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High-Level Meeting with Heads of State and Government on the International Debt Architecture and Liquidity - Financing for Development in the Era of COVID-19 and Beyond Initiative
29 Mar 2021 -  On 29 March 2021, the United Nations Secretary-General António Guterres, together with the Prime Minister of Canada, H.E. Justin Trudeau, and the Prime Minister of Jamaica, H.E. Andrew Holness, will convene a virtual Meeting of Heads of State and Government to discuss the international debt architecture and liquidity as part of the Financing for Development in the Era of COVID-19 and Beyond Initiative (FfDI).
One year into the COVID-19 pandemic, insufficient global solidarity among countries threatens to leave entire regions behind. While some countries have been able to accrue new debt to build a bridge to recovery and reserve vaccines, others have been forced to allocate their limited fiscal space to servicing their debts rather than supporting their people. Six developing countries have already defaulted since the onset of the pandemic, with an increasing number of low and middle-income countries also likely to head into default this year.
This poses a significant threat to our collective effort to build back better. Until all countries have the fiscal ability and capacity to invest in a global recovery, including by securing vaccines and investing in climate action, inequalities will continue to grow to the detriment of humanity as a whole.
Ahead of the Annual Meetings of the IMF and World Bank, the G20 and G7 meetings and the Financing for Development Forum, this event aims to underscore the urgency of audacious and concrete action to provide liquidity and address debt vulnerability. Now is the time to build a bridge to recovery and re-design an international debt architecture that works better for all.
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