"Still too little, too late and no urgency on expanded COVID-19 debt relief for developing countries" - As Zambia warns it is preparing for default on its external debts as a result of the pandemic, experts from the Centre for Law, Regulation and Governance of the Global Economy (GLOBE)at Warwick Law School comment on the latest G20 proposals.
World Bank President calls for the UK and US to make it harder for creditors to sue the poorest countries.
Speaking at the Frankfurt School of Finance and Management, World Bank Group President David Malpass urged the UK and the US to "do more to reconcile their public policies toward the poorest countries and their laws protecting the rights of creditors to demand repayments from these countries." Members of Warwick Law's GLOBE research group, who have proposed just such a legal reform for the UK, respond.
This weekend's G20 Riyadh summit has been criticised for its lack of progress on debt relief for low and middle-income countries facing the worse economic recession in the post-war period. Dr Stephen Connelly, Associate Professor of Law and Dr Celine Tan, Reader in Law, Co-Directors, Centre for the Law, Regulation and Governance of the Global Economy (GLOBE), comment.
Dr Celine Tan, Reader in Law, School of Law, University of Warwick, comments on calls to drop the debt owed by developing countries to their sovereign and private creditors to free up financial resources needed to address the COVID-19 pandemic.
Following the news that Mozambique has agreed a deal to restructure its $726 million debt, Dr Stephen Connelly and Dr Celine Tan from Warwick School of Law, who have been working on African debt relief and human rights with a number of partners, have given media comment.