Action urged on global debt and sustainable development
The Scottish Government, Malawi and Zambia are calling on Commonwealth countries to work together to tackle the global debt crisis and give Global South countries a stronger voice in international financial decision-making.
A joint statement calls for urgent reforms to the international debt system, including:
- fast and fair debt restructuring that helps countries resolve debt problems before they become crises
- a new international framework, led by the UN or another global body, to help countries resolve debt problems more fairly and efficiently
- new debt legislation ensuring private lenders share the burden of debt restructuring fairly with other…