GDP Center publishes report on sustainable debt relief
On November 16, 2020, The Global Development Policy Center (GDP), a regional center affiliated with the Frederick S. Pardee School of Global Studies at Boston University, released a new report titled “Debt Relief for Green and Inclusive Recovery.” The GDP Center hosted a launch webinar to celebrate the report, which was produced in partnership with the Heinrich Böll Stiftung and the Center for Sustainable Finance at SOAS, University of London.
The report proposes substantial debt relief by public and private creditors for low- and middle-income countries with unsustainable debt burdens, to provide fiscal space for investment in related health and social spending. to COVID-19, climate adaptation and green economic recovery strategies.
The launch webinar featured former British Prime Minister Gordon Brown and Prime Minister of Barbados Mia Mottley, as well as renowned experts and report authors including Kevin Gallagher, professor of global development policy at the Pardee School and director of the GDP Center.
During the launch, Prime Minister Brown stressed that the report “shows how we are starting to build an environmentally sustainable future from the case of COVID and the world, disfigured not only by pandemics, but by pollution and poverty.” He said that by relieving the debts of the poor and freeing up money to fight climate change, we can start to change our world.
In his remarks, Prime Minister Mottley said: “COVID-19 has been a huge leveler, and they say, as we know, pride comes before the fall. Now is not the time for pride… The right policy choices in disasters do not happen by accident, and unprecedented times call for unprecedented responses. She further announced: “Today we join the call for debt relief to be extended beyond the public sector to the private sector and beyond the poorest countries to middle income countries. . In short, this is the moment [to act]. ”
The full report can be read on the GDP Center website, and a recording of the launch event can be viewed below.
The GDP Center is a university research center affiliated with the Pardee School of Global Studies. The mission of the GDP Center is to advance policy-oriented research for financial stability, human well-being and environmental sustainability. Find out more about this center on the GDP website.