Debt crisis in developing countries after COVID

For å løse de kommende gjeldskrisene må alle kriditorer bidra. For øyeblikket er ikke de private lånegiverne villige til å bidra, og statene er ikke villige til å tvinge dem lovlig til å bidra til restrukturering av uholdbar statsgjeld. Hvordan kan det internasjonale samfunnet bidra til å løse statsgjeldskriser i utviklingsland i kjølevannet av pandemien? Og hvordan kan verden bygge bedre systemer for å forhindre fremtidig akkumulering av uholdbare statsgjeldsnivåer gjenerelt? Hva er de juridiske og politiske tiltakene som trengs for å oppnå disse resultatene?

(English)
A large number of developing countries had accumulated unsustainable debt levels the last 10 years before the COVID pandemic. This put countries in a precarious situation when the economic crisis set in, with a narrow fiscal space for counter cyclical measures. Developing countries have been hit especially hard by the economic downturn following the pandemic.

In order to solve the coming debt crises all creditors have to contribute. At this moment the private lenders are unwilling to contribute and states are unwilling to force them legally to partake in restructuring of unsustainable sovereign debt. How can the international community contribute to solving sovereign debt crises in developing countries in the wake of the pandemic? And how can the world build better systems for preventing future accumulation of unsustainable sovereign debt levels in general? What are the legal and political measures needed in order to achieve these outcomes?

Panelist:
Jerome Phelps, Head of Advocacy, Jubilee Debt Campaign
Astrid Iversen, Associate Professor of Law of the Innland Norway University of Applied Sciences
Bodo Ellmers, director of Global Policy Forum`s Financing for Sustainable Development Program

Moderator:
Thea Sofie Rusten Grastveit, Policy Adviser, Debt Justice Norway

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