In Focus Risk
not transparent, and very seriously to the detriment of its citizens. Those who provide credit in such circumstances are also culpable, and they too must be scrutinised and made to bear responsibility – particularly as those who suffer the most from unsustainable debt and carry the greatest burden at times of crisis tend to be the poor and marginalised – those least able to cope. Among the topics and actions being
The ministers of our 53 diverse and
widely distributed yet closely connected nations will this year examine proposals designed to improve debt transparency. They will consider ways in which debt
contracts can be specially amended to provide relief during disasters. Such initiatives will be supported by collating the perspectives of ministers from developing countries so that their Commonwealth counterparts from countries with advanced economies can carry them forward for the attention of the G20. The way to a stable and sustainable economic future is for developing and developed countries to work together inclusively on shaping the global debt rules which affect them all. Our Commonwealth approach is to focus on the roles of creditor and indebted countries.
Debt In a country where fiscal regulation is weak, debt may be accumulated in ways that are
November 2019
www.CCRMagazine.com
Rather than sleep-walking towards yet another debt crisis, and the misery such nightmare reality would bring, the Commonwealth can open up pathways toward horizons of hope, with rich and poor walking in harmony towards a fairer, more secure, sustainable, and prosperous future in which all can share
considered at our 2019 Commonwealth Finance Ministers Meeting are: l Debt relief – with agreement to be sought for debt contracts with vulnerable countries to include provision for relief if severe natural disaster strikes. l Transparency in debt through innovation – encouragement to use the Commonwealth Meridian debt-management, system which helps to improve the accuracy with which government debt is recorded. l Dialogue on debt – relaunch of the Commonwealth debt-management forum to encourage international dialogue on the consequences of over-indebtedness so that sounder debt policies are adopted in order to prevent crises. l Easier access to financing to reduce debt burdens – through mechanisms and facilities such as the Commonwealth Climate Finance Access Hub and Commonwealth Disaster Finance Portal, which offer added capacity for developing countries to access to affordable debt financing.
Working together By working together in such practical ways, and on programmes that draw together a broad and inclusive array of nations, crisis can be averted. It is essential for there to be honest and open collaboration between creditors and debtors in a spirit of trust and goodwill. This the Commonwealth can offer,
building on the depth of our connection and the basis of equality on which our family of nations comes together. Rather than sleep-walking towards yet
another debt crisis, and the misery such nightmare reality would bring, the Commonwealth can open up pathways toward horizons of hope, with rich and poor walking in harmony towards a fairer, more secure, sustainable, and prosperous future in which all can share. CCR
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