In a major victory on the international debt crisis front, the Doha Accord has been passed, essentially securing a consensus-driven, strong mandate on debt and responsible lending and borrowing.
From Jubilee USA:
This United Nation’s consensus built accord, which means the work of the United Nations Committee on Trade and Development (UNCTAD) will be renewed for the next four years. UNCTAD has served a vital role in consensus building on debt relief initiatives such as HIPC and MDRI that have resulted in over 100 billion dollars in debt relief. Currently Jubilee USA serves as an expert to UNCTAD and has helped develop principles on responsible lending and borrowing – an actual solution to the international debt crisis.
The Doha Accord reaffirms the Accra Accord, which it says remains valid and relevant, and reiterates that UNCTAD remains the focal point for the UN for an integrated treatment of trade and development and interrelated issues of finance, technology, investment, and sustainable development.
Our Executive Director, Eric LeCompte, was hosted for the negotiations by UNCTAD to moderate a panel with 11 financial ministers and treasury heads from around the globe to speak in support of UNCTAD’s principles on Responsible Lending and Borrowing. Watch and hear the full panel discussion and read the UN press release on the panel; you may also learn more about Jubilee’s work to end the debt crisis in their March report.
Jubilee USA’s thank-you letter to President Obama for supporting efforts to secure the Doha win