Discussion Group I: External Finance and Remittances, Jobs and Inclusive Growth

Background

The COVID-19 crisis has severely affected developing countries sources of external finance. In 2020, Foreign Direct Investment is projected to decline 40 per cent and remittances are projected to drop 20 per cent. Portfolio flows also dropped markedly in March 2020, although they recovered partly afterwards. In addition, hours of work are estimated to have dropped 14 per cent globally during the second quarter of 2020, equivalent to a loss of 400 million full-time jobs. Because the crisis impacted heavily on the services sector, female workers, self-employed and informal sector workers in developing countries have been disproportionately affected by job losses. The purpose of this Discussion Group is to propose concrete policy options to address these urgent problems.

Co-leads and country members

Member State Co-Leads: Bangladesh, Egypt, Japan, Spain

Member State Participants: Cabo Verde, China, Haiti, India, Indonesia, Kazakhstan, Malawi, Russia, South Africa
(Please note that the list of member State participants is open and will be updated frequently.)

UN Entity Focal Point: UNCTAD

Meeting summaries

First Meeting: 28 July 2020

Second Meeting: 14 August 2020 (coming soon)

Upcoming meetings

Third Meeting: 27th August, 8:30-10:30 a.m. EDT

Deadline for submission of final menu of policy outcomes: 28th August, EDT

Meeting with the Ministers of Finance: 8th September, EDT

Heads of State and Government Meeting on the sidelines of the 75th Session of the United Nations General Assembly: 29th September, EDT

Related documents

Discussion Group 1 Background Document