The global development summit is falling for empty and unproven solutions, says ActionAid

Reacting to the official opening of the Financing for Development Conference, ActionAid has slammed the summit for falling for empty and unproven solutions anchored to the private sector. This is despite repeated calls by Global South countries and civil society for decisive action on the debt crisis and an overhaul of how the global economy is governed. 

In his response, ActionAid's Secretary General, Arthur Larok, said,  

“It is sad to realise that despite the call by the UN Secretary-General for solutions to the unsustainable, unfair and unaffordable global debt system, a few Global North countries effectively shut that door by blocking a UN Framework Convention on Debt in the final text. This resolution, championed by African countries and civil society, would have initiated the process of ending the debt crisis and the re-establishment of a transformative global financial system.   

Moreover, the IMF's astonishing denial of the ongoing systemic debt crisis, although disappointing, is not surprising. Many Global South countries are in a debt crisis by the IMF's own terms, with most spending more on debt servicing than on health and education, but the IMF seems to only consider it a crisis when creditors don't get paid – for them it is not a crisis if people in the Global South die.” 

Larok further bemoaned the exclusion of civil society during the official opening, he said,  

“It is a slap in the face of democratic and transparent global cooperation principles that the process has continued to exclude the input of civil society, who represent the voices of people whose lives are affected by decisions made here.” 

[ENDS]