April 19,2016, 1:15 pm-2:30 pm
New York, UNHQ, Conference Room 12
Financing conditions for most developing countries were favorable for several years due to high export earnings and easy access to credit. This has changed rapidly in the past year, as commodity prices have collapsed and capital flows have dried up. Recessionary or subdued growth expectations are taking hold everywhere, not just in developing countries, reflecting deep uncertainties. The debt sustainability indicators of many countries have deteriorated fast, and outlooks are for further deterioration. The Addis Ababa Action Agenda has recommitted that the international community ensure sustainable development financing to build better institutions to prevent and manage debt crises and to improve the international financial and monetary system as a whole. Against a challenging outlook for the global economy, the pursuit of a comprehensive reform agenda in this area is becoming increasingly urgent. The UN’s Financing for Development follow up process holds promise as a venue to build consensus and advance policy proposals to address these challenges. This side-event aims to reengage the wider development community in discussion of systemic issues, including debt, which are key aspects of the holistic financing for development agenda that are particularly urgent to address in these trying times.