联合国-投资可持续发展目标的流动性与债务解决方案简报（英文）-2021.3-18页_267kb

报告摘要

Summary of "Liquidity and Debt Solutions to Invest in the SDGs"

Introduction

The document outlines the urgent need for liquidity and debt solutions to support developing countries in their recovery from the economic and social impacts of the COVID-19 pandemic, with a focus on enabling investment in the Sustainable Development Goals (SDGs). It highlights the global socio-economic crisis caused by the pandemic, emphasizing that without decisive action, many developing countries risk another 'lost decade' and missing the 2030 SDG deadline. The author proposed a three-pronged approach in 2020: debt standstill, targeted debt relief, and structural reforms to the international debt architecture.

SDG Investments for Response and Recovery

The main objective is to ensure that developing countries have sufficient fiscal space to respond to the pandemic, vaccinate populations, and invest in the SDGs, particularly climate action. Key recommendations include:

Fresh financing: Meeting ODA commitments, recapitalizing development banks, and providing long-term financing for sustainable development.
Debt relief: Combining debt relief with productive investments to improve long-term debt management.
New facilities and funds: Proposals include the Liquidity and Sustainability Facility (LSF) and the Fund to Alleviate COVID-19 Economics (FACE), which would provide $500 billion in long-term, low-interest loans to developing countries.

Liquidity Support

The document highlights the role of central banks in providing liquidity through unprecedented monetary easing, but warns of the risks associated with ultra-low interest rates. It also notes the limited access of developing countries to capital markets due to low credit ratings and high borrowing costs.

IMF's RCF and RFI: The IMF temporarily doubled access to these facilities, providing over $100 billion in support.
Debt Service Suspension Initiative (DSSI): Launched in 2020, the DSSI suspended debt service payments for eligible countries, but private creditors have not fully participated, limiting its impact.
Recommendations: Extend DSSI until 2022, include middle-income countries, and explore mechanisms to involve private creditors, such as the Central Credit Facility (CCF).

A New General Allocation of SDRs

The IMF is urged to provide a new allocation of Special Drawing Rights (SDRs), which could be combined with voluntary reallocation from countries with surplus reserves to those in need.

SDR Allocation: A new allocation of SDRs is recommended, with G7 endorsing a "new and sizeable" allocation.
Voluntary Reallocation: Countries with strong external positions could reallocate SDRs to those facing external deficits or emergencies.
New Trust Fund: A new trust fund hosted by the IMF is proposed to support middle-income countries, especially SIDS, in their recovery.

Extension of the Debt Service Suspension

The G20 is encouraged to extend the DSSI and include more countries, particularly middle-income and vulnerable ones.

Extension: At least until June 2022.
Inclusion of Middle-Income Countries: Especially SIDS, conflict-affected, and others severely impacted.
Private Sector Participation: Mechanisms should be developed to involve private creditors in DSSI and future standstills.

Debt Relief and the Common Framework

The Common Framework for Debt Treatments Beyond the DSSI was established in 2020 to address solvency concerns, extending debt relief to all DSSI-eligible countries.

Common Framework: Provides case-by-case debt restructuring options, including debt swaps, buy-backs, and credit enhancements.
Limitations: Excludes some middle-income countries, and private creditors remain hesitant to participate.
Recommendations: Expand eligibility, offer legal and technical support, and develop mechanisms that avoid stigmatization and credit rating downgrades.

The International Debt Architecture

The document calls for structural reforms to the international debt architecture to improve transparency, fairness, and sustainability.

Key Objectives: Facilitate fair and orderly debt workouts, and address the root causes of unsustainable debt.
Principles: Emphasizes responsible borrowing and lending, transparency, and shared responsibility between creditors and debtors.
Existing Initiatives: Building on the Doha Declaration, Addis Ababa Action Plan, and other frameworks to promote sustainable and equitable debt practices.

Strengthened Architecture Through Principles

Transparency: Improved data sharing and reporting on debt management and workouts.
Sustainability: Debt restructuring should support long-term debt management and financing for SDGs.
Shared Responsibility: Encourages coordination between debtors and creditors to avoid moral hazards and ensure fair burden sharing.

Building on Existing Initiatives

Credit Rating Reforms: Introduce long-term credit ratings (10 years or more) to reflect sustainable investments.
State-Contingent Clauses: Include clauses in public debt contracts that tie payments to economic conditions, potentially automating debt standstills during crises.
Enhanced Debt Crisis Resolution Tools: Complement existing instruments with collective action clauses, anti-vulture legislation, and creditor committees.

Conclusion and Call for Action

The document concludes that a coordinated, multilateral response is essential to prevent a prolonged financial crisis and support the SDGs. It calls for:

Immediate liquidity support through SDR allocations and DSSI extensions.
Comprehensive debt relief measures, including the Common Framework and new facilities.
Structural reforms to the international debt architecture to ensure fairness, transparency, and sustainability.
Strengthening the role of international institutions in fostering cooperation and trust.

The author stresses that without such action, the world risks a diverging future, with developing countries falling further behind in achieving the SDGs. A unified and cooperative approach is necessary to ensure a resilient and sustainable recovery.

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