NEWS

Civil society urges South Africa's G20 presidency to take "far stronger" position on debt reform

165 civil society organisations have written to the South African Presidency of the G20 critiquing the “lack of demonstrable progress” on debt and urging them to take action on debt reform.

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The open letter, addressed to President Ramaphosa, calls for South Africa to take a “far stronger” position on the debt crisis facing Africa and many other countries worldwide. Specifically the co-signing organisations encourage the Presidency to:

Start, support and constructively participate in the intergovernmental process at the UN towards recommendations for a debt architecture reform, as agreed at the 4th Financing for Development Conference (FfD4). In this sense we are calling for a UN Framework Convention on sovereign debt that encompasses all the reforms needed to build a new debt architecture that centers human rights and equity; one that explicitly aligns debt processes with states’ obligations, prohibits austerity measures that undermine essential services and rights realization, binds private creditors to human rights standards, and delivers on a global mechanism for fair and transparent restructurings under UN auspices.

Radical reform to debt restructuring processes, considering lessons learned from the Common Framework and other debt restructuring processes, as called for by African Heads of State and Finance Ministers. Reforms must deliver far deeper and faster debt relief, introduce a timebound aspect, establish a universally accepted methodology for comparability of treatment, suspending debt servicing for all borrowers embarking on a debt restructuring with no accumulation of arrears, during the whole debt restructuring process, and establish a legal mechanism for enforcement purposes.

A declaration from the Finance Ministers that explicitly supports the establishment of an African Credit Rating Agency, and an international, accessible and public Global debt registry, including details on all external sovereign loans, bonds and other debt instruments as well as details on debt workouts.

Support the establishment of a Borrowers Club, as agreed at the FfD4 Conference, that will facilitate cooperation among debtor countries to share information, improve transparency and strengthen negotiation positions. This club would serve as a counterweight to creditor groupings like the Paris Club and the London Coalition to improve the institutional efficiency of the global debt architecture.

The development of binding principles of responsible lending and borrowing, as well as debt sustainability analyses, aligned with developmental goals and designed to enhance countries’ capacity to respect their human rights and climate obligations.

Agreement on the sale of IMF gold reserves to finance a debt relief fund.

Acknowledgment of the debt and development crisis, and the urgent need for debt relief that protects essential social spending on education, health, gender equality and climate resilience. Civil Society is calling for the cancellation of all unsustainable and illegitimate debts, from all creditors.

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Global and regional networks

• ActionAid International
• African Forum and Network on Debt and Development – AFRODAD
• Amnesty International
• Arab NGO Network for Development (ANND)
• Asia Development Alliance
• Caribbean Policy Development Centre – Barbados, Caribbean
• C20
• Fe y Alegría Internacional – Colombia/Global
• Center for Economic and Social Rights (CESR)
• Christian Aid
• Climate Action Network – CAN International 12. ESCR – Net (Economic Policy WG)
• European Network on Debt and Development – Eurodad
• Hungry for Action
• International Institute for Environment and Development
• Global Campaign for Education (GCE)
• Global Policy Forum Europe
• Malala Fund
• MenaFem Movement for Economic, Development And Ecological Justice
• Partners In Health
• Recourse
• Red Latinoamericana por Justicia Económica y Social – LATINDADD
• Resilient40 (Africa)
• The African Youth Café
• Third World Network
• Women’s Working Group on Financing for Development

Africa

• We, The World Botswana – Botswana
• Africa Development Interchange Network (ADIN) – Cameroon
• CADIRE CAMEROON ASSOCIATION – CAMEROON
• Youth for Promotion of Development – Cameroon
• Ini – Chad
• Mouvement pour la Réforme Sociale (MORESO) – Congo, Démocratic Republic of
• Plateforme pour le Développement Économique Social et Culturel (PDESC – CI) – Côte d’Ivoire
• ASSOCIATION DE DÉVELOPPEMENT AGRICOLE ÉDUCATIF ET SANITAIRE DE MANONO – Democratic Republic of Congo
• CLIMATE CHANGE AFRICA OPPORTUNITIES – CCAO – Democratic Republic of Congo/AFRICA
• Pain aux Indigents et Appui à l’auto – Promotion – DRC
• Ethiopian Orthodox Church Development and inter Church Aid commission – Ethiopia
• AbibiNsroma Foundation – Ghana
• Ghana Co – operative Agricultural Producers and Marketing Association Limited – Ghana
• Network for Women’s Rights in Ghana (NETRIGHT) – Ghana
• EDER (Environnement, Développement et Énergies Renouvelables) – Guinée
• Barwaqa relief organization – Kenya
• COMMUNITY ACTION FOR HEALTH AND DEVELOPMENT – Kenya
• Emonyo Yefwe International – Kenya
• Jamaa Resource Initiatives – Kenya
• Jumuiya Women fund – Kenya
• LAND ACTION NETWORK – LAN KENYA – KENYA
• Polifa – Kenya
• The Peacemaker Corps Foundation – Kenya
• Green Advocates International – Liberia
• The Initiative for Climate Action and Development (ICAD Southern Africa) – Malawi
• CGT/MAROC – MAROC
• Association Nigerienne des Scouts de l’Environnement (ANSEN) – Niger
• Africa Network for Environment and Economic Justice (ANEEJ) – Nigeria
• Nigeria Network of NGOs – Nigeria
• Quest For Growth and Development Foundation – Nigeria
• Académie catholique de Brazzaville pour l’Ethique – République du Congo
• ALPD – Senegal
• Lumière Synergie pour le Développement (LSD) – Senegal
• ActionAid South Africa – South Africa
• Africa Centre for Governance – Southern Africa
• Alternative Information & Development Centre (AIDC) – South Africa
• AlternativeFutures – South Africa
• Carolina Eco – Green Economy (Mpumalanga) – South Africa
• Ensure Viable Environment (EVE) – South Africa
• For the Youth by the Youth – South Africa
• GlobalYou Africa – South Africa
• Goringhaiqona – South Africa
• Institute for Economic Justice – South Africa
• ISIZIBA Community Based Organizations of South Africa – South Africa
• His Choice Ministries – South Africa
• Justice & Please Catholic Church – South Africa
• Lwana – South Africa
• NEDLAC Community Constituency – South Africa
• New Economy Hub – South Africa
• Oxfam South Africa – South Africa
• Qunu Advice Office – South Africa
• SAIIA – South Africa
• SANAC CSF – South Africa
• Show Me Your Number – South Africa
• South African Women in Dialogue – South Africa
• UNEARTHED JUSTICE: YOUTH – LED ADVOCACY PLATFORM – SOUTH AFRICA
• VPCR – South Africa
• Working for climate – South Africa
• WRCA – South Africa
• Youth Arise – South Africa
• Youth Capital – South Africa
• Akina Mama wa Afrika – Uganda
• DISABILITY PEOPLES FORUM UGANDA – UGANDA
• Future Link Junior School – Uganda
• Makerere University Business School – Uganda
• Uganda Debt Network – Uganda
• Uganda Peace Foundation – Uganda
• Women’s International Peace Centre – Uganda
• Friends with Environment in Development – Uganda
• Southern and Eastern African Trade Information Negotiations Institute (SEATINI) – Uganda
• CITIZENS NETWORK FOR COMMUNITY DEVELOPMENT ZAMBIA – Zambia
• Climate Action Network (CAN) Zambia – Zambia
• Jesuit Centre for Theological Reflection – Zambia
• CLIMATE ACTION NETWORK ZIMBABWE – Zimbabwe
• Food Justice Network – Zimbabwe
• Let’s Green The Future Trust – Zimbabwe
• Southern Africa Region Climate Action Network – Zimbabwe
• Sprout WomenEmpowerment Trust – Zimbabwe
• Zimbabwe Coalition on Debt and Development (ZIMCODD) – ZIMBABWE
• Zimbabwe People’s Land Rights Movement – Zimbabwe
• Women of Africa – Zimbabwe

Asia and the Pacific

• Aid Organization – Bangladesh
• LUCCC – Bangladesh
• Association For Promotion Sustainable Development – India
• HRC Right To Information Trust – India
• VANI – India
• Vajpayee Research Foundation – India
• International NGO Forum on Indonesian Development (INFID) – Indonesia
• Forum for Global Solidarity Tax – Japan
• Japan NGO Center for International Cooperation (JANIC) – Japan
• All Nepal Peasants Federation, Nepal – Nepal
• National Labour Academy – Nepal
• Rural Area Development Programme (RADP) – Nepal
• Food Sovereignty and Climate Justice Forum, Nepal – Nepal
• Freedom from Debt Coalition – Philippines
• Korean Advocates for Global Health (KAGH) – Republic of Korea
• Free Trade Union Development Centre – Sri Lanka

Latin America and the Caribbean

• Fundacion para Estudio e Investigacion de la Mujer – Argentina
• Candid Concepts Development – Bahamas
• Instituto Popular de Capacitación IPC – Colombia
• Comisión Nacional de Enlace CNE – Costa Rica
• Religiosa de NSCBP – Costa Rica
• Centro de Documentación en Derechos Humanos “Segundo Montes Mozo SJ” (CSMM) – Ecuador
• Observatorio de la Dolarización – Ecuador
• Observatorio de Finanzas y Clima – Ecuador
• Movimiento Tzuk Kim – pop – Guatemala
• Inicitivas para el Desarrollo de la Mujer Oaxqueña (IDEMO)M) – México
• RENICC – Nicargua
• Centro de Políticas Públicas y Derechos Humanos (Perú EQUIDAD) – Perú
• GRUPO NACIONAL DE PRESUPUESTO PUBLICO – Perú
• Stichting Projekta – Suriname

Europe

• Global Responsibility – Austria
• KOO – Co – ordination office of the Austirans Bisops’ Confernce – Austria
• Alefa Diaspora – Belgium
• CNCD – 11.11.11 – Belgium
• Justice et Paix France – France
• erlassjahr.de – Entwicklung braucht Entschuldung – Germany
• Foundations Platform F20 – Germany
• German NGO Forum on Environment & Development – Germany
• WEED – World Economy, Ecology & Development – Germany / Europe
• Financial Justice Ireland – Ireland
• Norwegian Church Aid – Norway
• Portuguese Platform of Development NGOs – Portugal
• XR Serbia – Serbia
• Act Church of Sweden – Sweden
• Alliance Sud – Switzerland
• Bond – United Kingdom
• CAFOD – United Kingdom
• Climate Action Network UK (CAN – UK) – United Kingdom
• Debt Justice UK – United Kingdom
• Debt Relief International – United Kingdom

North America

• Cooperation Canada – Canada
• KAIROS: Canadian Ecumenical Justice Initiatives – Canada
• Defined Impact Group – U.S.
• EcoEquity – U.S.
• Institute of the Blessed Virgin Mary – Loreto Generalate – U.S.
• The Society for Children Orphaned By AIDS Inc. (SOCOBA) – U.S.
• Treatment Action Group – U.S.
• WEDO – U.S.