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In 2002, John Williamson and I proposed that the gold at the IMF be used to deal with global public good (bad) of unsustainable debt of poor countries – and in particular to allow the IMF to finance suspension of debt service to the IMF and the multilateral development banks following an external shock.
One of the few bright spots in the climate negotiations was the news that the governance of climate funding has received some attention in the run-up to the Pittsburgh G-20. Much needs to be settled, but at least the issue is on the table.
This is a joint posting with Kimberly Elliott and also appeared on the Huffington Post.
With one important reservation, we welcome last week’s EU proposal that the upcoming Pittsburgh G-20 Summit “should adopt the “Everything But Arms” (EBA) initiative without delay to support people in developing countries suffering from the crisis.” The EBA nominally provides 100 percent duty-free, quota-free market access for exports from least-developed countries, so suggesting that the rest of the G-20 replicate it is clearly in line with a Sept. 2 letter sent by members of the CGD Global Trade Preference Reform Working Group. The letter called upon:
Uri Dadush at the Carnegie Endowment provides an excellent reader-friendly summary of the agenda and issues the G-20 leaders will face in Pittsburgh this week. His fourth of four challenges is for the leaders to develop a long-term agenda – and a long-term agenda implies ipso facto a development agenda.