The rising debt burden and the lack of a development-oriented debt architecture are impeding developing countries’ ability to deliver essential services in health, education, and social protection. This is jeopardizing fundamental human rights. FfD4 has strongly focused on addressing debt issues and has introduced measures to better respond to the needs of countries. The creditor-oriented international debt resolution architecture has been identified as an important element in overcoming and better managing future debt crises. Inclusive, multilateral solutions are essential to resolving the international debt crisis and to enable countries to achieve sustainable development. In the light of the current global economic environment and the global debt situation, the global debt architecture was the central – and most controversial – issues in the lead-up to Seville.
Through our high-level discussion, we will explore the following questions from the presenting perspectives of governments, civil society, the labour movement, academia and the UN system:
- What role will FfD4 play in moving beyond a piecemeal approach to an inclusive, development-oriented sovereign debt architecture? Where are entry points, where are obstacles?
- What can be learned from past processes of debt architecture reform to make this time a real difference?
- What follow-ups can and must take place in order to build on and implement agreed objectives? What coalitions are needed?