Ambassadorial Level Dialogue on Addressing Sovereign Debt Distress in LDCs, LLDCs and SIDS in the Time of COVID-19

The COVID-19 pandemic is an unprecedented human tragedy whose health and economic consequences will exacerbate the dramatic disruptions in the life of millions of people.

The pandemic emerged at a time when the world was already on an unsustainable path of achieving the Sustainable Development Goals (SDGs).

Many countries face a decline in investment, trade, remittances, growing debt burdens, and severely reduced fiscal space. The hardest hit are the most vulnerable countries, namely Least Developed Countries (LDCs), Landlocked Developing Countries (LLDCs) and Small Island Developing States (SIDS), who face huge spending needs to finance the immediate health response well beyond their capacities. Such a shift of focus will reverse the achievements in SDGs in these countries. The price of inaction, however, will also be devastating, with an immense loss of human life and livelihoods.

MEETING OBJECTIVES

• Provide a platform for sharing information on debt relief and other initiatives aimed to mitigate the debt situation in the affected countries;
• Explore measures necessary to head off a looming debt disaster in the vulnerable countries stemming from the economic fallout from the coronavirus pandemic; 
• Discuss possible solutions to addressing private debt; and
• Elaborate on the way forward in maintaining their debt sustainability in the long-run while fulfilling their growing financing needs to implement the 2030 Agenda.

PARTICIPANTS

The Meeting will be attended by representatives from LDCs, LLDCs, and SIDS. Representatives of relevant UN system entities and financial institutions and other stakeholders will also be invited to participate. 

FORMAT

The programme will have opening session, presentations by Chairs of the three Groups of Countries to be followed by presentations by panelists, an interactive discussion and the closing session.  A summary of the discussion will be availed after the meeting.

ORGANIZERS

The dialogue is organized by Chair of LLDCs, Kazakhstan and UN-OHRLLS in collaboration with Chairs of LDCs and SIDS. 

OUTCOME

An official summary will be issued as an outcome of this meeting.

DOCUMENTS