Raising the FfD4 Ambition: UN Framework Convention on Sovereign Debt

Time: 1:15pm – 2:30 pm 

Moderator: Mae Buenaventura, APMDD

Speakers:

• Jason Braganza - Executive Director, African Forum and Network on Debt and Development (AFRODAD)

• Rodolfo Bejarano -Analyst in New Financial Architecture area, Red Latinoamericana por Justicia Económica y Social (LATINDADD)

• Imène Cherif - MENA Fem – Movement For Economic, Development And Ecological Justice

The event provided a space to discuss the proposal for a UN Framework Convention on Sovereign Debt to address the necessary reforms in the global debt architecture for the prevention and resolution of debt crises.

FfD4 provide the opportunity for the UN to reclaim its role in addressing sovereign debt challenges, away from creditor dominated forums that have failed to establish mechanisms to prevent the accumulation of unsustainable and illegitimate debt and to resolve debt crises, bound to human-rights commitments, including peoples’ right to development and gender equality.

A UN Framework Convention on sovereign debt, negotiated and agreed by all Member States, in an equitable, inclusive, participatory, accountable and transparent manner, should address the commitment to establish a multilateral debt resolution mechanism, but not be limited to it. The Debt Convention should also embody a global consensus on the necessary principles, rules and structures throughout the different interdependent stages of the debt cycle.