Date of the event: July 16, 2024, 10 - 11.30 NYT/2 – 3.30 pm GMT/9 - 10.30 pm BKK time (Tuesday)
Register Here: https://us06web.zoom.us/j/89518047370
Organised by the Global Call to Action Against Poverty (GCAP) and co-organized by Latindadd, NGO Federation of Nepal, Asia Dalit Rights Forum (ADRF), The Inclusivity Project (TIP), Pakistan Development Alliance (PDA), Wada Na Todo Abhiyan (India), Noakhali Rural Development Society (Bangladesh), Coordination Committee of Cambodia (CCC), Philippine Rural Reconstruction Movement (PRRM), Polycom Girls/GCAP Kenya, GCAP Ghana and the Global Coalition for Social Protection Floors (GCSPF).
The half way mark of the SDGs indicate that unless radical measures are taken, achievement of the goals by 2030 is going to be impossible. Among several causes, most important cause has been lack of funding the SDGs. Many Low and Middle Income Counties (henceforth LMICs) have a very low tax base leading to not sufficient level of generation of pubic revenue. The debt crisis is deteriorating the situation. There are extortive debt mechanisms in place through which the LMICs are forced to pay the rich countries and their private lenders a huge amount money in debt and interest payments, draining their resources and decision-making power to invest in the SDGs, mainly social protection.In South Asia, the ratio of government debt to GDP stood at 86 percent in 2022. Sri Lanka, Pakistan, Afghanistan and Maldives are at debt distress or at high risk of it[1]. Bangladesh is also reeling under high debt and not able to support the Social Protection.
The total external debt as a share of Africa’s export earning stands at 140% in 2022, up from 74.5 % in 2010[2].
Given this situation it’s not surprising that many of the Asian, African and LAC countries are failing on SDGs. On the other hand, most rich countries have not honoured their commitments on the Official Development Assistance (ODA). A recent report by Oxfam finds that the wealthy G7 countries owe over $13.3 trillion in unpaid aid and funding for climate action[3].
The impact is palpable. The countries in the global south are not able to make adequate investment in social protection including education of children, health sector which has a severely debilitating impact on the people, particularly the marginalised groups.
The side event will discuss the debt architecture and how to make it sustainable. It will discuss impact of extortive debt on children’s education and overall social protection floors. It will also discuss ways to fund the SDGs in the global south.
Download the concept note and agenda (in English, French and Spanish).
[1] https://blogs.worldbank.org/en/opendata/coming-unpacking-south-asias-growing-role-global-debt#:~:text=In%202006%2C%20South%20Asia's%20total,developing%20economy%20(EMDE)%20region.
[2] https://theconversation.com/africas-debt-crisis-needs-a-bold-new-approach-expert-outlines-a-way-forward-223982#:~:text=Many%20African%20countries%20continue%20to,revenues%20to%20servicing%20their%20debt.
[3] https://www.oxfam.org/en/press-releases/richest-1-bag-nearly-twice-much-wealth-rest-world-put-together-over-past-two-years
