Eurodad Newsletter July 1, 2010 - Issue# 53
European Network on Debt and Development
DEVELOPMENT FINANCE WATCH
Top Story »
G20 leaders turn their backs on development commitments
Last week, the G20 leaders met in Toronto, Canada, but unfortunately they were
strongly divided on the policies that are needed to ensure a global economic
recovery. Most concerning is the G20 return to business as usual, of prioritising
fiscal consolidation at a time when global recovery is still weak, and failing to
deliver on key measures to regulate the global financial system.
Climate adaptation funding: learning lessons from development finance
ActionAid UK and Eurodad have jointly published a discussion paper entitled
"Climate adaptation funding: learning lessons from development finance work" in
order to apply to climate finance the years of applicable experience aquired
working on development finance. The discussion paper intends to spark
conversations on how CSO can apply their extensive expertese to this significant
and complex area of finance that may exceed aid in terms of fvolumes of inancial
flows from North to South.
Responsible and equitable climate finance under threat after Bonn
The official climate change talks, attempting to negotiate a binding deal to replace
the expiring Kyoto protocol, took place from the 31st May to the 11th June in
Bonn. The message coming out of the current talks was a grave one: unless
developed countries step up their game and come up with binding promises
urgently, we are headed for climate catastrophe and fast.
The UN urges responsible lending to protect human rights
The UN independent expert on debt and human rights, Chepas Lumina, has sent a
report to the UN Human Rights Council about his Missions to Norway and Ecuador.
The report supports debtor countries’ right and obligation to prioritise human
rights over debt servicing ad calls on creditor countries to take responsibility for
failed lending policies and irresponsible behaviour.
New debt creating fund condemned by Spanish civil society
The Spanish Parliament this month approved a law to set up a new Fund for
providing financial support to Spanish companies investing in developing
countries. According to the campaign “Who owes Whom?” – gathering several
Spanish development NGOs, including Eurodad member El Observatorio de la
Deuda en la Globalización (ODG), the new law will contribute to worsening the
debt crisis for countries in the global South, building up more illegitimate debt and
contributing to the accumulation of ecological and climate debt.
BetterAid calls on the UN Development Cooperation Forum to deliver
where the G20 failed
The bi-annual meeting of the UN Development Cooperation Forum (DCF) started
on June 29 in New York. In addition to discussions on aid effectiveness, the
meeting will also focus on wider debates of policy coherence for development.
Civil society organisations including Eurodad have been actively involved in the
two preparatory symposiums in Vienna and Helsinki.
InspirAction is a movement committed to end poverty and injustice once and for all. InspirAction
works locally to raise awareness, empower individuals and society to influence policy when need be.
They work with more than 650 local organisations worldwide to eradicate poverty and injustice.
A new research report by Oxfam on "The global economic crisis and developing countries" has been
This Oxfam research, conducted in 12 countries, reveals the depth and complexity of the
impacts of global economic crisis, as well as the vulnerabilities and resilience of people and poor
countries around the world.
A Spanish version of the executive summary is available here.
"The macroeconomic policies forced on the African countries by the twin brothers (IMF and WB),
the debt measures by bilateral and multilateral institutions, financial liberalisation and the
reliance on the benevolence of the rich countries in external financial flows have not and will not
achieve the type of progress needed to reach the MDGs in 2015".
Fanwell Bokosi, Afrodad, at the UN NGO hearings on the MDGs in June. Read the whole
Crucial opportunity in campaign for country by country reporting
A new global standard for extractive company reporting is under development right now. It has
the potential to make companies publish what they pay for oil, gas and minerals and provide
information which is essential to fighting tax evasion and corruption.
The deadline for comments to the IASB is July 30th.
FACTS AND FIGURES
G8 pledges at Gleneagles Summit 2005: An US$ 25bn aid increase for Africa by 2010
G8 reality as of Muskoka Summit 2010: Just US$12bn actually delivered
EURODAD IN ACTION
spoke on foreign aid performance and capital flight at a conference "filling the basic education gap in
africa" on the 24th of June 2010 at the European Parliament in Brussels, organised by IDAY and
supported by the European Greens. The conference focused on the role of foreign aid in the education
sector, and Nora spoke about CSO critique of the Paris Declaration on aid effectiveness and the role of
capital flight in hindering development outcomes.
Clare Birkett participated in the bi-annual United Nations Development Cooperation Forum that
started on July 29 in New York City.
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