series of advocacy points about changes needed in the international system to help them avoid or resolve debt crisis, which will be discussed with global leaders during 2020.
3-4 December, The Hague - DFI-Oxfam Face to Face Meeting on the CRII
DFI and Oxfam met in the Hague to agree a three-year work programme for the Commitment to Reducing Inequality Index, to produce the deliverables needed under the Open Society Foundation grant and as part of their joint partnership. We discussed improving and broadening the methodology to compile and analyse the CRII; as well as key performance indicators at the global, regional and national level, and improvements in communications and fundraising efforts. The outcomes from the meeting will be compiled into a strategic plan early in 2020.
19 November, Geneva – DFI Urges Better Debt Relief at UNCTAD Conference
DFI presented on a panel on How to Do Debt Relief Better at the UNCTAD Debt Management conference in Geneva on 19 November. The presentation covered two key issues: why more debt relief is needed; and how to do it better than in the past. DFI urged that debt relief should build on the principles established by the HIPC initiative, but also: be based on SDG funding needs; comprehensively include all types of creditors (including bondholders, China, PPP funders and domestic creditors); and occur more rapidly and with less conditionality. To read the presentation, click here.
17 October, Washington - Finance Ministers Demand Urgent Measures to Prevent Debt Crisis
Ministers of Finance of OIF LICs and LMICs, meeting in Washington DC on 17 October under the joint chairmanship of Madagascar, Benin, and Rwanda, discussed their heavy debt burdens with senior officials of the IMF, World Bank, UNCTAD and Paris Club. In a subsequent press conference, they demanded urgent measures to prevent a widespread new debt crisis, including increasing flows of concessional funds, enhancing their capacity to design higher-return projects, increased transparency on lending terms by the international community, making more use of contingent loans and guarantees to reduce debt service costs, and reinstating a HIPC++ framework to provide coordinated, comprehensive and rapid debt relief to countries to help finance the SDGs. To read a copy of the communique click here.
16 October, Washington - DFI Debt Report to Commonwealth Finance Ministers Recommends Urgent Action
DFI presented a report to Commonwealth Finance Ministers and Senior Officials on 16 October in Washington. The report analysed recent trends in debt of all Commonwealth countries, concluded that there is an urgent need to take measures to reduce the debt burden of Commonwealth Low and Middle-Income Countries and Small Island Developing States, and outlined a series of measures which could be taken. To read the report, click here.
- 30 September, Mexico City – DFI Presents to Pathfinders Grand Challenge Ministers on Progressive Tax Successes
- 5-31 August, Yaounde - DFI Assists Cameroon in Migrating to Meridian Debt System
- 17-28 June, Abuja – DFI Assists Nigeria in Upgrading CS-DRMS
- 5-6 June - DFI Presents at Commonwealth Debt Forum
