Civil Society Meeting on the International Debt…

Civil society, are calling on governments to establish a debt workout mechanism, i.e., a transparent, binding and multilateral framework for debt crisis resolution, under UN auspices, that addresses unsustainable and illegitimate debt and provides systematic, timely and fair restructuring of sovereign debt, including debt cancellation, in a process convening all creditors. Beyond the establishment of a multilateral debt resolution framework, there is a need to urgently implement substantial reforms in the financial system, including further regulation of the financial sector. Civil society organizations believe that the organisation of the next UN Summit on Financing for Development would be key to advance the systemic and urgent reforms of the global financial architecture. The meeting will be an opportunity for civil society to present its comprehensive set of demands to UN Member States, UN Secretary General/UN Deputy Secretary General, President of ECOSOC and President of the General Assembly. The meeting will also be an opportunity for UN Member States to react and respond to civil society concerns and demands.