The fiscal situation of countries in the Global South will be further exacerbated by the global economic impact of the war in Ukraine, including higher interest rates, food and energy prices. The debt situation thus threatens not only the immediate recovery from the pandemic, but also the socially just ecological transformation. But measures taken by the G20 so far have failed to bring about any substantial debt restructuring and / or debt relief, and no further progress is in sight. The World Bank recently warned of a humanitarian catastrophe in the Global South if unsustainable debt is not reduced quickly and fairly.
The G7 finance ministers will meet from May 18 to 20. As a community of values, the G7 states claim a special responsibility for shaping a future of “prosperity, stability and solidarity”. During the German G7 presidency, “the major economic and financial policy issues of the coming years” are to be advanced. This also includes achieving sustainable solutions for critically indebted countries.
In what ways have the measures taken so far contributed to avoiding and solving the debt crisis in the Global South? What should the “strengthened implementation of the international debt strategy” envisaged by the G7 look like in concrete terms in order to facilitate sustainable solutions? What short- and long-term adjustments to the international debt architecture are needed? And what role for the G7 vis-à-vis the G20 and the UN?
The event will be held in hybrid format. Participation is possible in person (Engagement Global, Friedrich-Ebert-Allee 40, 53113 Bonn) as well as virtually via Zoom. The event language is English.
Participation in person: Please register at buero@erlassjahr.de
Virtual participation: Please register here.