Navigating Debt Challenges: G20’s Pursuit of Sustainable Solutions

June 4, 2024 | by magnews24.com

On April 17, 2024, key stakeholders gathered at the IMF-World Bank Spring Meetings in Washington, D.C., to discuss the complex interrelation of debt, climate action, and development. Organized by E3G in collaboration with IIED, the Wilson Centre’s Brazil Institute, CONCITO, and CPI, this event provided a platform for a comprehensive dialogue on the intertwined issues of current debt stock and liquidity constraints impacting nations’ resilience.

The discussion, held under the Chatham House rule, emphasized the urgent need for tailored diagnostic tools, bold solutions outside the slow-progressing Common Debt Framework, and innovative financial instruments integrating climate considerations. The G20 Brazilian Presidency’s priorities, including country platforms for mobilizing affordable finance and leveraging multilateral actors’ finance and expertise, were highlighted as potential pathways for addressing these challenges. Participants underscored the necessity of holistic solutions, public finance core contributions, and expediting International Financial Institutions (IFIs) reforms to foster inclusive economic development and mitigate climate risks.

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