Rethinking Debt: Financing the Future Amid Crisis
On April 7th, the World Bank invited several leading experts to explore perspectives on a new global financial architecture for debt. Speakers discussed lessons from past restructuring efforts, the private sector’s role, and the increased need for debt transparency.
Zainab Haruna of Nigeria began the conversation by explaining how government debt can affect the lives of everyday people. Angolan Finance Minister Vera Daves spoke with World Bank Group President David Malpass about how the economic fallout from COVID-19 has affected her country’s revenue and debt levels. Kevin Watkins, Chief Executive Officer of Save the Children, and K.Y. Amoako, President of the African Center for Economic Transformation, described how unsustainable debt can hold back the progress of countries, diverting resources that could otherwise be used to invest in health, education, and more. Citi’s Julie Monaco and World Bank Chief Economist Carmen Reinhart both referenced the debt crises of the 1980s and 1990s—and the lessons that this challenging era can offer.
Reducing unsustainable debt requires diverse solutions and a commitment to help countries focus on building a green, resilient, inclusive economy. If you missed the discussion, watch the replay, and tell us what you think in the comments or by using #Debt4Dev on Twitter.
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