Global Economic Solutions Now! /Soluciones Económicas Globales AHORA! / Solutions économiques mondiales MAINTENANT!

Over 375 organisations and networks call for urgent global economic solutions

Note: This open letter was coordinated and led by Civil Society FfD Group as part of the contributions to the process on “Financing for Development in the Era of COVID-19 and Beyond”. All previous submissions to the six discussion groups, including input to meeting of Finance Ministers at the UN can be found here: https://csoforffd.org/2020/08/20/submissions-to-hle-ffd-discussion-groups/)

Please click here to access the letter in English
Da click aquí para ver la versión en Español
Cliquez ici pour accéder à la lettre en français
Por favor clique aqui para acessar a carta em Português

25 September 2020

Excellencies,

In view of the upcoming special meeting of Heads of State on the margins of the 75th United Nations General Assembly on 29th September 2020, we are writing to express our deep concerns, as we are yet to see any meaningful pathway towards the necessary multilateral decisions to overcome the global economic crisis induced by the pandemic. The humanitarian and economic crisis triggered by the pandemic is threatening the well-being of billions of people and risks derailing the global efforts to achieve the Sustainable Development Goals and respond to the expanding climate emergency.

We urgently need systemic solutions to the broken global economic architecture. National level decisions, while important, are insufficient to ensure the required policy and fiscal space needed for a decolonial, feminist and just transition for people and planet. We need to ensure the democratization of global economic governance, recognizing the right of every country to be at the decision-making table, and not only those concentrating power or resources. A new global governance should promote equality and common but differentiated responsibilities on global commons.

In the lead up to a recent meeting of Finance Ministers at the UN, a ‘menu of options’ for consideration by governments was published which includes key recommendations on issues such as debt, illicit financial flows, global liquidity and financial stability among others. It is now time for action. The world cannot afford any further delays.

At the Heads of State meeting on 29th September, we call on governments to commit to implement the following recommendations in the ‘menu of options’ and highlighted in the Finance Ministers meeting on 8th September 2020, while abiding by the human rights framework, as well as ensuring gender equality and environmental integrity (attached annex provides more detail):

  • Extensive debt cancellations and the establishment of a Sovereign Debt Workout Mechanism at the UN that would comprehensively address unsustainable and illegitimate debt;
  • Liquidity injection commensurate with the level of need among developing countries through a new allocation of Special Drawing Rights (SDRs), combined with reallocation of unused ones;
  • UN Tax Convention to comprehensively address tax havens, tax abuse by multinational corporations and other illicit financial flows through a universal, intergovernmental process at the UN; 
  • Mandate the organization of an “International Economic Reconstruction and Systemic Reform Summit under the auspices of the UN” to move towards a new global economic architecture that works for the people and planet.  Jamaica, in their national capacity, at the Finance Ministers meeting on 8th September 2020 called for the need for the United Nations to convene a conference focused on economic recovery from COVID19.

Time for talking is over. Time for action now.

Yours sincerely,

50by40Global
80:20 Educating and Acting for a Better WorldIreland
AAEEHEurope
AbibiNsroma FoundationGhana
Abundant Grace Female FoundationGhana
Access Education International (AEI)Kenya- East Africa
ACT AllianceGlobal
Action for Sustainable DevelopmentUK
Actionaid, ZambiaZambia
ActionAid InternationalGlobal
ActionAid MalawiMalawi, Africa
ACTIONS PROGRES VIE ONG (APROVIE ONG)Benin
ADAB( Association of Development Agencies in Bangladesh)Bangladesh
ADD InternationalUnited Kingdom
afifa foundationIndia
Africa Development Interchange Network (ADIN)Cameroon
Africa Intercultural Development SupportUganda
Africa Young Positives Network (AY+)Africa
AFRICAN FOUNDATION FOR ENVIRONMENT AND DEVELOPMENTNigeria
African Union Youth For ChangeTogo
African Women’s network for Community Management of Forests (REFACOF)Cameroon and 19 African countries members
African Youth Voluntary OrganizationSomalia
AFRIDACBénin
Afrihealth Optonet Association [CSOs Network with UN ECOSOC Status]Nigeria
Aid OrganizationBangladesh
Aid/WatchAustralia
All Win Network, Institute for Planetary Synthesis, Commons CLuster of the UN NGO MGUSA, Global
Alliance contre la Pauvreté au Mali/GCAP_MaliMali -Ouest Afrique
Alliance for Empowering Rural Communities (AERC-Ghana)Ghana
Alliance SudSwitzerland
Alternatives Durables pour le Développement (ADD)Cameroun / Afrique Centrale
Ambrela – Platform for Development OrganisationsSlovakia
Amis des Étrangers au Togo:  ADETAfrique
ANADMauritania
Anasi Farmers AssociationUganda
Apostolic Ministerial International NetworkGhana
ASEAN OBOR Research AcademyMalaysia
Asia Democracy NetworkAsia
Asia Development AllianceAsia
Asia Pacific Entrepreneur Associate Chamber of CommerceMalaysia
Asian Peoples’ Movement on Debt and Develoopment (APMDD)Philippines, Asia
ASMOKAfrica/Kenya
ASSESOAR – Associação de Estudos, Orientação e Assitência RuralParaná/Brasil
Associação Alternativa TerrazulBrasil
Associação para a Cooperação Entre os Povos (ACEP)Portugal
Association des Femmes pour le Développement Durable Accéléré (AFeDDA)Bénin
Association For Promotion Sustainable DevelopmentIndia
Association for Sustainable Development Livelihood Initiatives (SUSTAIN Cameroon)Cameroon
Association pour la Promotion de l’Action Sociale et des Initiatives Communautaires (APASIC ONG)Bénin
Association pour la Promotion Féminine et le Développement Communautaire (APFDC-BENIN)Bénin
Association pour l’Integration et le Developpement Durable au Burundi, AIDBBurundi
Associazione Comunita’ Papa Giovanni XXIII (APG23)Italy
Bagmati UNESCO ClubNepal
Bangladesh Nari Progati Sangha (BNPS)Bangladesh
Bangladesh NGOs Network for Radio & Communication(BNNRC)Bangladesh
beninactionongbeninactionong@yahoo.fr
BURUNDI RUGBY LEAGUE-RUGBY A XIII COOPERATIVEBurundi
CADIRE CAMEROON ASSOCIATIONCameroon
CADTMInternational
CAFSO-WRAG for DevelopmentNigeria
CAMPUS DE PENSADORAS URBANAS DELICIAS REGIÓN CENTRO SURMéxico
CAN America LatinaLatin America
CAN TanzaniaTanzania/East Africa
Canadian Council for International Co-operationCanada
Carbone GuinéeGuinée
CARITAS CONGO ASBLRepublique Democratique Du Congo
CAS-ODD ONGBenin
CCFD-Terre SolidaireFrance
CEBI – Centro de Estudos BíblicosRio Grande do Sul/Brasil
CEDEALEcuador, Quito, Pichincha
Centre for muslim youth in peace and development- GhanaWest African
Centre for Research and Advocacy, ManipurAsia
Centro Brasil no ClimaBrasil, Rio de Janeiro
Centro de Investigación para la Acción Femenina (CIPAF)Dominican Repúblic
CEPARD GLOBALUganda – East Africa
CESE- Coordenadoria Ecumênica de ServiçoBrasil
CHIKKA FEDERATION OF INDIAIndia
Children and Young People Living for Peace(CYPLP)Nigeria
CHINAR (Central Himalayan Institute for Nature & Applied Research)India
Christian AidUnited Kingdom
Christian Aid IrelandIreland
Church Action for Tax JusticeUnited Kingdom
CIPE: Centro de Investigaciones para la Equidad Política Pública y Desarrollo.México
CISPitaly
CIVIL SOCIETY COALITION ON SUSTAINABLE DEVELOPMENTNigeria/ Africa
Civil Society FfD GroupGlobal
Clímax BrasilBrasil
CNCD-11.11.11Belgium
Coalizão Direitos Valem MaisBrasil
CODICE AGUASCALIENTESAguascalientes México
COFEM-BURUNDIBurundi
Colectivo Mujeres Tlanamacalli por la Democracia, la Tierra y la CulturaJalisco, México
Commons Cluster of the UN NGO Major Group, Institute for Planetary Synthesis, All Win Network, Association of World CitizensUSA
COMMUNITY AND FAMILY AID FOUNDATION-GHANAGhana
Congregation of Our Lady of Charity of the Good Shepherd Latin AmericaAmerica Latina
Congregation of the MissionUSA
Congregations of St Joseph  UN NGOInternational
Construisons Ensemble le MondeRDC-AFRIQUE
Cooperation Committee for Cambodia (CCC)Phnom Penh, Cambodia
Coordinadora de ONG para el Desarrollo – EspañaSpain
Coordination des Associations et ONG Féminines du Mali “CAFO”Mali -Ouest Afrique
Coordination SUDFrance
Corporate Europe ObservatoryEU
Council for People’s Development and GovernancePhilippines
CRIA- Centro de Referência Integral de AdolescentesBrasil- Bahia- Salvador
CSENDSwitzerland
CSO Youth FfD Constituency / UNMGCYGlobal
Czechia Against Poverty and InequalityCzech Republic
Dalit NGO Federation (DNF), NepalNepal
Dapi benin ongBénin
DAWN (Development Alternatives with Women for a New Era)Global South
Debt Justice NorwayNorway
DemNet HungaryHungary
DiverlexVenezuela
Dominican Leadership ConferenceU.S.A
Dr Uzo Adirieje Foundation (DUZAFOUND)Nigeria
DUKINGIRE ISI YACUBujumbura, Burundi
EDUC’SUCCÈSBenin
Effe Rivista FemministaItaly
Ekumenická akademieCzech Republic
Ekvilib InstitutSlovenia
Elat-Meyong  / Femmes SolidairesCameroun
Elizka Relief FoundationGhana
ELO Ligação e OrganizaçãoBrasil
Emonyo Yefwe InternationalKenya
EMPOWER INDIATamil Nadu,India
Enlaces por la SustentabilidadEl Salvador
Equidad de Género: Ciudadanía, Trabajo y FamiliaMexico
erlassjahr.deGermany
Esquel FoundationBrazil
European Network on Debt and DevelopmentEurope
Excellent World FoundationNigeria
Fédération des Associations de Personnes Handicapées du BéninBénin
Feminist Task ForceGlobal
FEMNETAfrica
FEMUM ALC-Lab CityPeru – LAC
FLACJ / Foro Latinoamericano y Caribeño de JuventudesArgentina
Fondazione Finanza EticaItalia
Fondo SemillasMéxico
Fórum Brasileiro de Ongs e Movimentos Sociais pelo Meio Ambiente e Desenvolvimento Sustentável – FBOMSBRASIL
Fórum Ecumênico ACT-BrasilBrasil
FORUM FOR WOMEN IN DEVELOPMENT, DEMOCRACY AND JUSTICEKenya
Fórum ong aids RSBrasil
ForusGlobal
Foundation for Building Sustainable Communities (FBSC)Canada
Foundation For Sustainable Development and Climate Action (FSDCA)India
FRANK WaterGreat Britain
Fundação Mata Atlântica e EcossistemasBrasil
Fundación Agenda CiudadanaChile
Fundacion Arcoiris por el respeto a la diversidad sexualMexico
FUNDACION ECOLOGICA UNIVERSAL (FEU)Argentina
Fundación Mexicana para la Planeación Familiar, A. C. MEXFAMMéxico
Fundacion para Estudio e Investigacion de la MujerArgentina
Fundación por la Naturaleza y la Vida FUNAVI BolivisBolivia
Fundación Protestante Hora de Obrar / ACT AllianceArgentina
Fundación UnidosColombia
Garn Press (Philanthropic)US / Global
Gatef organizationEgypt
GCAP AsiaBangladesh
GCAP Global Call for Action against PovertyGlobal
GCAP ItalyItaly
GCAP Mauritius & Halley MovementMauritius
GCAP Rwanda CoalitionRwanda
Generation JusticeHaiti
Gestos (soropositividade, comunicação, gênero)Brazil
Global Action to Prevent War and Armed ConflictNew York/US
Global Alliance for Tax JusticeGlobal
Global Call to Action Against Poverty (GCAP)Global
Global Campaign for EducationJohhanesburg, South Africa
Global Distribution Advocates, Inc.FL
Global Forest CoalitionGlobal
Global Forum for Media DevelopmentBelgium
Global media foundationSub-saharan Africa
Global Peace and Development OrganizationLiberia
Global Policy Forumglobal
Global Socio-Economic and Financial Evolution Network (GSFEN)Nigeria
GREEN STUDENTCote d’Ivoire
GTSC Agenda 2030 (Brazilian Civil Society Working Group for the 2030 Agenda)Brazil
Hawai’i Institute for Human RightsHawaii USA
HELPING CHILDRENSri Lanka
HIRED ConsultGhana
Human Health Aid – BurundiBurundi
Human Rights Sanrakshan SansthaaIndia
Huqooq-ul-Ebad Development FoundationPakistan
IBON InternationalPhilippines
IDPA PerúPerú
independent development economistGermany
Indigenous  Training  ProgrammeBamenda,  North  West  Region  Cameroon
Indigenous Peoples Global Forum for Sustainable Development, IPGFforSD (International indigenous peoples Platform)Bujumbura
INESCBrazil
Institute for  Democratic Action & Development (IDAD)Liberia
Instituto 5 Elementos – Educação para a SustentabilidadeSão Paulo
Instituto Brasileiro de Análises Sociais e Econômicas (Ibase)Brasil
Instituto Ecoar para CidadaniaSao Paulo -Brazil
Instituto para el Desarrollo y la Paz AmazonicaRegión San Martín – Perú
Instituto Universidade Popular – UNIPOPAmazônia – Brasil
International Alliance of WomenUSA
International Cooperative AllianceGlobal network/Based in Europe
International Council of WomenSwitzerland
International Network for Corporate Social Responsibility  (IN-CSR)Lagos
International NGO Forum on Indonesian DevelopmentIndonesia
International Partnership and Development OrganizationRussia
International Women Fund AzerbaijanAzerbaijan
International Womens Anthropology Conference USA
International Women’s Rights Action Watch Asia Pacific (IWRAW Asia Pacific)Malaysia
International Youth AllianceBulgaria, EU
International Youth Alliance for Family PlanningInternational
International Youth Alliance for Peacewestern Province
Jairos Jiri AssociationZimbabwe
JEUNESSE RURALE ACTIVECameroun
Joy World FoundationZambia
Jubileo Sur, Mujeres y EconomiaPeru
JustAct GambiaGambia
kathak academy,special consultative status(ECOSOC)Bangladesh
Korea SDGs NetworkKorea South
Kosmos AssociatesUnited States
KOTHOWAIN (vulnerable peoples development organization)Bangladesh
LA CHRYSALIDE BENINBenin
LatindaddPeru
Latvian Platform for Development CooperationLatvia
LeadsIndia
MadhyamIndia
Medical IMPACTMéxico
Mindanao Interfaith Services Foundation Inc.Philippines
Missionary Oblates of Mary Immaculate70 countries
Mom Loves Taiwan AssociationTaiwan
Moroccan Association of Green Economy for the Environment and Climate Justicemorocco
Mother of Hope Cameroon (Mohcam)Cameroon
Movendi InternationalGlobal
Mujeres, Democracia y Ciudadanía A.C.México
Murna FoundationNigeria/West Africa
MY World MexicoMexico
National Association for Women’s Action in DevelopmentUganda
National Campaign for Sustainable Development NepalBagmati
National Coalition of Civil Society  Organizations of LiberiaLiberia
National Society of Conservationists – Friends of the Earth HungaryHungary
National Youth Council of IrelandIreland
Nazirite InternationalNigeria
New Future FoundationUS and Africa
New Generation OutreachKenya
NGO Federation of NepalAsia, Nepal
NingunaMéxico
Noble Delta Women for Peace and Development Int’lNigeria
Norwegian Forum for Development and Environment (ForUM)Norway
OBSERVATOIRE AFRICAIN DES LIBERTÉS PUBLIQUES ET DES DROITS FONDAMENTAUX (OLPDF-AFRIQUE)Benin et dans l’Afrique
Odri Intersectional rightsPeru
Ohaha Family FoundationNigeria
ONG – L’EVEIL POUR LA PROMOTION ET  LE DEVELOPPEMENT DURABLE INTEGRE (E.P.D.I.) orépublique  du Bénin
ONG ADDD (Action Développement Durable Décentralisée)Benin
ONG ADOKARégion des lagunes/ Côte d’Ivoire
ONG AMSHARTBénin
ONG BENIN ACTIONBénin
ONG Bouge/ ONG Initiative pour l’Education et le Contrôle du TabagismeBénin
ONG Femme RuraleBénin
Ong Glegbenu / Task Force Citoyenne de médiation pour la paix et la démocratie dans les pays de la CEDEAOBénin
ONG ITODJUBénin
ONG PADJENABénin
ONG PROGIDECBénin
ONG RACINESBénin
ONG Santé et Action GlobaleLomé Togo
Organisation pour la protection de l’environnement Guinéen OPEGRépublique de Guinée
Parlement des Jeunes Leaders de la Société Civile GuinéenneGuinea
Participatory Development Action ProgramAsia
Pensadoras Urbanas campus coyoacanCDMX Ciudad de Mexico
PJUD ONGBénin
Planned Governance NetworkZambia
Plataforma Portuguesa das ONGD / Portuguese NGDO PlatformLisbon
Plateforme Française Dette & DéveloppementFrance
Probes ONGBénin
Processo de Articulação e Diálogo entre Agências de Cooperação e Parceiros BrasileirosBrasil
PSI AfricaGhana
Public EyeSwitzerland
Public Services International (PSI)Global
Reality of Aid Global NetworkGlobal Network
Red Dot FoundationIndia
Red Dot Foundation GlobalUSA
Red Internacional de Promotores ODSLatinoamerica y el Caribe
Red Mira_Pensadoras UrbanasMéxico, CDMX
Regional Centre for International Development Cooperation (RCIDC)East africa
Regions RefocusUSA
REJEBBénin
Religion Raelienne CongoRépublique du Congo
Religious of the Sacred Heart of Mary – NGO at the UNInternational
RENICC-LATINDADD-AOED LACNicaragua , Mesomerica
Réseau Foi & Justice Afrique Europe antenne FranceFrance
Réseau panafricain des jeunes pour la culture de la paix en signe PAYNCOPRépublique du Congo
RESEAU RESSOURCES NATURELLES (RRN)RD Congo
Rhamna Women AssociationBenguerir , Morocco
RIFONGA- BENIN (Réseau pour l’Intégration des Femmes des ONG  et Associations AfricainesBénin
Rise2030Lebanon
Roots for EquityPakistan
Rural Area Development Programme (RADP)Nepal (Asia)
Samakab Youth Development Organization.Somalia Specailty. South West Somalia. Baidoa.
Scholarship for AfghanistanAfghanistan
SEDRA,Mesavinculacio org sociedad civil cepalChile
SERTA -SERVIÇO DE TECNOLOGIA ALTERNATIVABrasil
Servicios Ecumenicos para Reconciliacion y Reconstruccion- SERRUSA
sfbsp-BURUNDIBurundi
Shanduko Yeupenyu Child CareHarare Zimbabwe
Silambam AsiaMalaysia
Sisters of Charity FederationUnited States
Sisters of Notre Dame de NamurGlobal
Smart Servant Leaders ProgramBenin
Social and Economic Policies Monitor (Al Marsad)Occupied Palestine
Social Justice in Global DevelopmentGermany
SOCIAL WATCH / CONTROLE CITOYEN AU BENINBénin
Society for Conservation and Sustainability of Energy and Environment in Nigeria (SOCSEEN)Nigeria
Society for Economic Em[powerment and Entrepreneurship Development (SEEED)Nigeria
Society for International DevelopmentInternational
SOLIFONDSSwitzerland
Soroptimist InternationalGlobal
SOS CORPO Instituto Feminista para a DemocraciaBrasil
SPJIMRIndia
Step Up Youth Initiative UgandaUganda, East Africa
Success Capital OrganisationBotswana
Sugur Development Agency (SUDA)Uganda
SwachhalayIndia
Tanzania Coalition on Debt and Development (TCDD)Tanzania
Tax Justice NetworkInternational
Tax Justice Network NorwayNorway
Tax Justice UKUK
Tax ReconciliationsUnited Kingdom
TDJ-BURUNDIBurundi
TDJ-burundiBurundi
Temple of UnderstandingUSA
The Bretton Woods ProjectUnited Kingdom
The Equality TrustUnited Kingdom
The international federation of medical students associationsglobal
The Peoples Justice CouncilUnited States
The Reality of Aid – Asia PacificPhilippines – Asia Pacific
Third World NetworkGlobal
third world network-africaGhana
Tripla Difesa OnlusItaly
Two Hands One LifeUganda
Unanima InternationalUSA / Global
UnB2030Brazil
UndebtedWorldGreece, Balkans, Eastern Mediterranean
UNDESA,UNV AND UNCTAD SUMMER SCHOOL 20India
Union de l’Action FéministeMaroc
Union des Amis Socio Culturels d’Action en Developpement (UNASCAD)Haiti
United for Climate ActionEcuador
Universidade Estadual do Norte Fluminense Darcy RibeiroBrazil
University College DublinIreland
Urgent Action Fund for Women’s Human RightsUS/Global
Uso Inteligente ASV ACMexico
VADID (Volontaires d’Action pour le Développement Intégré et Durable)Bénin
VIJANA NA CHILDREN FOUNDATION -VINACEF UGANDAUganda
Virtual University for International Relations (VUfIR)West Africa
VIVAT InternationalUSA
VOICEBangladesh
Wada Na Todo Abhiyan (WNTA)India
Watchman Relief Association GlobalCameroon
Water Justice and GenderGlobal
WECF InternationalNetherlands
WemosNetherlands
WFM – CanadaCanada
Womankind WorldwideUK
Women and Modern World Social Charitable CenterAzerbaijan
Women Empowerment Against Poverty of NepalGandaki
Women for Water PartnershipNetherlands / Global
Women Trust InitiativeZambia
Women’s Working Group on Financing for DevelopmentGlobal
Women’s Budget GroupUK
Women’s Environment and Development OrganizationNew York
Women’s Major GroupGlobal
World Silambam AssociationMalaysia
World Yoga AssociationMalaysia
World Youth Summit NPCSouth Africa
YOTAN-Partners for Social AccountabilityLiberia
Youth Action Hub Guinea – UNCTADGuinée
Youth and Women for Opportunities Uganda-YWOUUganda
Youth Empowerment and Support Initiative-Africa (YESI Africa)Uganda
Youth For Environment Education And Development Foundation (YFEED Foundation)Nepal, South Asia
Youth for Tax Justice NetworkAfrica
Youth Vision SocietyPalestine
Zimbabwe Women’s BureauZimbabwe

ANNEX – Calls for Action on the key elements of the Financing for Development agenda

  • Debt cancellation and Sovereign Debt Workout Mechanism at the UN
    • Permanent cancellation of external debt payments for at least four years for all developing countries in need without penalties;
    • Provision of additional, emergency finance without creating more debt, nor conditionalities;
    • Protection of developing countries from lawsuits when ceasing debt payments at national and multilateral levels;
    • A debt relief initiative to bring developing country debts down to sustainable levels and which considers countries’ long-term financing needs to pursue the SDGs, climate goals, and human rights and gender equality commitments;
    • A sovereign debt workout mechanism at the UN that would comprehensively address unsustainable and illegitimate debt.

  • UN Tax Convention
    • It is time to back a truly universal, intergovernmental process at the UN to comprehensively address tax havens, tax abuse by multinational corporations and other illicit financial flows that obstruct redistribution and drain resources that are crucial to challenging inequalities, particularly gender inequality.
    • Taxing income, wealth and trade should be seen to support the internationally agreed human rights frameworks, as without taxation we cannot mobilise the maximum available revenues. Tax abuse and tax avoidance also needs to be considered under the extraterritorial obligations of states towards other states not to hamper the enjoyment of human rights via blocking financing through abusive tax laws, rules and allowing companies and wealthy individuals to abuse tax systems.

  • Global technology assessment mechanism at the UN
    • As the UN, governments and institutions grapple with the governance of digital technologies, there is an urgent need for broad, transparent, inclusive, accessible and participatory deliberations on the current and potential impacts of these technologies on the environment, the labour market, livelihoods and society;
    • Horizon scanning and foresight capacities need to be developed and should involve identifying options beyond technological solutions. Governance measures on technologies is not just about regulation but ensuring that the common good remains as the ultimate goal and takes precedence over profits.

  • Assess development impacts of current trade and investment framework
    • To ensure developing countries retain maximum policy flexibility in their trade and investment policies there should be no negotiations or signing of any binding trade and investment agreements including at the WTO;
    • A moratorium on Investor-State-Dispute-Settlement (ISDS) cases, and non-implementation or violation of current trade and investment commitments, including Intellectual property rights rules through the TRIPS and TRIPS plus agreements, if these conflict with public policy objectives including economic and health objectives, during the pandemic.
    • Ensure an international legally binding instrument to regulate, in international human rights law, the activities of transnational corporations and hold them accountable for human rights violations by supporting the ongoing negotiations for the UN Binding Treaty on Business and Human rights under the Open-ended intergovernmental working group on transnational corporations and other business enterprises with respect to human rights.

  • Assess systemic risks posed by unregulated or inadequately regulated financial sector instruments and actors
    • Agree on adequate regulation and supervision of financial institutions, credit rating agencies and hedge funds through a UN framework;
    • A global ban on short selling among all markets and increase regulation/surveillance of high-frequency trading;
    • A global agreement on the importance of capital account management to prevent capital flight, limit speculative trading and arrest declines in currency and asset prices;
    • A new allocation of Special Drawing Rights (SDRs) needs to be agreed, commensurate with the level of need among developing countries;
    • A Global Fund for Universal Social Protection to support the most vulnerable countries in responding to the pandemic.

  • Review development outcomes of PPPs and ‘private finance first’ approach
    • We reject the World Bank Group’s Maximising Finance for Development (MFD) approach that implies a problematic ‘private finance first’ attitude to development finance and rather unrealistic assumption that private finance will appear to fill the financing shortfalls. While donors and institutions promote a ‘Billions to Trillions’ narrative and blended finance, whose development impact is yet to be proven, the reality is they are not living up to their own commitments and are instead regressing.
    • There is a need to reaffirm the centrality of public policies and investments. We call on governments to declare a moratorium on funding, promoting or providing technical assessment for PPPs and ‘private finance first’ approaches until an independent review into their development outcomes is completed.

  • Review of the ODA framework
    • Partnerships for sustainable development should comply with the local ownership of development processes, whereby all relevant stakeholders, including local communities and CSOs can be actively involved. We also call on donors to uphold the integrity of ODA and of effectiveness agenda.
    • Call on DAC members to immediately reverse the decline in ODA as a share of GNI, fulfil and where possible exceed the 0.7% target for ODA in the form of unconditional grants and technical support;
    • Call on all donors to ensure that development aid is not diverted but reinforces humanitarian response to the crisis and to ensure that emergency responses are aligned with developing country priorities without conditionalities.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s