Rethinking debt: financing the future in times of crisis

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On April 7, the World Bank invited several leading experts to explore the prospects for a new global financial debt architecture. Speakers discussed lessons learned from past restructuring efforts, the role of the private sector and the increased need for debt transparency.

Zainab Haruna from Nigeria opened the conversation by explaining how public debt can affect the lives of ordinary people. Angolan Minister of Finance Vera daves spoke with the President of the World Bank Group David Malpass on how the economic fallout from COVID-19 affected his country’s income and debt levels. Kevin watkins, Managing Director of Save the Children, and KY Amoako, President of the African Center for Economic Transformation, described how unsustainable debt can hold back countries’ progress, diverting resources that could otherwise be used to invest in health, education, etc. Citi Julie monaco and Chief Economist of the World Bank Carmen reinhart both referred to the debt crises of the ’80s and’ 90s – and the lessons that difficult era can offer.

Reducing unsustainable debt requires diverse solutions and a commitment to help countries focus on building a green, resilient and inclusive economy. If you missed the discussion, watch the replay, and let us know what you think in the comments or using # Debt4Dev on Twitter.

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This event replay is available with legends in several languages. You can select your preferred language in the video above OR you can use the following links to watch the event with translated audio in Arab, French and Spanish.

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