{"disclaimer":"Transcripts available through this tool are created by using automatic speech recognition and are not official records nor official documents of the United Nations. Official records and official documents are available on the Official Document System of the United Nations.","url":"https://transcripts.un.org/en/asset/k1l/k1lkmkkbf3","llms":{"note":"Plain-text sibling of this page, compact for LLM context. For the full API guide (search, listing, URL grammar) see /llms.txt.","textUrl":"/en/asset/k1l/k1lkmkkbf3.txt","guide":"/llms.txt"},"video":{"id":"k1l/k1lkmkkbf3","kaltura_id":"1_lkmkkbf3","title":"Multi-stakeholder round table 5: \"Realizing a development-oriented sovereign debt architecture\" - 4th International Conference on Financing for Development FFD4 (Sevilla, Spain)","clean_title":"Multi-stakeholder round table 5: \"Realizing a development-oriented sovereign debt architecture\" - 4th International Conference on Financing for Development FFD4 (Sevilla, Spain)","url":"https://webtv.un.org/en/asset/k1l/k1lkmkkbf3","date":"2025-07-02T00:00:00.000Z","scheduled_time":"2025-07-02T13:00:00.000Z","status":"finished","duration":"02:47:04","category":"Conferences","body":null,"event_code":null,"event_type":null,"session_number":null,"pv_symbol":null,"pv_part":null,"slug":"asset/k1l/k1lkmkkbf3"},"metadata":{"summary":"This round table will focus on building a fairer and more effective global approach to sovereign debt management.","description":"The session will address ongoing challenges and short, medium and long-term solutions to debt sustainability, particularly for developing countries. Participants will explore how to reform global debt frameworks to make them more efficient, predictable, and responsive to development needs. The discussion will aim to explore solutions for establishing a development-oriented debt framework that encourages responsible borrowing and lending, reduces the cost of capital, enhances fiscal space, and ensures that debt restructurings are efficient, fair, predictable, and coordinated.","categories":["Meetings & Events","Conferences","International Conference on Financing for Development","Fourth Session"],"geographic_subject":[],"subject_topical":["DEVELOPMENT FINANCE","SUSTAINABLE DEVELOPMENT","SUSTAINABLE DEVELOPMENT GOALS","MULTILATERALISM","DEBT","DEVELOPING COUNTRIES"],"corporate_name":["INTERNATIONAL CONFERENCE ON FINANCING FOR DEVELOPMENT - FFD"],"speaker_affiliation":[],"related_documents":[{"title":"More Info","url":"https://financing.desa.un.org/FFD4"}]},"transcript":{"transcript_id":"azure-llm-speech-84000066-f3b4-4062-9579-b9d1f5ae0c5c","language":"en","data":[{"statement_number":1,"start":4.39,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=5","paragraphs":[{"sentences":[{"text":"We will begin our work.","start":4.39,"end":8.03,"topics":[],"words":[{"text":"We","start":4.39,"end":4.75},{"text":"will","start":6.43,"end":6.99},{"text":"begin","start":7.07,"end":7.47},{"text":"our","start":7.47,"end":7.59},{"text":"work.","start":7.59,"end":8.03}]},{"text":"Your Excellency, Pedro Sanchez, Head of the Government of Spain, distinguished Heads of State and Government, distinguished Ministers, distinguished representatives of observers, United Nations system entities, and other accredited intergovernmental organizations, as well as civil society representatives, excellencies, ladies and gentlemen.","start":9.79,"end":39.03,"topics":[],"words":[{"text":"Your","start":9.79,"end":10.03},{"text":"Excellency,","start":10.03,"end":10.75},{"text":"Pedro","start":11.87,"end":12.35},{"text":"Sanchez,","start":12.35,"end":13.23},{"text":"Head","start":15.47,"end":15.71},{"text":"of","start":15.71,"end":15.87},{"text":"the","start":15.87,"end":15.95},{"text":"Government","start":15.95,"end":16.31},{"text":"of","start":16.31,"end":16.39},{"text":"Spain,","start":16.39,"end":16.91},{"text":"distinguished","start":17.39,"end":17.95},{"text":"Heads","start":17.95,"end":18.15},{"text":"of","start":18.15,"end":18.23},{"text":"State","start":18.23,"end":18.39},{"text":"and","start":18.39,"end":18.51},{"text":"Government,","start":18.51,"end":19.07},{"text":"distinguished","start":20.51,"end":20.99},{"text":"Ministers,","start":20.99,"end":21.55},{"text":"distinguished","start":23.71,"end":24.51},{"text":"representatives","start":24.51,"end":25.47},{"text":"of","start":25.47,"end":25.71},{"text":"observers,","start":25.79,"end":26.75},{"text":"United","start":27.83,"end":28.39},{"text":"Nations","start":28.39,"end":28.95},{"text":"system","start":28.95,"end":29.59},{"text":"entities,","start":29.91,"end":30.55},{"text":"and","start":30.63,"end":30.87},{"text":"other","start":31.11,"end":31.51},{"text":"accredited","start":31.91,"end":32.71},{"text":"intergovernmental","start":32.95,"end":33.63},{"text":"organizations,","start":33.63,"end":34.55},{"text":"as","start":34.71,"end":34.87},{"text":"well","start":34.87,"end":35.03},{"text":"as","start":35.03,"end":35.19},{"text":"civil","start":35.19,"end":35.43},{"text":"society","start":35.43,"end":35.95},{"text":"representatives,","start":35.95,"end":36.79},{"text":"excellencies,","start":37.11,"end":37.83},{"text":"ladies","start":37.91,"end":38.35},{"text":"and","start":38.35,"end":38.47},{"text":"gentlemen.","start":38.47,"end":39.03}]},{"text":"I call to order the fifth multi-stakeholder roundtable.","start":42.55,"end":46.55,"topics":[],"words":[{"text":"I","start":42.55,"end":42.71},{"text":"call","start":42.71,"end":43.11},{"text":"to","start":43.11,"end":43.27},{"text":"order","start":43.27,"end":43.75},{"text":"the","start":43.91,"end":44.07},{"text":"fifth","start":44.07,"end":44.47},{"text":"multi-stakeholder","start":44.71,"end":45.87},{"text":"roundtable.","start":45.87,"end":46.55}]},{"text":"of the Fourth International Conference on Financing for Development.","start":46.95,"end":50.55,"topics":[],"words":[{"text":"of","start":46.95,"end":47.11},{"text":"the","start":47.11,"end":47.23},{"text":"Fourth","start":47.23,"end":47.59},{"text":"International","start":47.59,"end":48.15},{"text":"Conference","start":48.15,"end":48.63},{"text":"on","start":48.63,"end":49.03},{"text":"Financing","start":49.19,"end":49.75},{"text":"for","start":49.75,"end":49.87},{"text":"Development.","start":49.87,"end":50.55}]},{"text":"The theme of the roundtable is Realizing a Development-Oriented Sovereign Debt Architecture.","start":50.87,"end":58.55,"topics":[],"words":[{"text":"The","start":50.87,"end":51.03},{"text":"theme","start":51.03,"end":51.51},{"text":"of","start":51.51,"end":51.75},{"text":"the","start":51.75,"end":51.87},{"text":"roundtable","start":51.87,"end":52.55},{"text":"is","start":52.63,"end":53.11},{"text":"Realizing","start":53.51,"end":54.39},{"text":"a","start":54.71,"end":54.75},{"text":"Development-Oriented","start":54.75,"end":56.47},{"text":"Sovereign","start":56.55,"end":57.27},{"text":"Debt","start":57.35,"end":57.75},{"text":"Architecture.","start":57.75,"end":58.55}]},{"text":"At the outset, I would like to wish you a very warm welcome.","start":65.59,"end":68.55,"topics":[],"words":[{"text":"At","start":65.59,"end":65.75},{"text":"the","start":65.75,"end":65.87},{"text":"outset,","start":65.91,"end":66.47},{"text":"I","start":66.47,"end":66.55},{"text":"would","start":66.55,"end":66.71},{"text":"like","start":66.71,"end":66.87},{"text":"to","start":66.87,"end":67.11},{"text":"wish","start":67.11,"end":67.27},{"text":"you","start":67.27,"end":67.43},{"text":"a","start":67.43,"end":67.51},{"text":"very","start":67.51,"end":67.83},{"text":"warm","start":67.83,"end":68.07},{"text":"welcome.","start":68.07,"end":68.55}]},{"text":"For me, It is a great honor to be co-chairing this multi-stakeholder roundtable together with His Excellency, Mr. Pedro Sanchez, head of the government of 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summary of today's discussions will be submitted to the closing plenary meeting of the conference held on Thursday afternoon on the 3rd of 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we proceed, I would like to make some introductory remarks about the theme of our discussion today.","start":112.11,"end":119.03,"topics":[],"words":[{"text":"Before","start":112.11,"end":112.39},{"text":"we","start":112.39,"end":112.55},{"text":"proceed,","start":112.55,"end":113.19},{"text":"I","start":115.11,"end":115.19},{"text":"would","start":115.19,"end":115.35},{"text":"like","start":115.35,"end":115.47},{"text":"to","start":115.47,"end":115.75},{"text":"make","start":115.75,"end":115.91},{"text":"some","start":115.91,"end":116.03},{"text":"introductory","start":116.03,"end":116.63},{"text":"remarks","start":116.63,"end":117.19},{"text":"about","start":117.27,"end":117.59},{"text":"the","start":117.59,"end":117.67},{"text":"theme","start":117.67,"end":118.03},{"text":"of","start":118.03,"end":118.15},{"text":"our","start":118.15,"end":118.23},{"text":"discussion","start":118.23,"end":118.67},{"text":"today.","start":118.67,"end":119.03}]},{"text":"Excellencies, distinguished delegates, ladies and gentlemen, I would like to thank you all for participating in this roundtable on a very important topic.","start":120.95,"end":136.63,"topics":[],"words":[{"text":"Excellencies,","start":120.95,"end":121.83},{"text":"distinguished","start":123.15,"end":123.67},{"text":"delegates,","start":123.67,"end":124.23},{"text":"ladies","start":125.27,"end":125.63},{"text":"and","start":125.63,"end":125.79},{"text":"gentlemen,","start":125.79,"end":126.23},{"text":"I","start":130.47,"end":130.55},{"text":"would","start":130.55,"end":130.67},{"text":"like","start":130.67,"end":130.79},{"text":"to","start":130.79,"end":130.91},{"text":"thank","start":130.95,"end":131.35},{"text":"you","start":131.35,"end":131.67},{"text":"all","start":131.79,"end":132.15},{"text":"for","start":132.55,"end":132.91},{"text":"participating","start":133.11,"end":133.91},{"text":"in","start":133.99,"end":134.23},{"text":"this","start":134.23,"end":134.47},{"text":"roundtable","start":134.47,"end":135.27},{"text":"on","start":135.27,"end":135.43},{"text":"a","start":135.43,"end":135.47},{"text":"very","start":135.47,"end":135.79},{"text":"important","start":135.79,"end":136.23},{"text":"topic.","start":136.23,"end":136.63}]},{"text":"It 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a development-oriented sovereign debt architecture is something we've been striving for for a long time now.","start":172.87,"end":180.87,"topics":[],"words":[{"text":"Realizing","start":172.87,"end":173.71},{"text":"a","start":173.71,"end":173.75},{"text":"development-oriented","start":173.75,"end":174.79},{"text":"sovereign","start":174.87,"end":175.35},{"text":"debt","start":175.35,"end":175.67},{"text":"architecture","start":175.75,"end":176.47},{"text":"is","start":177.19,"end":177.39},{"text":"something","start":177.39,"end":177.83},{"text":"we've","start":177.83,"end":178.03},{"text":"been","start":178.03,"end":178.39},{"text":"striving","start":178.63,"end":179.11},{"text":"for","start":179.11,"end":179.51},{"text":"for","start":179.91,"end":180.11},{"text":"a","start":180.11,"end":180.15},{"text":"long","start":180.15,"end":180.31},{"text":"time","start":180.31,"end":180.63},{"text":"now.","start":180.63,"end":180.87}]},{"text":"But this is now a pressing matter given the multiple crises weakening our economies and exacerbating inequality.","start":181.91,"end":190.71,"topics":[],"words":[{"text":"But","start":181.91,"end":182.03},{"text":"this","start":182.03,"end":182.19},{"text":"is","start":182.19,"end":182.31},{"text":"now","start":182.31,"end":182.55},{"text":"a","start":182.55,"end":182.63},{"text":"pressing","start":182.63,"end":183.19},{"text":"matter","start":183.19,"end":183.67},{"text":"given","start":184.31,"end":184.71},{"text":"the","start":184.79,"end":184.99},{"text":"multiple","start":184.99,"end":185.51},{"text":"crises","start":185.51,"end":186.31},{"text":"weakening","start":187.03,"end":187.91},{"text":"our","start":188.07,"end":188.27},{"text":"economies","start":188.27,"end":189.03},{"text":"and","start":189.11,"end":189.31},{"text":"exacerbating","start":189.31,"end":189.99},{"text":"inequality.","start":189.99,"end":190.71}]},{"text":"Too many countries are faced with a conundrum, either honoring their debt commitments or investing in priority sectors such as education, health, access to water, sanitation and agriculture, necessary for them to be able to feed their 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action.","start":224.27,"end":225.79,"topics":[],"words":[{"text":"This","start":224.27,"end":224.51},{"text":"requires","start":224.51,"end":224.87},{"text":"us","start":224.87,"end":224.99},{"text":"to","start":224.99,"end":225.11},{"text":"take","start":225.11,"end":225.31},{"text":"action.","start":225.31,"end":225.79}]},{"text":"Not just in terms of sovereign debt architecture reform, but this reform is necessary and it must be underpinned by various 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."},{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"3.4","start":455.23,"end":456.11},{"text":"billion","start":456.11,"end":456.67},{"text":"people","start":456.67,"end":457.35},{"text":"live","start":457.35,"end":457.63},{"text":"in","start":457.63,"end":458.03},{"text":"countries","start":458.19,"end":458.99},{"text":"that","start":458.99,"end":459.15},{"text":"spend","start":459.15,"end":459.55},{"text":"more","start":459.55,"end":460.07},{"text":"on","start":460.07,"end":460.19},{"text":"paying","start":460.19,"end":460.83},{"text":"their","start":460.83,"end":461.11},{"text":"debt","start":461.11,"end":461.47},{"text":"interest","start":461.47,"end":462.19},{"text":"than","start":462.19,"end":462.59},{"text":"on","start":462.59,"end":462.99},{"text":"health","start":463.07,"end":463.55},{"text":"and","start":463.55,"end":463.75},{"text":"education","start":463.75,"end":464.51},{"text":"together.","start":464.51,"end":465.07}]},{"text":"And against this backdrop, I'd like to propose three areas of action that should guide our common response.","start":465.39,"end":471.39,"topics":[],"words":[{"text":"And","start":465.39,"end":465.71},{"text":"against","start":465.71,"end":466.07},{"text":"this","start":466.07,"end":466.27},{"text":"backdrop,","start":466.27,"end":466.83},{"text":"I'd","start":466.83,"end":467.07},{"text":"like","start":467.07,"end":467.23},{"text":"to","start":467.23,"end":467.35},{"text":"propose","start":467.35,"end":467.87},{"text":"three","start":467.87,"end":468.27},{"text":"areas","start":468.27,"end":468.67},{"text":"of","start":468.67,"end":468.83},{"text":"action","start":468.83,"end":469.23},{"text":"that","start":469.23,"end":469.39},{"text":"should","start":469.39,"end":469.63},{"text":"guide","start":469.63,"end":470.11},{"text":"our","start":470.11,"end":470.27},{"text":"common","start":470.27,"end":470.67},{"text":"response.","start":470.67,"end":471.39}]},{"text":"Firstly, we should bolster debt relief and restructuring mechanisms.","start":471.79,"end":478.03,"topics":[{"key":"debt-relief-restructuring","label":"Debt Relief and Restructuring","description":"Speakers repeatedly called for faster, fairer, and more inclusive sovereign debt workouts, including improvements to the G20 Common Framework. The discussion emphasized timely restructuring, equal treatment of creditors, and mechanisms that prevent countries from remaining trapped in prolonged debt crises."}],"words":[{"text":"Firstly,","start":471.79,"end":472.59},{"text":"we","start":472.59,"end":472.91},{"text":"should","start":472.91,"end":473.39},{"text":"bolster","start":473.47,"end":474.35},{"text":"debt","start":474.51,"end":474.99},{"text":"relief","start":475.07,"end":475.71},{"text":"and","start":475.71,"end":476.03},{"text":"restructuring","start":476.03,"end":476.99},{"text":"mechanisms.","start":477.15,"end":478.03}]},{"text":"It's unacceptable that those countries suffering a crisis spend years wallowing in them.","start":478.47,"end":484.03,"topics":[{"key":"debt-relief-restructuring","label":"Debt Relief and Restructuring","description":"Speakers repeatedly called for faster, fairer, and more inclusive sovereign debt workouts, including improvements to the G20 Common Framework. 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These instruments were presented as ways to protect fiscal space while supporting resilience and sustainable investment."}],"words":[{"text":"An","start":505.99,"end":506.11},{"text":"important","start":506.11,"end":506.51},{"text":"and","start":506.51,"end":506.63},{"text":"innovative","start":506.63,"end":507.03},{"text":"proposal","start":507.03,"end":507.55},{"text":"that","start":507.55,"end":507.71},{"text":"we've","start":507.71,"end":507.95},{"text":"suggested","start":507.95,"end":508.83},{"text":"that","start":508.83,"end":508.99},{"text":"could","start":508.99,"end":509.23},{"text":"help","start":509.23,"end":509.55},{"text":"the","start":509.55,"end":509.63},{"text":"most","start":509.63,"end":510.03},{"text":"heavily","start":510.03,"end":510.31},{"text":"indebted","start":510.31,"end":510.63},{"text":"countries","start":510.63,"end":511.15},{"text":"is","start":511.15,"end":511.47},{"text":"introducing","start":511.63,"end":512.67},{"text":"debt","start":512.67,"end":513.23},{"text":"payment","start":513.23,"end":513.67},{"text":"suspension","start":513.67,"end":514.27},{"text":"clauses","start":514.27,"end":514.91},{"text":"where","start":514.91,"end":515.07},{"text":"there","start":515.07,"end":515.23},{"text":"are","start":515.23,"end":515.31},{"text":"crises,","start":515.31,"end":516.03},{"text":"be","start":516.03,"end":516.19},{"text":"they","start":516.19,"end":516.35},{"text":"health,","start":516.35,"end":516.75},{"text":"food","start":516.99,"end":517.47},{"text":"or","start":517.47,"end":517.55},{"text":"climate","start":517.55,"end":517.99},{"text":"crises,","start":517.99,"end":518.59},{"text":"as","start":519.03,"end":519.15},{"text":"well","start":519.15,"end":519.63},{"text":"as","start":519.63,"end":520.03},{"text":"debt","start":520.83,"end":521.23},{"text":"for","start":521.23,"end":521.55},{"text":"sustainable","start":521.55,"end":522.19},{"text":"investment","start":522.19,"end":522.83},{"text":"swaps.","start":522.83,"end":523.39}]},{"text":"Spain has promoted specific initiatives in both areas, reflected in the Sevilla Platform for Action.","start":524.23,"end":532.15,"topics":[],"words":[{"text":"Spain","start":524.23,"end":524.63},{"text":"has","start":524.63,"end":524.87},{"text":"promoted","start":524.87,"end":525.51},{"text":"specific","start":525.51,"end":526.23},{"text":"initiatives","start":526.31,"end":526.95},{"text":"in","start":526.95,"end":527.11},{"text":"both","start":527.11,"end":527.51},{"text":"areas,","start":527.59,"end":528.23},{"text":"reflected","start":528.23,"end":528.95},{"text":"in","start":528.95,"end":529.51},{"text":"the","start":529.59,"end":529.87},{"text":"Sevilla","start":530.23,"end":530.79},{"text":"Platform","start":530.79,"end":531.35},{"text":"for","start":531.35,"end":531.51},{"text":"Action.","start":531.51,"end":532.15}]},{"text":"We have the partnership for debt service suspension clauses and the global hub for debt swaps, and we invite all the other countries to join these.","start":532.87,"end":543.35,"topics":[{"key":"climate-linked-debt","label":"Climate-Linked Debt Instruments","description":"Participants highlighted the need for debt tools that respond to climate and other shocks, such as debt pause clauses, disaster clauses, and debt-for-climate or debt-for-nature swaps. 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They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"The","start":834.35,"end":834.47},{"text":"ABAS","start":834.47,"end":834.91},{"text":"is","start":834.91,"end":835.15},{"text":"our","start":835.15,"end":835.23},{"text":"blueprint","start":835.23,"end":835.91},{"text":"to","start":835.91,"end":835.99},{"text":"change","start":835.99,"end":836.43},{"text":"that","start":836.43,"end":836.71},{"text":"trajectory.","start":836.71,"end":837.39}]},{"text":"It is bold, comprehensive, and forward-looking.","start":837.95,"end":840.99,"topics":[],"words":[{"text":"It","start":837.95,"end":838.15},{"text":"is","start":838.15,"end":838.27},{"text":"bold,","start":838.27,"end":838.83},{"text":"comprehensive,","start":839.23,"end":840.11},{"text":"and","start":840.11,"end":840.27},{"text":"forward-looking.","start":840.27,"end":840.99}]},{"text":"And here in Seville at FFD4, we have a historic opportunity to align global financing frameworks with the needs of SIDS and turn that vision into reality.","start":841.79,"end":853.23,"topics":[{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."},{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. There was strong support for a more inclusive architecture that gives developing countries greater voice and creates fairer multilateral rules for sovereign debt."}],"words":[{"text":"And","start":841.79,"end":841.95},{"text":"here","start":841.95,"end":842.15},{"text":"in","start":842.15,"end":842.35},{"text":"Seville","start":842.35,"end":842.91},{"text":"at","start":843.15,"end":843.39},{"text":"FFD4,","start":843.39,"end":844.27},{"text":"we","start":844.91,"end":845.15},{"text":"have","start":845.15,"end":845.27},{"text":"a","start":845.27,"end":845.31},{"text":"historic","start":845.39,"end":846.03},{"text":"opportunity","start":846.03,"end":846.59},{"text":"to","start":846.59,"end":846.79},{"text":"align","start":846.79,"end":847.31},{"text":"global","start":847.31,"end":847.63},{"text":"financing","start":847.63,"end":848.27},{"text":"frameworks","start":848.27,"end":848.99},{"text":"with","start":848.99,"end":849.15},{"text":"the","start":849.15,"end":849.23},{"text":"needs","start":849.23,"end":849.67},{"text":"of","start":849.67,"end":849.75},{"text":"SIDS","start":849.75,"end":850.35},{"text":"and","start":850.79,"end":851.03},{"text":"turn","start":851.03,"end":851.31},{"text":"that","start":851.31,"end":851.55},{"text":"vision","start":851.55,"end":852.11},{"text":"into","start":852.19,"end":852.51},{"text":"reality.","start":852.51,"end":853.23}]},{"text":"Let me be clear.","start":854.35,"end":855.23,"topics":[],"words":[{"text":"Let","start":854.35,"end":854.55},{"text":"me","start":854.55,"end":854.67},{"text":"be","start":854.67,"end":854.83},{"text":"clear.","start":854.83,"end":855.23}]},{"text":"For many of our nations, the road to debt sustainability cannot wait.","start":856.03,"end":860.19,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"For","start":856.03,"end":856.15},{"text":"many","start":856.15,"end":856.39},{"text":"of","start":856.39,"end":856.51},{"text":"our","start":856.51,"end":856.67},{"text":"nations,","start":856.67,"end":857.39},{"text":"the","start":857.87,"end":857.99},{"text":"road","start":857.99,"end":858.23},{"text":"to","start":858.23,"end":858.35},{"text":"debt","start":858.35,"end":858.59},{"text":"sustainability","start":858.59,"end":859.31},{"text":"cannot","start":859.31,"end":859.71},{"text":"wait.","start":859.71,"end":860.19}]},{"text":"Our economies face crushing debt service burdens, high borrowing costs, and narrowing fiscal space.","start":860.99,"end":867.71,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."},{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"Our","start":860.99,"end":861.15},{"text":"economies","start":861.15,"end":861.79},{"text":"face","start":861.79,"end":862.11},{"text":"crushing","start":862.11,"end":862.51},{"text":"debt","start":862.51,"end":862.75},{"text":"service","start":862.75,"end":863.15},{"text":"burdens,","start":863.15,"end":863.87},{"text":"high","start":864.19,"end":864.51},{"text":"borrowing","start":864.51,"end":864.91},{"text":"costs,","start":864.91,"end":865.47},{"text":"and","start":865.71,"end":865.95},{"text":"narrowing","start":865.95,"end":866.59},{"text":"fiscal","start":866.59,"end":866.99},{"text":"space.","start":866.99,"end":867.71}]},{"text":"These conditions suffocate our ability to respond to shocks, invest in people, and pursue our sustainable development goals.","start":868.51,"end":876.83,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"These","start":868.51,"end":868.83},{"text":"conditions","start":868.83,"end":869.43},{"text":"suffocate","start":869.43,"end":870.03},{"text":"our","start":870.03,"end":870.11},{"text":"ability","start":870.11,"end":870.67},{"text":"to","start":870.67,"end":870.79},{"text":"respond","start":870.79,"end":871.27},{"text":"to","start":871.27,"end":871.35},{"text":"shocks,","start":871.35,"end":872.03},{"text":"invest","start":872.27,"end":872.83},{"text":"in","start":872.83,"end":872.99},{"text":"people,","start":872.99,"end":873.47},{"text":"and","start":873.87,"end":874.07},{"text":"pursue","start":874.07,"end":874.51},{"text":"our","start":874.51,"end":874.67},{"text":"sustainable","start":874.67,"end":875.47},{"text":"development","start":875.79,"end":876.27},{"text":"goals.","start":876.27,"end":876.83}]},{"text":"To address this, I offer six key proposals for urgent action.","start":877.71,"end":881.87,"topics":[],"words":[{"text":"To","start":877.71,"end":877.87},{"text":"address","start":877.87,"end":878.11},{"text":"this,","start":878.11,"end":878.51},{"text":"I","start":878.83,"end":879.07},{"text":"offer","start":879.07,"end":879.31},{"text":"six","start":879.31,"end":879.87},{"text":"key","start":879.87,"end":880.03},{"text":"proposals","start":880.03,"end":880.75},{"text":"for","start":880.75,"end":880.99},{"text":"urgent","start":880.99,"end":881.31},{"text":"action.","start":881.31,"end":881.87}]},{"text":"each grounded in the ABAS and reinforced by the FFD4 outcome document.","start":882.63,"end":888.39,"topics":[],"words":[{"text":"each","start":882.63,"end":882.95},{"text":"grounded","start":882.95,"end":883.59},{"text":"in","start":883.91,"end":884.15},{"text":"the","start":884.15,"end":884.23},{"text":"ABAS","start":884.23,"end":884.79},{"text":"and","start":885.03,"end":885.27},{"text":"reinforced","start":885.27,"end":885.99},{"text":"by","start":885.99,"end":886.15},{"text":"the","start":886.15,"end":886.27},{"text":"FFD4","start":886.27,"end":887.11},{"text":"outcome","start":887.31,"end":887.59},{"text":"document.","start":887.59,"end":888.39}]},{"text":"Firstly, to operationalize the Debt Sustainability Support Service, the DSSS.","start":889.91,"end":894.63,"topics":[{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."},{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"Firstly,","start":889.91,"end":890.39},{"text":"to","start":890.39,"end":890.55},{"text":"operationalize","start":890.55,"end":891.35},{"text":"the","start":891.35,"end":891.43},{"text":"Debt","start":891.43,"end":891.75},{"text":"Sustainability","start":891.75,"end":892.39},{"text":"Support","start":892.39,"end":892.75},{"text":"Service,","start":892.75,"end":893.27},{"text":"the","start":893.43,"end":893.51},{"text":"DSSS.","start":893.51,"end":894.63}]},{"text":"Reference in paragraph 76D of the outcome, the DSSS offers the legal and technical support SIDS need to manage debt and climate risk.","start":895.75,"end":905.11,"topics":[{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."},{"key":"climate-linked-debt","label":"Climate-Linked Debt Instruments","description":"Participants highlighted the need for debt tools that respond to climate and other shocks, such as debt pause clauses, disaster clauses, and debt-for-climate or debt-for-nature swaps. These instruments were presented as ways to protect fiscal space while supporting resilience and sustainable investment."}],"words":[{"text":"Reference","start":895.75,"end":896.31},{"text":"in","start":896.31,"end":896.47},{"text":"paragraph","start":896.47,"end":897.03},{"text":"76D","start":897.03,"end":897.99},{"text":"of","start":897.99,"end":898.15},{"text":"the","start":898.15,"end":898.27},{"text":"outcome,","start":898.27,"end":898.79},{"text":"the","start":899.35,"end":899.51},{"text":"DSSS","start":899.51,"end":900.39},{"text":"offers","start":900.39,"end":900.83},{"text":"the","start":900.83,"end":900.91},{"text":"legal","start":900.91,"end":901.35},{"text":"and","start":901.35,"end":901.55},{"text":"technical","start":901.55,"end":901.99},{"text":"support","start":901.99,"end":902.55},{"text":"SIDS","start":902.55,"end":902.95},{"text":"need","start":902.95,"end":903.19},{"text":"to","start":903.19,"end":903.31},{"text":"manage","start":903.31,"end":903.67},{"text":"debt","start":903.67,"end":904.07},{"text":"and","start":904.23,"end":904.43},{"text":"climate","start":904.43,"end":904.71},{"text":"risk.","start":904.71,"end":905.11}]},{"text":"It should be recognized as the principal delivery tool for the ABAS debt commitments.","start":906.07,"end":911.43,"topics":[{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"It","start":906.07,"end":906.23},{"text":"should","start":906.23,"end":906.35},{"text":"be","start":906.35,"end":906.47},{"text":"recognized","start":906.47,"end":907.27},{"text":"as","start":907.27,"end":907.51},{"text":"the","start":907.51,"end":907.67},{"text":"principal","start":907.67,"end":908.23},{"text":"delivery","start":908.23,"end":908.63},{"text":"tool","start":908.63,"end":909.15},{"text":"for","start":909.59,"end":909.83},{"text":"the","start":909.87,"end":909.95},{"text":"ABAS","start":909.95,"end":910.31},{"text":"debt","start":910.31,"end":910.63},{"text":"commitments.","start":910.63,"end":911.43}]},{"text":"and integrated into the WBG's small states approach.","start":911.75,"end":915.35,"topics":[{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"and","start":911.75,"end":911.99},{"text":"integrated","start":911.99,"end":912.63},{"text":"into","start":912.63,"end":913.03},{"text":"the","start":913.03,"end":913.11},{"text":"WBG's","start":913.11,"end":914.15},{"text":"small","start":914.15,"end":914.39},{"text":"states","start":914.39,"end":914.71},{"text":"approach.","start":914.71,"end":915.35}]},{"text":"The second issue is to address currency volatility and expand local currency lending.","start":915.67,"end":921.75,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."},{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"The","start":915.67,"end":915.75},{"text":"second","start":916.47,"end":916.87},{"text":"issue","start":916.87,"end":917.31},{"text":"is","start":917.31,"end":917.43},{"text":"to","start":917.43,"end":917.55},{"text":"address","start":917.55,"end":917.99},{"text":"currency","start":917.99,"end":918.47},{"text":"volatility","start":918.47,"end":919.11},{"text":"and","start":919.11,"end":919.23},{"text":"expand","start":919.23,"end":919.99},{"text":"local","start":919.99,"end":920.47},{"text":"currency","start":920.47,"end":921.11},{"text":"lending.","start":921.11,"end":921.75}]},{"text":"Too many states are penalized by external debt denominated in foreign currencies, paying up to 35% more due to FX fluctuations.","start":922.63,"end":931.59,"topics":[],"words":[{"text":"Too","start":922.63,"end":922.79},{"text":"many","start":922.79,"end":922.95},{"text":"states","start":922.95,"end":923.35},{"text":"are","start":923.35,"end":923.43},{"text":"penalized","start":923.43,"end":924.07},{"text":"by","start":924.07,"end":924.23},{"text":"external","start":924.23,"end":924.71},{"text":"debt","start":924.71,"end":925.03},{"text":"denominated","start":925.11,"end":925.91},{"text":"in","start":925.91,"end":926.07},{"text":"foreign","start":926.07,"end":926.39},{"text":"currencies,","start":926.39,"end":927.19},{"text":"paying","start":927.67,"end":927.91},{"text":"up","start":927.91,"end":928.07},{"text":"to","start":928.07,"end":929.19},{"text":"35%","start":929.19,"end":929.23},{"text":"more","start":929.23,"end":929.75},{"text":"due","start":929.75,"end":930.07},{"text":"to","start":930.07,"end":930.23},{"text":"FX","start":930.23,"end":930.63},{"text":"fluctuations.","start":930.63,"end":931.59}]},{"text":"This undermines predictability and resilience.","start":932.31,"end":935.19,"topics":[{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"This","start":932.31,"end":932.63},{"text":"undermines","start":932.63,"end":933.15},{"text":"predictability","start":933.15,"end":934.07},{"text":"and","start":934.15,"end":934.35},{"text":"resilience.","start":934.35,"end":935.19}]},{"text":"FFD4 calls and MDBs to expand local currency lending, and this must be fast-tracked.","start":935.83,"end":942.79,"topics":[{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"FFD4","start":935.83,"end":936.79},{"text":"calls","start":937.03,"end":937.43},{"text":"and","start":937.43,"end":937.67},{"text":"MDBs","start":937.67,"end":938.55},{"text":"to","start":938.55,"end":938.67},{"text":"expand","start":938.67,"end":939.15},{"text":"local","start":939.15,"end":939.51},{"text":"currency","start":939.51,"end":939.95},{"text":"lending,","start":939.95,"end":940.55},{"text":"and","start":940.87,"end":941.11},{"text":"this","start":941.11,"end":941.43},{"text":"must","start":941.43,"end":941.75},{"text":"be","start":941.75,"end":941.91},{"text":"fast-tracked.","start":941.91,"end":942.79}]},{"text":"The third is to implement the Multi-dimensional Vulnerability Index, the MVI.","start":943.67,"end":947.99,"topics":[{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."},{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. 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They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"After","start":948.95,"end":949.31},{"text":"30","start":949.31,"end":949.55},{"text":"years","start":949.55,"end":949.83},{"text":"of","start":949.83,"end":949.91},{"text":"advocacy,","start":949.91,"end":950.55},{"text":"we","start":951.03,"end":951.19},{"text":"have","start":951.19,"end":951.43},{"text":"consensus","start":951.83,"end":952.55},{"text":"on","start":952.55,"end":952.63},{"text":"the","start":952.63,"end":952.75},{"text":"MVI.","start":952.75,"end":953.35}]},{"text":"Let us be a fact now.","start":953.91,"end":955.11,"topics":[],"words":[{"text":"Let","start":953.91,"end":954.15},{"text":"us","start":954.15,"end":954.27},{"text":"be","start":954.27,"end":954.35},{"text":"a","start":954.35,"end":954.39},{"text":"fact","start":954.39,"end":954.71},{"text":"now.","start":954.71,"end":955.11}]},{"text":"The MVI must be our guide to access grants, concessional finance, and post-disaster support.","start":955.83,"end":963.91,"topics":[{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."},{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"The","start":955.83,"end":955.95},{"text":"MVI","start":955.99,"end":956.47},{"text":"must","start":956.47,"end":956.79},{"text":"be","start":956.79,"end":957.27},{"text":"our","start":958.47,"end":958.63},{"text":"guide","start":958.63,"end":959.11},{"text":"to","start":959.27,"end":959.39},{"text":"access","start":959.39,"end":959.75},{"text":"grants,","start":959.75,"end":960.31},{"text":"concessional","start":960.31,"end":960.95},{"text":"finance,","start":960.95,"end":961.67},{"text":"and","start":961.75,"end":962.03},{"text":"post-disaster","start":962.03,"end":963.15},{"text":"support.","start":963.15,"end":963.91}]},{"text":"based not on outdated income measures, but on real vulnerability.","start":964.43,"end":969.23,"topics":[{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"based","start":964.43,"end":964.83},{"text":"not","start":964.83,"end":965.15},{"text":"on","start":965.15,"end":965.31},{"text":"outdated","start":965.39,"end":965.95},{"text":"income","start":965.95,"end":966.27},{"text":"measures,","start":966.27,"end":966.83},{"text":"but","start":967.23,"end":967.55},{"text":"on","start":967.55,"end":967.79},{"text":"real","start":967.79,"end":968.27},{"text":"vulnerability.","start":968.27,"end":969.23}]},{"text":"The fourth issue is to reform the credit rating methodologies.","start":970.11,"end":973.95,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Reform","description":"A recurring concern was that current credit rating methodologies overstate risk in developing countries and SIDS, raising borrowing costs unfairly. Speakers called for more objective, development-aware, and vulnerability-sensitive ratings, including new regional or resilience-based approaches."}],"words":[{"text":"The","start":970.11,"end":970.27},{"text":"fourth","start":970.27,"end":970.59},{"text":"issue","start":970.59,"end":971.15},{"text":"is","start":971.15,"end":971.35},{"text":"to","start":971.35,"end":971.47},{"text":"reform","start":971.47,"end":972.03},{"text":"the","start":972.03,"end":972.15},{"text":"credit","start":972.15,"end":972.51},{"text":"rating","start":972.51,"end":972.91},{"text":"methodologies.","start":972.91,"end":973.95}]},{"text":"Current systems unfairly penalize SIDS for size, import dependence, and exposure to climate shocks, adding up to 4% to our borrowing costs.","start":974.51,"end":984.67,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Reform","description":"A recurring concern was that current credit rating methodologies overstate risk in developing countries and SIDS, raising borrowing costs unfairly. Speakers called for more objective, development-aware, and vulnerability-sensitive ratings, including new regional or resilience-based approaches."},{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"Current","start":974.51,"end":974.87},{"text":"systems","start":974.87,"end":975.43},{"text":"unfairly","start":975.43,"end":975.95},{"text":"penalize","start":975.95,"end":976.43},{"text":"SIDS","start":976.43,"end":976.91},{"text":"for","start":976.91,"end":977.19},{"text":"size,","start":977.19,"end":977.87},{"text":"import","start":978.35,"end":978.71},{"text":"dependence,","start":978.71,"end":979.47},{"text":"and","start":979.55,"end":979.71},{"text":"exposure","start":979.71,"end":980.27},{"text":"to","start":980.27,"end":980.39},{"text":"climate","start":980.39,"end":980.71},{"text":"shocks,","start":980.71,"end":981.31},{"text":"adding","start":981.79,"end":982.11},{"text":"up","start":982.11,"end":982.19},{"text":"to","start":982.19,"end":982.63},{"text":"4%","start":982.63,"end":982.67},{"text":"to","start":982.67,"end":983.35},{"text":"our","start":983.71,"end":983.79},{"text":"borrowing","start":983.79,"end":984.11},{"text":"costs.","start":984.11,"end":984.67}]},{"text":"This deters investment in adaptation and resilience.","start":985.31,"end":988.59,"topics":[{"key":"climate-linked-debt","label":"Climate-Linked Debt Instruments","description":"Participants highlighted the need for debt tools that respond to climate and other shocks, such as debt pause clauses, disaster clauses, and debt-for-climate or debt-for-nature swaps. These instruments were presented as ways to protect fiscal space while supporting resilience and sustainable investment."}],"words":[{"text":"This","start":985.31,"end":985.63},{"text":"deters","start":985.63,"end":986.11},{"text":"investment","start":986.11,"end":986.75},{"text":"in","start":986.75,"end":986.91},{"text":"adaptation","start":986.91,"end":987.71},{"text":"and","start":987.71,"end":987.83},{"text":"resilience.","start":987.83,"end":988.59}]},{"text":"We must develop a resilience rating framework aligned with the MVI and climate risk indicators.","start":989.15,"end":995.99,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Reform","description":"A recurring concern was that current credit rating methodologies overstate risk in developing countries and SIDS, raising borrowing costs unfairly. Speakers called for more objective, development-aware, and vulnerability-sensitive ratings, including new regional or resilience-based approaches."},{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"We","start":989.15,"end":989.31},{"text":"must","start":989.31,"end":989.71},{"text":"develop","start":989.71,"end":990.11},{"text":"a","start":990.43,"end":990.47},{"text":"resilience","start":990.47,"end":991.15},{"text":"rating","start":991.15,"end":991.55},{"text":"framework","start":991.55,"end":992.11},{"text":"aligned","start":992.55,"end":993.03},{"text":"with","start":993.03,"end":993.15},{"text":"the","start":993.15,"end":993.23},{"text":"MVI","start":993.23,"end":993.91},{"text":"and","start":994.07,"end":994.31},{"text":"climate","start":994.31,"end":994.71},{"text":"risk","start":994.71,"end":995.11},{"text":"indicators.","start":995.11,"end":995.99}]},{"text":"The fifth issue is to scale up blue economy financing.","start":997.27,"end":1000.87,"topics":[{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"The","start":997.27,"end":997.39},{"text":"fifth","start":997.43,"end":997.67},{"text":"issue","start":997.67,"end":998.07},{"text":"is","start":998.07,"end":998.23},{"text":"to","start":998.23,"end":998.35},{"text":"scale","start":998.35,"end":998.79},{"text":"up","start":998.79,"end":998.95},{"text":"blue","start":999.27,"end":999.59},{"text":"economy","start":999.59,"end":1000.15},{"text":"financing.","start":1000.15,"end":1000.87}]},{"text":"The Abbas recognizes the blue economy as central to our prosperity.","start":1002.47,"end":1006.55,"topics":[],"words":[{"text":"The","start":1002.47,"end":1002.59},{"text":"Abbas","start":1002.59,"end":1002.91},{"text":"recognizes","start":1002.91,"end":1003.59},{"text":"the","start":1003.59,"end":1003.71},{"text":"blue","start":1003.71,"end":1003.87},{"text":"economy","start":1003.87,"end":1004.39},{"text":"as","start":1004.39,"end":1004.51},{"text":"central","start":1004.51,"end":1005.27},{"text":"to","start":1005.27,"end":1005.43},{"text":"our","start":1005.43,"end":1005.67},{"text":"prosperity.","start":1005.67,"end":1006.55}]},{"text":"Let us scale up instruments like debt for nature swaps, marine investments, and blue bonds supported through the new WBG facilities dedicated to blue resilience.","start":1007.11,"end":1017.99,"topics":[{"key":"climate-linked-debt","label":"Climate-Linked Debt Instruments","description":"Participants highlighted the need for debt tools that respond to climate and other shocks, such as debt pause clauses, disaster clauses, and debt-for-climate or debt-for-nature swaps. These instruments were presented as ways to protect fiscal space while supporting resilience and sustainable investment."},{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"Let","start":1007.11,"end":1007.35},{"text":"us","start":1007.35,"end":1007.47},{"text":"scale","start":1007.47,"end":1007.83},{"text":"up","start":1007.83,"end":1007.99},{"text":"instruments","start":1007.99,"end":1008.71},{"text":"like","start":1008.71,"end":1008.95},{"text":"debt","start":1008.95,"end":1009.27},{"text":"for","start":1009.27,"end":1009.43},{"text":"nature","start":1009.43,"end":1009.67},{"text":"swaps,","start":1009.67,"end":1010.31},{"text":"marine","start":1010.59,"end":1010.91},{"text":"investments,","start":1010.91,"end":1011.71},{"text":"and","start":1011.71,"end":1011.87},{"text":"blue","start":1011.87,"end":1012.07},{"text":"bonds","start":1012.07,"end":1012.63},{"text":"supported","start":1012.79,"end":1013.35},{"text":"through","start":1013.35,"end":1013.51},{"text":"the","start":1013.51,"end":1013.63},{"text":"new","start":1013.63,"end":1014.07},{"text":"WBG","start":1014.71,"end":1015.35},{"text":"facilities","start":1015.35,"end":1016.15},{"text":"dedicated","start":1016.15,"end":1016.71},{"text":"to","start":1016.71,"end":1016.95},{"text":"blue","start":1016.95,"end":1017.11},{"text":"resilience.","start":1017.11,"end":1017.99}]},{"text":"And the sixth, is to operationalize the SIDS Center of Excellence.","start":1018.79,"end":1023.07,"topics":[{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"And","start":1018.79,"end":1018.91},{"text":"the","start":1018.91,"end":1018.99},{"text":"sixth,","start":1018.99,"end":1019.55},{"text":"is","start":1019.95,"end":1020.19},{"text":"to","start":1020.19,"end":1020.35},{"text":"operationalize","start":1020.35,"end":1021.15},{"text":"the","start":1021.15,"end":1021.23},{"text":"SIDS","start":1021.23,"end":1021.55},{"text":"Center","start":1021.55,"end":1022.15},{"text":"of","start":1022.15,"end":1022.35},{"text":"Excellence.","start":1022.35,"end":1023.07}]},{"text":"Outlined in the ABAS, the center will serve as a hub for data, innovation, and coordinated investment.","start":1023.79,"end":1030.59,"topics":[{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"Outlined","start":1023.79,"end":1024.23},{"text":"in","start":1024.23,"end":1024.31},{"text":"the","start":1024.31,"end":1024.39},{"text":"ABAS,","start":1024.39,"end":1024.91},{"text":"the","start":1024.99,"end":1025.19},{"text":"center","start":1025.19,"end":1025.63},{"text":"will","start":1025.63,"end":1025.79},{"text":"serve","start":1025.79,"end":1026.19},{"text":"as","start":1026.19,"end":1026.43},{"text":"a","start":1026.43,"end":1026.47},{"text":"hub","start":1026.47,"end":1026.83},{"text":"for","start":1026.83,"end":1027.07},{"text":"data,","start":1027.07,"end":1027.55},{"text":"innovation,","start":1027.87,"end":1028.75},{"text":"and","start":1028.99,"end":1029.27},{"text":"coordinated","start":1029.27,"end":1029.91},{"text":"investment.","start":1029.91,"end":1030.59}]},{"text":"We invite the WBG and partners to support its data platform, early warning systems, and project pipeline development.","start":1031.31,"end":1040.59,"topics":[{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."},{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"We","start":1031.31,"end":1031.43},{"text":"invite","start":1031.43,"end":1031.87},{"text":"the","start":1031.87,"end":1031.95},{"text":"WBG","start":1031.95,"end":1032.83},{"text":"and","start":1033.15,"end":1033.35},{"text":"partners","start":1033.35,"end":1034.03},{"text":"to","start":1034.03,"end":1034.11},{"text":"support","start":1034.43,"end":1035.07},{"text":"its","start":1035.07,"end":1035.23},{"text":"data","start":1035.23,"end":1035.55},{"text":"platform,","start":1035.55,"end":1036.35},{"text":"early","start":1036.75,"end":1037.03},{"text":"warning","start":1037.03,"end":1037.31},{"text":"systems,","start":1037.31,"end":1038.03},{"text":"and","start":1038.19,"end":1038.39},{"text":"project","start":1038.39,"end":1038.91},{"text":"pipeline","start":1039.31,"end":1039.79},{"text":"development.","start":1039.79,"end":1040.59}]},{"text":"Colleagues, despite repeated calls, most SIDS remain excluded from existing debt relief mechanisms.","start":1041.63,"end":1048.19,"topics":[{"key":"debt-relief-restructuring","label":"Debt Relief and Restructuring","description":"Speakers repeatedly called for faster, fairer, and more inclusive sovereign debt workouts, including improvements to the G20 Common Framework. The discussion emphasized timely restructuring, equal treatment of creditors, and mechanisms that prevent countries from remaining trapped in prolonged debt crises."},{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"Colleagues,","start":1041.63,"end":1042.19},{"text":"despite","start":1042.19,"end":1042.75},{"text":"repeated","start":1042.75,"end":1043.19},{"text":"calls,","start":1043.19,"end":1043.87},{"text":"most","start":1044.03,"end":1044.47},{"text":"SIDS","start":1044.47,"end":1044.75},{"text":"remain","start":1044.75,"end":1045.15},{"text":"excluded","start":1045.15,"end":1045.63},{"text":"from","start":1045.63,"end":1045.87},{"text":"existing","start":1045.87,"end":1046.39},{"text":"debt","start":1046.39,"end":1046.91},{"text":"relief","start":1046.91,"end":1047.31},{"text":"mechanisms.","start":1047.39,"end":1048.19}]},{"text":"due to the outdated GNI classifications.","start":1048.63,"end":1052.39,"topics":[],"words":[{"text":"due","start":1048.63,"end":1049.11},{"text":"to","start":1049.11,"end":1049.19},{"text":"the","start":1049.19,"end":1049.43},{"text":"outdated","start":1049.43,"end":1050.23},{"text":"GNI","start":1050.47,"end":1051.27},{"text":"classifications.","start":1051.27,"end":1052.39}]},{"text":"We must design new tailored instruments to include cancellation, rescheduling, debt for climate swaps, the materialities SIDS face.","start":1053.03,"end":1061.83,"topics":[{"key":"climate-linked-debt","label":"Climate-Linked Debt Instruments","description":"Participants highlighted the need for debt tools that respond to climate and other shocks, such as debt pause clauses, disaster clauses, and debt-for-climate or debt-for-nature swaps. These instruments were presented as ways to protect fiscal space while supporting resilience and sustainable investment."},{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"We","start":1053.03,"end":1053.19},{"text":"must","start":1053.19,"end":1053.59},{"text":"design","start":1053.59,"end":1054.19},{"text":"new","start":1054.19,"end":1054.47},{"text":"tailored","start":1054.47,"end":1054.83},{"text":"instruments","start":1054.83,"end":1055.59},{"text":"to","start":1056.07,"end":1056.15},{"text":"include","start":1056.15,"end":1056.47},{"text":"cancellation,","start":1056.47,"end":1057.43},{"text":"rescheduling,","start":1057.43,"end":1058.15},{"text":"debt","start":1058.15,"end":1058.47},{"text":"for","start":1058.47,"end":1058.59},{"text":"climate","start":1058.59,"end":1058.87},{"text":"swaps,","start":1058.87,"end":1059.43},{"text":"the","start":1059.75,"end":1059.87},{"text":"materialities","start":1059.87,"end":1060.95},{"text":"SIDS","start":1060.95,"end":1061.35},{"text":"face.","start":1061.35,"end":1061.83}]},{"text":"This is not a new conversation.","start":1062.79,"end":1064.95,"topics":[],"words":[{"text":"This","start":1062.79,"end":1062.99},{"text":"is","start":1062.99,"end":1063.11},{"text":"not","start":1063.11,"end":1063.71},{"text":"a","start":1063.71,"end":1063.75},{"text":"new","start":1063.75,"end":1063.99},{"text":"conversation.","start":1063.99,"end":1064.95}]},{"text":"For decades, SIDS have put forward practical solutions.","start":1065.43,"end":1069.67,"topics":[],"words":[{"text":"For","start":1065.43,"end":1065.55},{"text":"decades,","start":1065.55,"end":1066.23},{"text":"SIDS","start":1066.39,"end":1067.19},{"text":"have","start":1067.51,"end":1067.67},{"text":"put","start":1067.67,"end":1067.91},{"text":"forward","start":1067.91,"end":1068.31},{"text":"practical","start":1068.31,"end":1068.79},{"text":"solutions.","start":1068.79,"end":1069.67}]},{"text":"Now is the moment to act.","start":1070.15,"end":1071.67,"topics":[],"words":[{"text":"Now","start":1070.15,"end":1070.55},{"text":"is","start":1070.55,"end":1070.71},{"text":"the","start":1070.71,"end":1070.79},{"text":"moment","start":1070.79,"end":1071.07},{"text":"to","start":1071.07,"end":1071.15},{"text":"act.","start":1071.15,"end":1071.67}]},{"text":"If we are serious about this being a decisive decade, then we must stop talking and start implementing.","start":1072.15,"end":1079.15,"topics":[],"words":[{"text":"If","start":1072.15,"end":1072.31},{"text":"we","start":1072.31,"end":1072.43},{"text":"are","start":1072.43,"end":1072.51},{"text":"serious","start":1072.51,"end":1072.87},{"text":"about","start":1072.87,"end":1073.15},{"text":"this","start":1073.15,"end":1073.67},{"text":"being","start":1073.75,"end":1073.95},{"text":"a","start":1073.95,"end":1073.99},{"text":"decisive","start":1073.99,"end":1074.51},{"text":"decade,","start":1074.51,"end":1075.03},{"text":"then","start":1075.47,"end":1075.71},{"text":"we","start":1075.71,"end":1075.87},{"text":"must","start":1075.87,"end":1076.19},{"text":"stop","start":1076.19,"end":1076.59},{"text":"talking","start":1076.59,"end":1077.39},{"text":"and","start":1077.55,"end":1077.79},{"text":"start","start":1077.79,"end":1078.27},{"text":"implementing.","start":1078.27,"end":1079.15}]},{"text":"The debt crisis must be resolved urgently.","start":1079.87,"end":1082.19,"topics":[],"words":[{"text":"The","start":1079.87,"end":1079.99},{"text":"debt","start":1079.99,"end":1080.15},{"text":"crisis","start":1080.15,"end":1080.79},{"text":"must","start":1080.79,"end":1081.03},{"text":"be","start":1081.03,"end":1081.11},{"text":"resolved","start":1081.11,"end":1081.63},{"text":"urgently.","start":1081.63,"end":1082.19}]},{"text":"Without that, there is no path to growth, no resilience, and certainly no sustainability.","start":1082.79,"end":1088.43,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"Without","start":1082.79,"end":1083.07},{"text":"that,","start":1083.07,"end":1083.39},{"text":"there","start":1083.79,"end":1083.95},{"text":"is","start":1083.95,"end":1084.11},{"text":"no","start":1084.11,"end":1084.27},{"text":"path","start":1084.27,"end":1084.55},{"text":"to","start":1084.55,"end":1084.71},{"text":"growth,","start":1084.71,"end":1085.15},{"text":"no","start":1085.55,"end":1085.71},{"text":"resilience,","start":1085.71,"end":1086.43},{"text":"and","start":1086.59,"end":1086.75},{"text":"certainly","start":1086.75,"end":1087.23},{"text":"no","start":1087.23,"end":1087.47},{"text":"sustainability.","start":1087.47,"end":1088.43}]},{"text":"Finally, let us remember, SIDS contribute significantly to the global commons, from marine biodiversity to early warning systems and blue carbon sinks.","start":1089.31,"end":1101.31,"topics":[],"words":[{"text":"Finally,","start":1089.31,"end":1089.95},{"text":"let","start":1090.43,"end":1090.59},{"text":"us","start":1090.59,"end":1090.75},{"text":"remember,","start":1090.75,"end":1091.39},{"text":"SIDS","start":1091.71,"end":1092.11},{"text":"contribute","start":1092.11,"end":1092.67},{"text":"significantly","start":1092.67,"end":1093.31},{"text":"to","start":1093.31,"end":1093.43},{"text":"the","start":1093.43,"end":1093.51},{"text":"global","start":1093.51,"end":1093.87},{"text":"commons,","start":1093.87,"end":1094.59},{"text":"from","start":1094.91,"end":1095.11},{"text":"marine","start":1095.11,"end":1095.47},{"text":"biodiversity","start":1095.63,"end":1097.95},{"text":"to","start":1098.27,"end":1098.39},{"text":"early","start":1098.39,"end":1098.75},{"text":"warning","start":1098.75,"end":1099.07},{"text":"systems","start":1099.07,"end":1099.79},{"text":"and","start":1099.79,"end":1100.07},{"text":"blue","start":1100.07,"end":1100.35},{"text":"carbon","start":1100.35,"end":1100.75},{"text":"sinks.","start":1100.75,"end":1101.31}]},{"text":"We are stewards of 30% of the world's oceans.","start":1102.03,"end":1104.91,"topics":[],"words":[{"text":"We","start":1102.03,"end":1102.19},{"text":"are","start":1102.19,"end":1102.27},{"text":"stewards","start":1102.27,"end":1102.79},{"text":"of","start":1102.79,"end":1102.99},{"text":"30%","start":1103.15,"end":1103.19},{"text":"of","start":1103.23,"end":1103.31},{"text":"the","start":1103.55,"end":1103.87},{"text":"world's","start":1103.87,"end":1104.27},{"text":"oceans.","start":1104.27,"end":1104.91}]},{"text":"That moral responsibility deserves tangible support.","start":1105.39,"end":1108.91,"topics":[],"words":[{"text":"That","start":1105.39,"end":1105.55},{"text":"moral","start":1105.55,"end":1106.03},{"text":"responsibility","start":1106.03,"end":1107.07},{"text":"deserves","start":1107.07,"end":1107.79},{"text":"tangible","start":1107.87,"end":1108.31},{"text":"support.","start":1108.31,"end":1108.91}]},{"text":"We therefore urge major donors and institutions to link investments in SIDS to global public goods, from food security to climate surveillance, and deliver fairer, more concessional terms for countries that carry so much yet ask for so little.","start":1109.71,"end":1127.39,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. 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leave this with you as both a challenge and a call to conscience.","start":1128.27,"end":1132.75,"topics":[],"words":[{"text":"I","start":1128.27,"end":1128.43},{"text":"leave","start":1128.43,"end":1128.63},{"text":"this","start":1128.63,"end":1128.75},{"text":"with","start":1128.75,"end":1128.91},{"text":"you","start":1128.91,"end":1129.07},{"text":"as","start":1129.71,"end":1129.87},{"text":"both","start":1129.87,"end":1130.15},{"text":"a","start":1130.15,"end":1130.19},{"text":"challenge","start":1130.19,"end":1130.91},{"text":"and","start":1131.31,"end":1131.47},{"text":"a","start":1131.47,"end":1131.51},{"text":"call","start":1131.51,"end":1131.87},{"text":"to","start":1131.87,"end":1131.99},{"text":"conscience.","start":1131.99,"end":1132.75}]},{"text":"I thank 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Faye","affiliation":"SEN","affiliation_full":"Senegal","group":null,"function":"President"}},{"statement_number":6,"start":1151.79,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=1152","paragraphs":[{"sentences":[{"text":"Thank you, Chair.","start":1151.79,"end":1152.83,"topics":[],"words":[{"text":"Thank","start":1151.79,"end":1152.11},{"text":"you,","start":1152.11,"end":1152.35},{"text":"Chair.","start":1152.35,"end":1152.83}]},{"text":"It's now my honor to invite Mr. Professor Joseph Stiglitz, the Nobel Prize Laureate for Economy, to give his keynote 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Sanchez","affiliation":"ESP","affiliation_full":"Spain","group":null,"function":"Head of Government"}},{"statement_number":7,"start":1170.87,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=1171","paragraphs":[{"sentences":[{"text":"Well, I want to begin by thanking Spain and the UN for bringing us all together at a moment of global solidarity in advancing a set of shared values at a time of such 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want to begin by emphasizing that one needs to look at finance for development comprehensively.","start":1190.15,"end":1197.03,"topics":[],"words":[{"text":"I","start":1190.15,"end":1190.31},{"text":"want","start":1190.31,"end":1190.51},{"text":"to","start":1190.51,"end":1190.59},{"text":"begin","start":1190.59,"end":1191.03},{"text":"by","start":1191.03,"end":1191.59},{"text":"emphasizing","start":1192.79,"end":1193.71},{"text":"that","start":1193.71,"end":1193.87},{"text":"one","start":1193.87,"end":1194.11},{"text":"needs","start":1194.11,"end":1194.31},{"text":"to","start":1194.31,"end":1194.39},{"text":"look","start":1194.39,"end":1194.63},{"text":"at","start":1194.63,"end":1194.71},{"text":"finance","start":1194.71,"end":1195.19},{"text":"for","start":1195.19,"end":1195.35},{"text":"development","start":1195.35,"end":1195.91},{"text":"comprehensively.","start":1195.91,"end":1197.03}]},{"text":"All actions which provide more revenues, especially hard currencies, and all actions 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The discussion included broadening tax bases, making taxation more progressive, reducing illicit financial flows, and strengthening countries’ capacity to finance their own development."}],"words":[{"text":"All","start":1197.75,"end":1197.99},{"text":"actions","start":1197.99,"end":1198.51},{"text":"which","start":1198.51,"end":1198.67},{"text":"provide","start":1198.71,"end":1199.27},{"text":"more","start":1199.27,"end":1199.63},{"text":"revenues,","start":1199.63,"end":1200.23},{"text":"especially","start":1200.31,"end":1200.83},{"text":"hard","start":1200.83,"end":1201.03},{"text":"currencies,","start":1201.03,"end":1201.91},{"text":"and","start":1202.39,"end":1202.91},{"text":"all","start":1203.31,"end":1203.59},{"text":"actions","start":1203.59,"end":1204.11},{"text":"which","start":1204.11,"end":1204.39},{"text":"decrease","start":1204.39,"end":1204.87},{"text":"the","start":1204.99,"end":1205.07},{"text":"outflow","start":1205.07,"end":1205.59},{"text":"of","start":1205.63,"end":1205.79},{"text":"funds","start":1205.79,"end":1206.23},{"text":"should","start":1206.47,"end":1206.75},{"text":"be","start":1206.75,"end":1206.87},{"text":"on","start":1206.87,"end":1206.99},{"text":"the","start":1206.99,"end":1207.11},{"text":"table.","start":1207.11,"end":1207.59}]},{"text":"Of course, a major source of outflows that has already been described are those associated with servicing the debt.","start":1208.47,"end":1216.39,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. 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Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."}],"words":[{"text":"Excessive","start":1218.23,"end":1218.75},{"text":"debt","start":1218.75,"end":1219.03},{"text":"is","start":1219.27,"end":1219.51},{"text":"the","start":1219.51,"end":1219.59},{"text":"joint","start":1219.59,"end":1219.99},{"text":"responsibility","start":1219.99,"end":1221.11},{"text":"of","start":1221.11,"end":1221.27},{"text":"debtors","start":1221.27,"end":1221.87},{"text":"and","start":1221.87,"end":1222.03},{"text":"creditors,","start":1222.03,"end":1222.71},{"text":"but","start":1222.95,"end":1223.19},{"text":"especially","start":1223.19,"end":1223.71},{"text":"of","start":1223.71,"end":1223.83},{"text":"creditors,","start":1223.83,"end":1224.55},{"text":"because","start":1225.03,"end":1225.43},{"text":"they","start":1225.43,"end":1225.67},{"text":"are","start":1225.67,"end":1225.91},{"text":"typically","start":1225.91,"end":1226.39},{"text":"the","start":1226.39,"end":1226.51},{"text":"ones","start":1226.51,"end":1226.87},{"text":"that","start":1226.87,"end":1226.99},{"text":"are","start":1226.99,"end":1227.11},{"text":"supposed","start":1227.11,"end":1227.55},{"text":"to","start":1227.55,"end":1227.63},{"text":"have","start":1227.63,"end":1227.75},{"text":"expertise","start":1227.75,"end":1228.63},{"text":"in","start":1229.11,"end":1229.35},{"text":"risk","start":1229.35,"end":1229.63},{"text":"management.","start":1229.91,"end":1230.71}]},{"text":"The global debt and finance architecture is also central, and it's been clear that it's not fit for purpose.","start":1231.59,"end":1239.39,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. There was strong support for a more inclusive architecture that gives developing countries greater voice and creates fairer multilateral rules for sovereign debt."}],"words":[{"text":"The","start":1231.59,"end":1231.75},{"text":"global","start":1231.75,"end":1232.15},{"text":"debt","start":1232.15,"end":1232.47},{"text":"and","start":1232.47,"end":1232.63},{"text":"finance","start":1232.63,"end":1233.11},{"text":"architecture","start":1233.11,"end":1234.07},{"text":"is","start":1234.75,"end":1234.91},{"text":"also","start":1234.91,"end":1235.39},{"text":"central,","start":1235.55,"end":1236.15},{"text":"and","start":1236.15,"end":1236.27},{"text":"it's","start":1236.51,"end":1236.83},{"text":"been","start":1236.83,"end":1237.07},{"text":"clear","start":1237.07,"end":1237.47},{"text":"that","start":1237.47,"end":1237.59},{"text":"it's","start":1237.59,"end":1237.83},{"text":"not","start":1237.83,"end":1238.19},{"text":"fit","start":1238.19,"end":1238.51},{"text":"for","start":1238.59,"end":1238.75},{"text":"purpose.","start":1238.75,"end":1239.39}]},{"text":"It has resulted repeatedly in excessive debts, which lead to lower growth and real hardship.","start":1239.99,"end":1245.15,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"It","start":1239.99,"end":1240.07},{"text":"has","start":1240.07,"end":1240.19},{"text":"resulted","start":1240.27,"end":1240.75},{"text":"repeatedly","start":1240.83,"end":1241.71},{"text":"in","start":1241.71,"end":1241.87},{"text":"excessive","start":1241.87,"end":1242.43},{"text":"debts,","start":1242.43,"end":1242.83},{"text":"which","start":1242.91,"end":1243.07},{"text":"lead","start":1243.07,"end":1243.31},{"text":"to","start":1243.31,"end":1243.39},{"text":"lower","start":1243.39,"end":1243.71},{"text":"growth","start":1243.71,"end":1244.23},{"text":"and","start":1244.23,"end":1244.35},{"text":"real","start":1244.35,"end":1244.59},{"text":"hardship.","start":1244.59,"end":1245.15}]},{"text":"The debt restructurings that follow have been marked by too little and too late.","start":1245.79,"end":1250.51,"topics":[{"key":"debt-relief-restructuring","label":"Debt Relief and Restructuring","description":"Speakers repeatedly called for faster, fairer, and more inclusive sovereign debt workouts, including improvements to the G20 Common Framework. The discussion emphasized timely restructuring, equal treatment of creditors, and mechanisms that prevent countries from remaining trapped in prolonged debt crises."}],"words":[{"text":"The","start":1245.79,"end":1245.95},{"text":"debt","start":1245.95,"end":1246.19},{"text":"restructurings","start":1246.19,"end":1246.99},{"text":"that","start":1246.99,"end":1247.15},{"text":"follow","start":1247.15,"end":1247.59},{"text":"have","start":1247.59,"end":1247.71},{"text":"been","start":1247.71,"end":1247.87},{"text":"marked","start":1247.87,"end":1248.27},{"text":"by","start":1248.27,"end":1248.59},{"text":"too","start":1248.75,"end":1249.03},{"text":"little","start":1249.03,"end":1249.39},{"text":"and","start":1249.63,"end":1249.87},{"text":"too","start":1249.87,"end":1250.11},{"text":"late.","start":1250.11,"end":1250.51}]},{"text":"The Jubilee Commission, appointed by the late Pope Francis, and which I have had the honor to chair, identified several underlying causes.","start":1251.55,"end":1261.39,"topics":[],"words":[{"text":"The","start":1251.55,"end":1251.67},{"text":"Jubilee","start":1251.71,"end":1252.19},{"text":"Commission,","start":1252.19,"end":1253.07},{"text":"appointed","start":1253.63,"end":1254.03},{"text":"by","start":1254.03,"end":1254.35},{"text":"the","start":1254.35,"end":1254.51},{"text":"late","start":1254.51,"end":1254.79},{"text":"Pope","start":1254.91,"end":1255.15},{"text":"Francis,","start":1255.15,"end":1255.95},{"text":"and","start":1256.27,"end":1256.39},{"text":"which","start":1256.39,"end":1256.59},{"text":"I","start":1256.59,"end":1256.75},{"text":"have","start":1256.75,"end":1256.91},{"text":"had","start":1256.91,"end":1257.11},{"text":"the","start":1257.11,"end":1257.23},{"text":"honor","start":1257.23,"end":1257.63},{"text":"to","start":1257.63,"end":1257.71},{"text":"chair,","start":1257.71,"end":1258.19},{"text":"identified","start":1258.83,"end":1259.43},{"text":"several","start":1259.43,"end":1259.95},{"text":"underlying","start":1259.95,"end":1260.59},{"text":"causes.","start":1260.59,"end":1261.39}]},{"text":"A system that amplifies crises and makes them more frequent.","start":1262.51,"end":1267.39,"topics":[],"words":[{"text":"A","start":1262.51,"end":1262.55},{"text":"system","start":1262.55,"end":1263.07},{"text":"that","start":1263.23,"end":1263.55},{"text":"amplifies","start":1263.55,"end":1264.27},{"text":"crises","start":1264.27,"end":1264.99},{"text":"and","start":1265.39,"end":1265.55},{"text":"makes","start":1265.55,"end":1265.87},{"text":"them","start":1265.87,"end":1266.27},{"text":"more","start":1266.43,"end":1266.75},{"text":"frequent.","start":1266.75,"end":1267.39}]},{"text":"The first is the lack of an effective architecture for dealing with sovereign debt crises.","start":1268.75,"end":1273.55,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. There was strong support for a more inclusive architecture that gives developing countries greater voice and creates fairer multilateral rules for sovereign debt."}],"words":[{"text":"The","start":1268.75,"end":1268.87},{"text":"first","start":1268.87,"end":1269.23},{"text":"is","start":1269.23,"end":1269.39},{"text":"the","start":1269.39,"end":1269.55},{"text":"lack","start":1269.55,"end":1269.95},{"text":"of","start":1269.95,"end":1270.07},{"text":"an","start":1270.07,"end":1270.15},{"text":"effective","start":1270.15,"end":1270.67},{"text":"architecture","start":1270.67,"end":1271.47},{"text":"for","start":1271.47,"end":1271.63},{"text":"dealing","start":1271.63,"end":1272.03},{"text":"with","start":1272.03,"end":1272.19},{"text":"sovereign","start":1272.19,"end":1272.59},{"text":"debt","start":1272.59,"end":1272.79},{"text":"crises.","start":1272.79,"end":1273.55}]},{"text":"No bankruptcy courts as there are in the case of domestic debt.","start":1273.87,"end":1279.07,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. There was strong support for a more inclusive architecture that gives developing countries greater voice and creates fairer multilateral rules for sovereign debt."}],"words":[{"text":"No","start":1273.87,"end":1274.11},{"text":"bankruptcy","start":1274.11,"end":1274.67},{"text":"courts","start":1274.67,"end":1275.31},{"text":"as","start":1275.55,"end":1275.79},{"text":"there","start":1275.79,"end":1276.03},{"text":"are","start":1276.03,"end":1276.43},{"text":"in","start":1276.67,"end":1276.83},{"text":"the","start":1276.83,"end":1276.91},{"text":"case","start":1276.91,"end":1277.31},{"text":"of","start":1277.31,"end":1277.39},{"text":"domestic","start":1277.39,"end":1278.03},{"text":"debt.","start":1278.59,"end":1279.07}]},{"text":"Secondly, there's a lack of affordable long-term finance for development.","start":1279.87,"end":1285.15,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"Secondly,","start":1279.87,"end":1280.51},{"text":"there's","start":1281.55,"end":1281.83},{"text":"a","start":1281.83,"end":1281.87},{"text":"lack","start":1281.87,"end":1282.19},{"text":"of","start":1282.19,"end":1282.27},{"text":"affordable","start":1282.27,"end":1283.27},{"text":"long-term","start":1283.27,"end":1283.79},{"text":"finance","start":1283.79,"end":1284.35},{"text":"for","start":1284.35,"end":1284.47},{"text":"development.","start":1284.47,"end":1285.15}]},{"text":"Debt is not inherently bad.","start":1286.07,"end":1287.55,"topics":[],"words":[{"text":"Debt","start":1286.07,"end":1286.23},{"text":"is","start":1286.23,"end":1286.31},{"text":"not","start":1286.31,"end":1286.63},{"text":"inherently","start":1286.63,"end":1287.19},{"text":"bad.","start":1287.19,"end":1287.55}]},{"text":"In fact, sustainable credit can promote infrastructure investment and economic transformation.","start":1287.55,"end":1292.47,"topics":[],"words":[{"text":"In","start":1287.55,"end":1287.67},{"text":"fact,","start":1287.67,"end":1288.03},{"text":"sustainable","start":1288.03,"end":1288.63},{"text":"credit","start":1288.63,"end":1289.03},{"text":"can","start":1289.03,"end":1289.19},{"text":"promote","start":1289.19,"end":1289.59},{"text":"infrastructure","start":1289.59,"end":1290.27},{"text":"investment","start":1290.27,"end":1290.87},{"text":"and","start":1290.87,"end":1291.03},{"text":"economic","start":1291.03,"end":1291.55},{"text":"transformation.","start":1291.55,"end":1292.47}]},{"text":"Financing for development requires that the global system must shift from short-term speculative flows towards long-term productive finance.","start":1293.03,"end":1302.23,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"Financing","start":1293.03,"end":1293.55},{"text":"for","start":1293.55,"end":1293.67},{"text":"development","start":1293.67,"end":1294.27},{"text":"requires","start":1294.31,"end":1294.87},{"text":"that","start":1294.87,"end":1294.99},{"text":"the","start":1294.99,"end":1295.11},{"text":"global","start":1295.11,"end":1295.47},{"text":"system","start":1295.47,"end":1295.95},{"text":"must","start":1295.95,"end":1296.15},{"text":"shift","start":1296.15,"end":1296.43},{"text":"from","start":1296.43,"end":1296.71},{"text":"short-term","start":1296.95,"end":1297.75},{"text":"speculative","start":1297.75,"end":1298.43},{"text":"flows","start":1298.43,"end":1298.95},{"text":"towards","start":1298.95,"end":1299.35},{"text":"long-term","start":1299.35,"end":1300.15},{"text":"productive","start":1300.43,"end":1301.11},{"text":"finance.","start":1301.43,"end":1302.23}]},{"text":"That underscores the importance of scaling up concessional lending for the low-income countries and financing from multilateral development banks to the developing countries.","start":1303.11,"end":1312.87,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"That","start":1303.11,"end":1303.35},{"text":"underscores","start":1303.39,"end":1304.15},{"text":"the","start":1304.15,"end":1304.27},{"text":"importance","start":1304.27,"end":1304.95},{"text":"of","start":1304.95,"end":1305.03},{"text":"scaling","start":1305.03,"end":1305.59},{"text":"up","start":1305.59,"end":1305.83},{"text":"concessional","start":1305.83,"end":1306.67},{"text":"lending","start":1306.67,"end":1307.11},{"text":"for","start":1307.11,"end":1307.27},{"text":"the","start":1307.27,"end":1307.35},{"text":"low-income","start":1307.35,"end":1307.83},{"text":"countries","start":1307.83,"end":1308.47},{"text":"and","start":1308.87,"end":1309.07},{"text":"financing","start":1309.07,"end":1309.67},{"text":"from","start":1309.67,"end":1309.87},{"text":"multilateral","start":1309.87,"end":1310.55},{"text":"development","start":1310.55,"end":1311.07},{"text":"banks","start":1311.07,"end":1311.51},{"text":"to","start":1311.51,"end":1311.67},{"text":"the","start":1311.67,"end":1311.79},{"text":"developing","start":1311.79,"end":1312.23},{"text":"countries.","start":1312.23,"end":1312.87}]},{"text":"It also requires empowering countries to mobilize domestic resources and develop local currency capital markets and imposing regulations that discourage destabilizing speculative short-term capital flows.","start":1313.39,"end":1326.59,"topics":[{"key":"domestic-resource-mobilization","label":"Domestic Resource Mobilization","description":"Several speakers linked debt solutions to stronger domestic revenue systems, especially tax reform and improved fiscal management. The discussion included broadening tax bases, making taxation more progressive, reducing illicit financial flows, and strengthening countries’ capacity to finance their own development."}],"words":[{"text":"It","start":1313.39,"end":1313.55},{"text":"also","start":1313.55,"end":1313.91},{"text":"requires","start":1313.91,"end":1314.51},{"text":"empowering","start":1314.51,"end":1315.07},{"text":"countries","start":1315.07,"end":1315.55},{"text":"to","start":1315.55,"end":1315.63},{"text":"mobilize","start":1315.63,"end":1316.27},{"text":"domestic","start":1316.27,"end":1316.83},{"text":"resources","start":1316.83,"end":1317.63},{"text":"and","start":1317.95,"end":1318.15},{"text":"develop","start":1318.15,"end":1318.59},{"text":"local","start":1318.59,"end":1318.99},{"text":"currency","start":1318.99,"end":1319.47},{"text":"capital","start":1319.47,"end":1319.91},{"text":"markets","start":1319.91,"end":1320.43},{"text":"and","start":1320.83,"end":1320.99},{"text":"imposing","start":1320.99,"end":1321.47},{"text":"regulations","start":1321.47,"end":1322.35},{"text":"that","start":1322.35,"end":1322.51},{"text":"discourage","start":1322.51,"end":1323.39},{"text":"destabilizing","start":1323.39,"end":1324.35},{"text":"speculative","start":1324.35,"end":1324.99},{"text":"short-term","start":1324.99,"end":1325.47},{"text":"capital","start":1325.47,"end":1325.99},{"text":"flows.","start":1325.99,"end":1326.59}]},{"text":"Thirdly, overall, a pro-cyclical of global financial flows to developing countries shifts the burden of risk onto them and in turn results in the fourth problem, an unfair cost of capital.","start":1327.63,"end":1342.91,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Reform","description":"A recurring concern was that current credit rating methodologies overstate risk in developing countries and SIDS, raising borrowing costs unfairly. 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The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"Debt","start":2173.23,"end":2173.51},{"text":"shouldn't","start":2173.51,"end":2173.99},{"text":"finance","start":2173.99,"end":2174.55},{"text":"the","start":2174.55,"end":2174.63},{"text":"functioning","start":2174.63,"end":2175.51},{"text":"of","start":2175.51,"end":2175.83},{"text":"the","start":2175.83,"end":2175.95},{"text":"state,","start":2175.95,"end":2176.47},{"text":"but","start":2176.55,"end":2176.71},{"text":"rather","start":2176.71,"end":2177.07},{"text":"serve","start":2177.07,"end":2177.51},{"text":"to","start":2177.51,"end":2177.67},{"text":"build","start":2177.67,"end":2178.11},{"text":"the","start":2178.11,"end":2178.31},{"text":"country's","start":2178.31,"end":2178.95},{"text":"human,","start":2178.95,"end":2179.43},{"text":"technological,","start":2179.43,"end":2180.19},{"text":"and","start":2180.19,"end":2180.31},{"text":"environmental","start":2180.31,"end":2180.95},{"text":"infrastructure.","start":2180.95,"end":2181.83}]},{"text":"Tunisia calls for systematic prioritization of value-adding projects that generate jobs and that have high social and environmental returns.","start":2182.47,"end":2194.03,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"Tunisia","start":2182.47,"end":2183.07},{"text":"calls","start":2183.07,"end":2183.59},{"text":"for","start":2183.59,"end":2184.07},{"text":"systematic","start":2184.07,"end":2185.03},{"text":"prioritization","start":2185.03,"end":2186.23},{"text":"of","start":2186.23,"end":2186.79},{"text":"value-adding","start":2188.67,"end":2189.31},{"text":"projects","start":2189.31,"end":2189.87},{"text":"that","start":2189.87,"end":2190.03},{"text":"generate","start":2190.03,"end":2190.51},{"text":"jobs","start":2190.51,"end":2190.91},{"text":"and","start":2190.91,"end":2191.03},{"text":"that","start":2191.03,"end":2191.15},{"text":"have","start":2191.15,"end":2191.47},{"text":"high","start":2191.47,"end":2191.79},{"text":"social","start":2191.79,"end":2192.43},{"text":"and","start":2192.43,"end":2192.67},{"text":"environmental","start":2192.67,"end":2193.31},{"text":"returns.","start":2193.31,"end":2194.03}]},{"text":"In terms of the current eligibility criteria for concessional financing, these remain inadequate for the needs of middle-income countries like Tunisia.","start":2195.43,"end":2208.67,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"And","start":2239.35,"end":2239.67},{"text":"three,","start":2239.75,"end":2240.39},{"text":"the","start":2240.39,"end":2240.51},{"text":"potential","start":2240.51,"end":2241.15},{"text":"for","start":2241.15,"end":2241.27},{"text":"long-term","start":2241.27,"end":2241.99},{"text":"transformation.","start":2241.99,"end":2242.95}]},{"text":"In light of the increasing frequency of exogenous shocks, natural disasters, soaring commodity prices, geopolitical tensions, et cetera, Tunisia is calling for the institutionalization of debt suspension or debt relief mechanisms in the event of a major crisis.","start":2244.35,"end":2262.15,"topics":[{"key":"climate-linked-debt","label":"Climate-Linked Debt Instruments","description":"Participants highlighted the need for debt tools that respond to climate and other shocks, such as debt pause clauses, disaster clauses, and debt-for-climate or debt-for-nature swaps. 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The discussion emphasized timely restructuring, equal treatment of creditors, and mechanisms that prevent countries from remaining trapped in prolonged debt crises."}],"words":[{"text":"In","start":2244.35,"end":2244.47},{"text":"light","start":2244.47,"end":2244.71},{"text":"of","start":2244.71,"end":2244.83},{"text":"the","start":2244.83,"end":2244.91},{"text":"increasing","start":2244.91,"end":2245.91},{"text":"frequency","start":2245.91,"end":2246.51},{"text":"of","start":2246.51,"end":2246.63},{"text":"exogenous","start":2246.63,"end":2247.27},{"text":"shocks,","start":2247.27,"end":2247.99},{"text":"natural","start":2248.15,"end":2248.51},{"text":"disasters,","start":2248.51,"end":2249.19},{"text":"soaring","start":2249.19,"end":2249.63},{"text":"commodity","start":2249.63,"end":2250.07},{"text":"prices,","start":2250.07,"end":2250.87},{"text":"geopolitical","start":2250.87,"end":2251.59},{"text":"tensions,","start":2251.59,"end":2252.19},{"text":"et","start":2252.19,"end":2252.31},{"text":"cetera,","start":2252.31,"end":2252.79},{"text":"Tunisia","start":2253.27,"end":2254.07},{"text":"is","start":2254.07,"end":2254.31},{"text":"calling","start":2254.31,"end":2254.79},{"text":"for","start":2254.79,"end":2254.95},{"text":"the","start":2254.95,"end":2255.07},{"text":"institutionalization","start":2255.07,"end":2256.43},{"text":"of","start":2256.43,"end":2256.51},{"text":"debt","start":2256.51,"end":2256.71},{"text":"suspension","start":2256.71,"end":2257.51},{"text":"or","start":2257.75,"end":2258.15},{"text":"debt","start":2258.55,"end":2258.79},{"text":"relief","start":2258.79,"end":2259.19},{"text":"mechanisms","start":2259.19,"end":2260.15},{"text":"in","start":2260.39,"end":2260.55},{"text":"the","start":2260.55,"end":2260.67},{"text":"event","start":2260.67,"end":2260.99},{"text":"of","start":2260.99,"end":2261.07},{"text":"a","start":2261.07,"end":2261.11},{"text":"major","start":2261.11,"end":2261.43},{"text":"crisis.","start":2261.43,"end":2262.15}]},{"text":"We also support the establishment of insurance instruments that insure against sovereign risks, as well as the integration of flexibility clauses in public debt contracts.","start":2262.15,"end":2273.11,"topics":[{"key":"climate-linked-debt","label":"Climate-Linked Debt Instruments","description":"Participants highlighted the need for debt tools that respond to climate and other shocks, such as debt pause clauses, disaster clauses, and debt-for-climate or debt-for-nature swaps. 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"As","start":2273.91,"end":2273.99},{"text":"by","start":2273.99,"end":2274.15},{"text":"way","start":2274.15,"end":2274.27},{"text":"of","start":2274.27,"end":2274.35},{"text":"conclusion,","start":2274.35,"end":2275.11},{"text":"debt","start":2275.19,"end":2275.43},{"text":"shouldn't","start":2275.43,"end":2275.99},{"text":"be","start":2275.99,"end":2276.07},{"text":"perceived","start":2276.07,"end":2276.79},{"text":"as","start":2276.79,"end":2277.27},{"text":"a","start":2277.59,"end":2277.63},{"text":"constraint,","start":2277.63,"end":2278.55},{"text":"but","start":2278.55,"end":2278.71},{"text":"as","start":2278.71,"end":2279.03},{"text":"a","start":2279.27,"end":2279.31},{"text":"strategic","start":2279.31,"end":2280.07},{"text":"lever","start":2280.07,"end":2280.55},{"text":"for","start":2280.55,"end":2280.71},{"text":"transformation.","start":2280.71,"end":2281.75}]},{"text":"For countries like Tunisia, sustainability must rhyme with development, equity, and resilience.","start":2282.03,"end":2288.07,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. 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you very much.","start":2328.71,"end":2329.55,"topics":[],"words":[{"text":"Thank","start":2328.71,"end":2328.87},{"text":"you","start":2328.87,"end":2328.95},{"text":"very","start":2328.95,"end":2329.15},{"text":"much.","start":2329.15,"end":2329.55}]},{"text":"Thank you.","start":2330.03,"end":2330.35,"topics":[],"words":[{"text":"Thank","start":2330.03,"end":2330.27},{"text":"you.","start":2330.27,"end":2330.35}]}]}],"speaker":{"name":"Salama Khaldi","affiliation":"TUN","affiliation_full":"Tunisia","group":null,"function":"Minister of Finance"}},{"statement_number":11,"start":2334.75,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=2335","paragraphs":[{"sentences":[{"text":"Thank you so much, Honourable 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that gets me into that thing that I retrieve from short memory of that important letter to the world by the president of the government of Spain, of South Africa, and Brazil as the host of Seville 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countries, they're addressing all the importance of international cooperation, multilateralism, how can we provide and the role of the multilateral financial institutions in dealing with areas related to inequality.","start":2386.19,"end":2401.15,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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think you emphasized that, taking it from the global level to the national level.","start":2401.47,"end":2406.91,"topics":[],"words":[{"text":"I","start":2401.47,"end":2401.55},{"text":"think","start":2401.55,"end":2401.87},{"text":"you","start":2401.87,"end":2401.99},{"text":"emphasized","start":2401.99,"end":2402.51},{"text":"that,","start":2402.51,"end":2402.83},{"text":"taking","start":2403.07,"end":2403.47},{"text":"it","start":2403.47,"end":2403.55},{"text":"from","start":2403.55,"end":2403.79},{"text":"the","start":2403.79,"end":2403.87},{"text":"global","start":2403.87,"end":2404.27},{"text":"level","start":2404.27,"end":2404.67},{"text":"to","start":2404.83,"end":2405.15},{"text":"the","start":2405.15,"end":2405.23},{"text":"national","start":2405.23,"end":2405.95},{"text":"level.","start":2406.43,"end":2406.91}]},{"text":"You mentioned as well the importance of middle-income 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of the 54 countries, 31 of them are middle income countries and the rest are aspiring to be middle income countries as 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will be with great transformation, not just in the inclusiveness, but in providing solutions.","start":2463.31,"end":2469.23,"topics":[],"words":[{"text":"This","start":2463.31,"end":2463.55},{"text":"will","start":2463.55,"end":2463.71},{"text":"be","start":2463.71,"end":2463.95},{"text":"with","start":2464.59,"end":2464.83},{"text":"great","start":2464.83,"end":2465.11},{"text":"transformation,","start":2465.11,"end":2466.03},{"text":"not","start":2466.11,"end":2466.35},{"text":"just","start":2466.35,"end":2466.59},{"text":"in","start":2466.59,"end":2466.83},{"text":"the","start":2466.83,"end":2466.95},{"text":"inclusiveness,","start":2466.95,"end":2467.79},{"text":"but","start":2467.95,"end":2468.19},{"text":"in","start":2468.19,"end":2468.27},{"text":"providing","start":2468.27,"end":2468.75},{"text":"solutions.","start":2468.75,"end":2469.23}]},{"text":"Now, I'm happy to give the floor to the Honorable Minister of External Relations of 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me, first of all, to express my deep appreciation to Spain for the organization of this very important conference in 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has put in place a national development strategy for the period 2020-2030.","start":2510.99,"end":2519.95,"topics":[],"words":[{"text":"Cameroon","start":2510.99,"end":2511.55},{"text":"has","start":2511.55,"end":2511.71},{"text":"put","start":2511.71,"end":2512.03},{"text":"in","start":2512.03,"end":2512.19},{"text":"place","start":2512.19,"end":2512.75},{"text":"a","start":2513.87,"end":2513.91},{"text":"national","start":2513.91,"end":2514.43},{"text":"development","start":2514.43,"end":2515.19},{"text":"strategy","start":2515.19,"end":2515.95},{"text":"for","start":2517.15,"end":2517.39},{"text":"the","start":2517.43,"end":2517.55},{"text":"period","start":2517.55,"end":2518.11},{"text":"2020-2030.","start":2518.43,"end":2519.95}]},{"text":"The strategy outlines a portfolio of 15 strong initiatives which are focused both on the sustainable development goals and the African Union's agenda 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expectation of my country to complete the major project on the way and goes to be implemented will be a structural transformation in Cameroon amounting to 88 million FCA 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project includes investment in sectors such as education, health, infrastructure, rural development, and governance.","start":2562.15,"end":2576.07,"topics":[],"words":[{"text":"This","start":2562.15,"end":2562.47},{"text":"project","start":2562.47,"end":2562.95},{"text":"includes","start":2563.03,"end":2563.83},{"text":"investment","start":2564.63,"end":2565.59},{"text":"in","start":2566.27,"end":2566.39},{"text":"sectors","start":2566.39,"end":2567.03},{"text":"such","start":2567.03,"end":2567.27},{"text":"as","start":2567.27,"end":2567.59},{"text":"education,","start":2567.59,"end":2568.47},{"text":"health,","start":2569.43,"end":2569.87},{"text":"infrastructure,","start":2571.03,"end":2572.39},{"text":"rural","start":2573.19,"end":2573.51},{"text":"development,","start":2573.51,"end":2574.51},{"text":"and","start":2575.03,"end":2575.23},{"text":"governance.","start":2575.23,"end":2576.07}]},{"text":"Needless to underline that the realization of this goal is facing many challenges.","start":2577.43,"end":2584.79,"topics":[],"words":[{"text":"Needless","start":2577.43,"end":2577.99},{"text":"to","start":2577.99,"end":2578.27},{"text":"underline","start":2578.27,"end":2579.11},{"text":"that","start":2579.83,"end":2580.11},{"text":"the","start":2580.11,"end":2580.23},{"text":"realization","start":2580.23,"end":2581.19},{"text":"of","start":2581.19,"end":2581.39},{"text":"this","start":2581.39,"end":2581.59},{"text":"goal","start":2581.59,"end":2582.15},{"text":"is","start":2582.79,"end":2583.11},{"text":"facing","start":2583.11,"end":2583.55},{"text":"many","start":2583.55,"end":2583.91},{"text":"challenges.","start":2583.91,"end":2584.79}]},{"text":"In fact, as we chart this path forward, we must confront the harsh reality of rising debt servicing cost.","start":2585.79,"end":2599.48,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"In","start":2585.79,"end":2585.91},{"text":"fact,","start":2585.91,"end":2586.47},{"text":"as","start":2587.11,"end":2587.39},{"text":"we","start":2587.39,"end":2587.59},{"text":"chart","start":2587.59,"end":2588.15},{"text":"this","start":2588.15,"end":2588.39},{"text":"path","start":2588.39,"end":2588.67},{"text":"forward,","start":2588.95,"end":2589.59},{"text":"we","start":2590.15,"end":2590.23},{"text":"must","start":2590.31,"end":2590.87},{"text":"confront","start":2590.87,"end":2591.75},{"text":"the","start":2592.19,"end":2592.27},{"text":"harsh","start":2592.27,"end":2592.71},{"text":"reality","start":2592.71,"end":2593.31},{"text":"of","start":2594.15,"end":2595.21},{"text":"rising","start":2595.21,"end":2596.28},{"text":"debt","start":2596.28,"end":2597.35},{"text":"servicing","start":2597.35,"end":2598.41},{"text":"cost.","start":2598.41,"end":2599.48}]},{"text":"Cameroon public investment budget has experienced an average increase of 0.5% between 2020 and 2025.","start":2599.48,"end":2615.48,"topics":[],"words":[{"text":"Cameroon","start":2599.48,"end":2600.55},{"text":"public","start":2600.55,"end":2601.61},{"text":"investment","start":2601.61,"end":2602.68},{"text":"budget","start":2602.68,"end":2603.75},{"text":"has","start":2603.75,"end":2604.81},{"text":"experienced","start":2604.81,"end":2605.88},{"text":"an","start":2605.88,"end":2606.95},{"text":"average","start":2606.95,"end":2608.01},{"text":"increase","start":2608.01,"end":2609.08},{"text":"of","start":2609.08,"end":2610.15},{"text":"0.5%","start":2610.15,"end":2611.21},{"text":"between","start":2611.21,"end":2612.28},{"text":"2020","start":2612.28,"end":2613.35},{"text":"and","start":2613.35,"end":2614.41},{"text":"2025.","start":2614.41,"end":2615.48}]},{"text":"Despite this progress, debt servicing represents 94.1% of the public investment budget, highlighting a major budgetary imbalance, the burden on the state's ability to finance new structural investment.","start":2615.48,"end":2638.59,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"For","start":2639.79,"end":2640.19},{"text":"countries","start":2640.19,"end":2640.91},{"text":"like","start":2640.91,"end":2641.19},{"text":"Cameroon,","start":2641.19,"end":2641.95},{"text":"public","start":2642.75,"end":2643.23},{"text":"debt","start":2643.23,"end":2643.55},{"text":"has","start":2643.71,"end":2644.03},{"text":"become","start":2644.03,"end":2644.67},{"text":"both","start":2645.23,"end":2645.59},{"text":"a","start":2645.59,"end":2645.63},{"text":"lifeline","start":2646.47,"end":2647.31},{"text":"and","start":2647.55,"end":2648.07},{"text":"a","start":2648.07,"end":2648.11},{"text":"looming","start":2648.11,"end":2648.59},{"text":"threat","start":2648.99,"end":2649.39},{"text":"to","start":2649.87,"end":2649.95},{"text":"economic","start":2649.95,"end":2650.67},{"text":"stability.","start":2650.83,"end":2651.79}]}]},{"sentences":[{"text":"President, to respond to these challenges, Cameroon has undertaken a proactive approach to managing its debt, stressing sustainability and transparency.","start":2661.11,"end":2673.35,"topics":[{"key":"debt-transparency","label":"Debt Transparency and Responsible Lending","description":"Transparency in debt contracts, debt data, and borrowing decisions emerged as a major theme. 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"President,","start":2661.11,"end":2661.67},{"text":"to","start":2662.71,"end":2662.83},{"text":"respond","start":2662.83,"end":2663.23},{"text":"to","start":2663.23,"end":2663.31},{"text":"these","start":2663.31,"end":2663.47},{"text":"challenges,","start":2663.47,"end":2663.91},{"text":"Cameroon","start":2663.91,"end":2664.35},{"text":"has","start":2664.35,"end":2664.47},{"text":"undertaken","start":2664.47,"end":2665.03},{"text":"a","start":2665.19,"end":2665.23},{"text":"proactive","start":2665.35,"end":2666.03},{"text":"approach","start":2666.03,"end":2666.55},{"text":"to","start":2666.87,"end":2667.35},{"text":"managing","start":2668.15,"end":2668.63},{"text":"its","start":2668.63,"end":2668.95},{"text":"debt,","start":2668.95,"end":2669.35},{"text":"stressing","start":2670.47,"end":2671.03},{"text":"sustainability","start":2671.27,"end":2672.39},{"text":"and","start":2672.39,"end":2672.63},{"text":"transparency.","start":2672.63,"end":2673.35}]},{"text":"The strategy we are enacting is a medium-term strategy which provides a comprehensive framework focusing on channeling concessional financing.","start":2676.15,"end":2696.87,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"The","start":2676.15,"end":2676.27},{"text":"strategy","start":2676.27,"end":2676.95},{"text":"we","start":2677.59,"end":2677.99},{"text":"are","start":2677.99,"end":2678.11},{"text":"enacting","start":2678.15,"end":2678.95},{"text":"is","start":2679.51,"end":2679.83},{"text":"a","start":2679.91,"end":2679.95},{"text":"medium-term","start":2679.95,"end":2680.79},{"text":"strategy","start":2680.79,"end":2681.43},{"text":"which","start":2682.63,"end":2682.95},{"text":"provides","start":2682.95,"end":2683.51},{"text":"a","start":2684.23,"end":2684.31},{"text":"comprehensive","start":2684.31,"end":2685.03},{"text":"framework","start":2685.35,"end":2686.07},{"text":"focusing","start":2690.95,"end":2691.59},{"text":"on","start":2692.71,"end":2692.87},{"text":"channeling","start":2692.87,"end":2693.51},{"text":"concessional","start":2693.75,"end":2694.71},{"text":"financing.","start":2696.07,"end":2696.87}]},{"text":"Cameroon is focused on building capacity so as to better manage our debt and our tax revenues.","start":2698.87,"end":2711.87,"topics":[{"key":"domestic-resource-mobilization","label":"Domestic Resource Mobilization","description":"Several speakers linked debt solutions to stronger domestic revenue systems, especially tax reform and improved fiscal management. 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Thank you so much.","start":3460.29,"end":3461.33,"topics":[],"words":[{"text":"Right.","start":3460.29,"end":3460.49},{"text":"Thank","start":3460.49,"end":3460.73},{"text":"you","start":3460.73,"end":3460.81},{"text":"so","start":3460.81,"end":3460.93},{"text":"much.","start":3460.93,"end":3461.33}]},{"text":"I didn't mean to interrupt the flow of your good answer, but I had guidance now just from the secretary that the co-chairs have some time 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you.","start":3507.13,"end":3507.53,"topics":[],"words":[{"text":"Thank","start":3507.13,"end":3507.37},{"text":"you.","start":3507.37,"end":3507.53}]}]}],"speaker":{"name":"Mahmoud Myeldin","affiliation":"UN","affiliation_full":"UN","group":null,"function":"Special Envoy on Financing the 2030 Agenda for Sustainable Development"}},{"statement_number":22,"start":3511.13,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=3512","paragraphs":[{"sentences":[{"text":"Co-chairs, Excellencies, I speak today on behalf of the Finance in Common System, the global coalition of all 530 public development banks in the world, international, regional and national, which together channel more than 2.5 trillion US dollar in public investments each year, representing roughly 50% of total global investments.","start":3511.13,"end":3536.53,"topics":[],"words":[{"text":"Co-chairs,","start":3511.13,"end":3511.85},{"text":"Excellencies,","start":3511.85,"end":3512.77},{"text":"I","start":3513.89,"end":3514.05},{"text":"speak","start":3514.05,"end":3514.37},{"text":"today","start":3514.37,"end":3514.81},{"text":"on","start":3514.81,"end":3514.93},{"text":"behalf","start":3514.93,"end":3515.41},{"text":"of","start":3515.41,"end":3515.57},{"text":"the","start":3515.57,"end":3515.69},{"text":"Finance","start":3515.81,"end":3516.29},{"text":"in","start":3516.29,"end":3516.45},{"text":"Common","start":3516.45,"end":3517.09},{"text":"System,","start":3517.09,"end":3517.81},{"text":"the","start":3517.81,"end":3517.97},{"text":"global","start":3517.97,"end":3518.29},{"text":"coalition","start":3518.37,"end":3519.17},{"text":"of","start":3519.65,"end":3519.89},{"text":"all","start":3519.93,"end":3520.21},{"text":"530","start":3520.21,"end":3520.73},{"text":"public","start":3520.93,"end":3521.61},{"text":"development","start":3521.61,"end":3522.09},{"text":"banks","start":3522.09,"end":3522.37},{"text":"in","start":3522.37,"end":3522.49},{"text":"the","start":3522.49,"end":3522.61},{"text":"world,","start":3522.61,"end":3522.93},{"text":"international,","start":3523.09,"end":3524.21},{"text":"regional","start":3524.21,"end":3524.93},{"text":"and","start":3525.33,"end":3525.73},{"text":"national,","start":3525.73,"end":3526.33},{"text":"which","start":3526.33,"end":3526.61},{"text":"together","start":3526.61,"end":3527.17},{"text":"channel","start":3527.17,"end":3527.65},{"text":"more","start":3527.65,"end":3527.89},{"text":"than","start":3527.89,"end":3528.05},{"text":"2.5","start":3528.05,"end":3528.69},{"text":"trillion","start":3528.69,"end":3529.33},{"text":"US","start":3529.81,"end":3530.13},{"text":"dollar","start":3530.13,"end":3530.53},{"text":"in","start":3530.53,"end":3530.69},{"text":"public","start":3530.69,"end":3531.01},{"text":"investments","start":3531.01,"end":3531.73},{"text":"each","start":3531.73,"end":3532.05},{"text":"year,","start":3532.05,"end":3532.37},{"text":"representing","start":3532.61,"end":3533.41},{"text":"roughly","start":3533.41,"end":3534.05},{"text":"50%","start":3534.05,"end":3534.09},{"text":"of","start":3534.13,"end":3534.45},{"text":"total","start":3534.45,"end":3535.49},{"text":"global","start":3535.49,"end":3535.85},{"text":"investments.","start":3535.85,"end":3536.53}]},{"text":"I will not comment on debt restructuring mechanisms.","start":3537.25,"end":3543.37,"topics":[],"words":[{"text":"I","start":3537.25,"end":3537.41},{"text":"will","start":3537.41,"end":3537.57},{"text":"not","start":3537.57,"end":3538.13},{"text":"comment","start":3538.37,"end":3539.17},{"text":"on","start":3539.61,"end":3540.09},{"text":"debt","start":3540.73,"end":3541.29},{"text":"restructuring","start":3541.53,"end":3542.33},{"text":"mechanisms.","start":3542.33,"end":3543.37}]},{"text":"We, of course, support clear procedures and fair treatment of all creditors, relying on IMF and World Bank 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Jay Collins, the importance and possibility of sustainable, fair, and responsible lending, especially in a context of severe cuts in ODA and debt stress in many 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are honored that the effort of finance in common are explicitly recognized and encouraged in the Sevilla outcome 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feel responsible to do more and to do better now individually and as a collective system based on our complementarities to originate way more projects, innovate and scale up sustainable development 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help countries surpass and avoid debt crisis, public development banks, if properly regulated, can provide long-term quality counter-cyclical financing when market-based finance is not there yet or retreats.","start":3593.09,"end":3610.13,"topics":[],"words":[{"text":"To","start":3593.09,"end":3593.25},{"text":"help","start":3593.25,"end":3593.65},{"text":"countries","start":3593.97,"end":3594.57},{"text":"surpass","start":3594.57,"end":3595.17},{"text":"and","start":3595.17,"end":3595.41},{"text":"avoid","start":3595.41,"end":3596.09},{"text":"debt","start":3596.09,"end":3596.53},{"text":"crisis,","start":3596.53,"end":3597.33},{"text":"public","start":3597.73,"end":3598.05},{"text":"development","start":3598.05,"end":3598.57},{"text":"banks,","start":3598.57,"end":3599.09},{"text":"if","start":3599.33,"end":3599.57},{"text":"properly","start":3599.73,"end":3600.21},{"text":"regulated,","start":3600.21,"end":3601.01},{"text":"can","start":3601.01,"end":3601.33},{"text":"provide","start":3601.33,"end":3601.89},{"text":"long-term","start":3602.21,"end":3602.85},{"text":"quality","start":3602.85,"end":3603.57},{"text":"counter-cyclical","start":3603.57,"end":3604.77},{"text":"financing","start":3605.09,"end":3606.05},{"text":"when","start":3606.05,"end":3606.37},{"text":"market-based","start":3606.37,"end":3607.01},{"text":"finance","start":3607.01,"end":3607.57},{"text":"is","start":3607.57,"end":3607.81},{"text":"not","start":3607.81,"end":3607.97},{"text":"there","start":3607.97,"end":3608.21},{"text":"yet","start":3608.21,"end":3608.61},{"text":"or","start":3608.61,"end":3609.09},{"text":"retreats.","start":3609.41,"end":3610.13}]},{"text":"We support inserting climate-resilient debt clauses in our contract.","start":3610.69,"end":3617.65,"topics":[],"words":[{"text":"We","start":3610.69,"end":3611.09},{"text":"support","start":3611.41,"end":3611.97},{"text":"inserting","start":3611.97,"end":3613.89},{"text":"climate-resilient","start":3613.89,"end":3615.21},{"text":"debt","start":3615.21,"end":3615.41},{"text":"clauses","start":3615.41,"end":3615.97},{"text":"in","start":3615.97,"end":3616.45},{"text":"our","start":3616.53,"end":3616.77},{"text":"contract.","start":3617.01,"end":3617.65}]},{"text":"We can deploy public mandates to the last mile, leveraging SDR or mobilizing carbon markets.","start":3618.05,"end":3625.89,"topics":[],"words":[{"text":"We","start":3618.05,"end":3618.21},{"text":"can","start":3618.21,"end":3618.61},{"text":"deploy","start":3618.61,"end":3619.09},{"text":"public","start":3619.17,"end":3619.65},{"text":"mandates","start":3619.65,"end":3620.53},{"text":"to","start":3620.61,"end":3620.77},{"text":"the","start":3620.77,"end":3620.85},{"text":"last","start":3620.85,"end":3621.17},{"text":"mile,","start":3621.17,"end":3621.57},{"text":"leveraging","start":3621.89,"end":3622.61},{"text":"SDR","start":3622.61,"end":3623.33},{"text":"or","start":3623.33,"end":3623.65},{"text":"mobilizing","start":3623.65,"end":3624.61},{"text":"carbon","start":3624.61,"end":3625.25},{"text":"markets.","start":3625.25,"end":3625.89}]},{"text":"Public development banks also channel private finance in a sustainable way.","start":3626.77,"end":3631.17,"topics":[],"words":[{"text":"Public","start":3626.77,"end":3627.13},{"text":"development","start":3627.13,"end":3627.65},{"text":"banks","start":3627.65,"end":3627.89},{"text":"also","start":3627.89,"end":3628.45},{"text":"channel","start":3628.45,"end":3628.93},{"text":"private","start":3628.93,"end":3629.41},{"text":"finance","start":3629.41,"end":3630.05},{"text":"in","start":3630.05,"end":3630.21},{"text":"a","start":3630.21,"end":3630.29},{"text":"sustainable","start":3630.29,"end":3630.93},{"text":"way.","start":3630.93,"end":3631.17}]},{"text":"We propose today to work with investors to define what could be a new PDB asset class with dedicated criteria and governance.","start":3631.65,"end":3640.77,"topics":[],"words":[{"text":"We","start":3631.65,"end":3631.89},{"text":"propose","start":3631.89,"end":3632.45},{"text":"today","start":3632.45,"end":3632.77},{"text":"to","start":3632.77,"end":3632.89},{"text":"work","start":3632.89,"end":3633.33},{"text":"with","start":3633.33,"end":3633.49},{"text":"investors","start":3633.49,"end":3634.21},{"text":"to","start":3634.21,"end":3634.41},{"text":"define","start":3634.41,"end":3635.09},{"text":"what","start":3635.09,"end":3635.41},{"text":"could","start":3635.41,"end":3635.61},{"text":"be","start":3635.61,"end":3635.77},{"text":"a","start":3635.77,"end":3635.81},{"text":"new","start":3635.81,"end":3636.13},{"text":"PDB","start":3636.13,"end":3636.85},{"text":"asset","start":3636.85,"end":3637.25},{"text":"class","start":3637.25,"end":3637.81},{"text":"with","start":3638.13,"end":3638.45},{"text":"dedicated","start":3638.45,"end":3639.05},{"text":"criteria","start":3639.05,"end":3639.93},{"text":"and","start":3639.93,"end":3640.13},{"text":"governance.","start":3640.13,"end":3640.77}]},{"text":"The discussion has started with Team Europe and the Green Climate Fund.","start":3641.41,"end":3645.45,"topics":[],"words":[{"text":"The","start":3641.41,"end":3641.45},{"text":"discussion","start":3641.45,"end":3642.05},{"text":"has","start":3642.05,"end":3642.33},{"text":"started","start":3642.33,"end":3642.93},{"text":"with","start":3642.93,"end":3643.17},{"text":"Team","start":3643.17,"end":3643.89},{"text":"Europe","start":3643.89,"end":3644.29},{"text":"and","start":3644.29,"end":3644.41},{"text":"the","start":3644.41,"end":3644.49},{"text":"Green","start":3644.49,"end":3644.77},{"text":"Climate","start":3644.77,"end":3645.17},{"text":"Fund.","start":3645.17,"end":3645.45}]},{"text":"This is the Global Green Bond Initiative, and is also ongoing with MIGA and the World Bank Group to lower the cost of capital.","start":3645.45,"end":3653.33,"topics":[],"words":[{"text":"This","start":3645.45,"end":3645.57},{"text":"is","start":3645.57,"end":3645.73},{"text":"the","start":3645.73,"end":3645.89},{"text":"Global","start":3645.89,"end":3646.37},{"text":"Green","start":3646.37,"end":3646.61},{"text":"Bond","start":3646.61,"end":3647.01},{"text":"Initiative,","start":3647.25,"end":3648.05},{"text":"and","start":3648.29,"end":3648.49},{"text":"is","start":3648.49,"end":3648.61},{"text":"also","start":3648.61,"end":3649.01},{"text":"ongoing","start":3649.01,"end":3649.53},{"text":"with","start":3649.53,"end":3649.73},{"text":"MIGA","start":3649.73,"end":3650.25},{"text":"and","start":3650.25,"end":3650.37},{"text":"the","start":3650.37,"end":3650.45},{"text":"World","start":3650.45,"end":3650.69},{"text":"Bank","start":3650.69,"end":3650.89},{"text":"Group","start":3650.89,"end":3651.25},{"text":"to","start":3651.49,"end":3651.73},{"text":"lower","start":3651.73,"end":3652.17},{"text":"the","start":3652.17,"end":3652.29},{"text":"cost","start":3652.29,"end":3652.61},{"text":"of","start":3652.61,"end":3652.77},{"text":"capital.","start":3652.77,"end":3653.33}]},{"text":"There are only 100 public development banks issuing bonds for now.","start":3653.89,"end":3658.29,"topics":[],"words":[{"text":"There","start":3653.89,"end":3654.13},{"text":"are","start":3654.13,"end":3654.33},{"text":"only","start":3654.33,"end":3654.85},{"text":"100","start":3654.85,"end":3655.41},{"text":"public","start":3655.41,"end":3655.81},{"text":"development","start":3655.81,"end":3656.29},{"text":"banks","start":3656.29,"end":3656.69},{"text":"issuing","start":3656.69,"end":3657.17},{"text":"bonds","start":3657.17,"end":3657.65},{"text":"for","start":3657.65,"end":3657.89},{"text":"now.","start":3657.89,"end":3658.29}]},{"text":"We propose to double that number by 2030, focusing on national development 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next steps for finance in common is to transform the 530 public development banks from a fragmented architecture into a coordinated system with the right standards relying on each other, bridging public and private finance, development and climate, and global ambitions with local 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The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."},{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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last but not least in this round, we have Jay Collins, the Vice Chairman of Citigroup.","start":3733.93,"end":3742.65,"topics":[],"words":[{"text":"So","start":3733.93,"end":3734.41},{"text":"last","start":3734.81,"end":3735.13},{"text":"but","start":3735.13,"end":3735.29},{"text":"not","start":3735.29,"end":3735.41},{"text":"least","start":3735.41,"end":3735.93},{"text":"in","start":3736.17,"end":3736.57},{"text":"this","start":3737.21,"end":3737.45},{"text":"round,","start":3737.45,"end":3737.93},{"text":"we","start":3738.57,"end":3738.77},{"text":"have","start":3738.77,"end":3739.13},{"text":"Jay","start":3740.05,"end":3740.09},{"text":"Collins,","start":3740.09,"end":3740.49},{"text":"the","start":3740.49,"end":3740.73},{"text":"Vice","start":3740.73,"end":3741.21},{"text":"Chairman","start":3741.45,"end":3741.93},{"text":"of","start":3741.93,"end":3742.05},{"text":"Citigroup.","start":3742.05,"end":3742.65}]},{"text":"Jay, the floor is 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the GSDR and the G7 have worked on much needed reforms to the common framework, up until today, it has violated the most important and basic rule of sovereign restructuring to deliver a speedy, transparent, and clear route to 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recent report recommendations, I am assured that we will leave Seville on new footing.","start":3810.69,"end":3816.13,"topics":[],"words":[{"text":"With","start":3810.69,"end":3811.01},{"text":"recent","start":3811.01,"end":3811.49},{"text":"report","start":3811.49,"end":3811.97},{"text":"recommendations,","start":3811.97,"end":3812.93},{"text":"I","start":3812.93,"end":3812.97},{"text":"am","start":3812.97,"end":3813.09},{"text":"assured","start":3813.09,"end":3813.53},{"text":"that","start":3813.53,"end":3813.65},{"text":"we","start":3813.65,"end":3813.81},{"text":"will","start":3813.81,"end":3814.01},{"text":"leave","start":3814.01,"end":3814.21},{"text":"Seville","start":3814.21,"end":3814.69},{"text":"on","start":3814.69,"end":3814.89},{"text":"new","start":3815.25,"end":3815.65},{"text":"footing.","start":3815.65,"end":3816.13}]},{"text":"The debt for nature, debt for sustainability, and debt for transition structures have also been bogged down by long, cumbersome processes, with few development actors providing the guarantee lip pin that are needed for these 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must simplify and speed these debt swaps to reduce these debt burdens.","start":3832.01,"end":3837.37,"topics":[],"words":[{"text":"We","start":3832.01,"end":3832.25},{"text":"must","start":3832.25,"end":3832.69},{"text":"simplify","start":3832.69,"end":3833.53},{"text":"and","start":3833.77,"end":3834.01},{"text":"speed","start":3834.01,"end":3834.49},{"text":"these","start":3834.49,"end":3834.77},{"text":"debt","start":3834.77,"end":3835.05},{"text":"swaps","start":3835.05,"end":3835.53},{"text":"to","start":3835.53,"end":3835.73},{"text":"reduce","start":3835.73,"end":3836.25},{"text":"these","start":3836.25,"end":3836.49},{"text":"debt","start":3836.49,"end":3836.73},{"text":"burdens.","start":3836.73,"end":3837.37}]},{"text":"As a bank and as a professional who has only ever represented sovereign sides in restructurings, I want to respectfully oppose those who call for a so-called HIPC II or other euphemisms for scaled, broad-based, and blanket debt forgiveness, as I personally believe that to be a false solution that would lead to less capital flows, not more, less investor confidence, not 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are other solutions.","start":3865.61,"end":3867.37,"topics":[],"words":[{"text":"There","start":3865.61,"end":3865.93},{"text":"are","start":3865.93,"end":3866.25},{"text":"other","start":3866.25,"end":3866.57},{"text":"solutions.","start":3866.57,"end":3867.37}]},{"text":"That said, we must be radical in crowding in development capital through implementation of many of the recommendations discussed over the past few days, from blended finance to improved MDB risk mitigation and regulatory 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from the MDBs to provide more effective risk mitigation tools, like those being taken by MIGA, must continue and be measured and 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must acknowledge that the 50 to $70 billion hole in ODA is an additional recent blow to the LICs, to the poorest in the world, and requires a Herculean effort of all those in this room to find funding sources that can offset such 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overarching recommendation with which I will conclude today is to leave here and implement.","start":3913.73,"end":3920.13,"topics":[],"words":[{"text":"The","start":3913.73,"end":3913.93},{"text":"overarching","start":3913.97,"end":3915.01},{"text":"recommendation","start":3915.01,"end":3915.89},{"text":"with","start":3915.89,"end":3916.05},{"text":"which","start":3916.05,"end":3916.37},{"text":"I","start":3916.37,"end":3916.45},{"text":"will","start":3916.45,"end":3916.61},{"text":"conclude","start":3916.61,"end":3917.17},{"text":"today","start":3917.17,"end":3917.73},{"text":"is","start":3918.29,"end":3918.53},{"text":"to","start":3918.53,"end":3918.69},{"text":"leave","start":3918.69,"end":3919.01},{"text":"here","start":3919.01,"end":3919.25},{"text":"and","start":3919.25,"end":3919.41},{"text":"implement.","start":3919.41,"end":3920.13}]},{"text":"We have failed in so many ways to deliver on the Sustainable Finance Addis Ababa commitments.","start":3920.73,"end":3926.09,"topics":[],"words":[{"text":"We","start":3920.73,"end":3920.81},{"text":"have","start":3920.81,"end":3920.97},{"text":"failed","start":3920.97,"end":3921.41},{"text":"in","start":3921.41,"end":3921.53},{"text":"so","start":3921.53,"end":3921.85},{"text":"many","start":3921.85,"end":3922.13},{"text":"ways","start":3922.13,"end":3922.49},{"text":"to","start":3922.49,"end":3922.65},{"text":"deliver","start":3922.65,"end":3923.21},{"text":"on","start":3923.21,"end":3923.33},{"text":"the","start":3923.33,"end":3923.45},{"text":"Sustainable","start":3923.45,"end":3924.09},{"text":"Finance","start":3924.09,"end":3924.57},{"text":"Addis","start":3924.57,"end":3924.93},{"text":"Ababa","start":3924.93,"end":3925.33},{"text":"commitments.","start":3925.33,"end":3926.09}]},{"text":"We have discussed many of these recommendations repeatedly for a decade.","start":3926.33,"end":3930.73,"topics":[],"words":[{"text":"We","start":3926.33,"end":3926.53},{"text":"have","start":3926.53,"end":3926.65},{"text":"discussed","start":3926.65,"end":3927.37},{"text":"many","start":3927.37,"end":3927.77},{"text":"of","start":3927.77,"end":3927.93},{"text":"these","start":3927.93,"end":3928.17},{"text":"recommendations","start":3928.17,"end":3929.05},{"text":"repeatedly","start":3929.05,"end":3929.85},{"text":"for","start":3929.85,"end":3930.05},{"text":"a","start":3930.05,"end":3930.09},{"text":"decade.","start":3930.09,"end":3930.73}]},{"text":"Let Seville be the launchpad of action.","start":3931.13,"end":3933.85,"topics":[],"words":[{"text":"Let","start":3931.13,"end":3931.45},{"text":"Seville","start":3931.45,"end":3931.85},{"text":"be","start":3932.01,"end":3932.33},{"text":"the","start":3932.33,"end":3932.45},{"text":"launchpad","start":3932.45,"end":3933.17},{"text":"of","start":3933.17,"end":3933.29},{"text":"action.","start":3933.29,"end":3933.85}]},{"text":"Thank you.","start":3934.01,"end":3934.45,"topics":[],"words":[{"text":"Thank","start":3934.01,"end":3934.33},{"text":"you.","start":3934.33,"end":3934.45}]}]}],"speaker":{"name":"Jay Collins","affiliation":"Citigroup","affiliation_full":"Citigroup","group":null,"function":"Vice Chairman"}},{"statement_number":25,"start":3935.93,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=3936","paragraphs":[{"sentences":[{"text":"Right. Thank you so much.","start":3935.93,"end":3937.09,"topics":[],"words":[{"text":"Right.","start":3935.93,"end":3936.25},{"text":"Thank","start":3936.33,"end":3936.57},{"text":"you","start":3936.57,"end":3936.65},{"text":"so","start":3936.65,"end":3936.81},{"text":"much.","start":3936.81,"end":3937.09}]},{"text":"And actions are very much what's needed today, not just our 11 actions to unlock sustainable finance and providing the solutions, but the rest of the excellent recommendations and applicable solution that have been there in different aspects on the outcome document.","start":3937.09,"end":3957.29,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. 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we need to deal with that all as a system.","start":3957.29,"end":3960.25,"topics":[],"words":[{"text":"Again,","start":3957.29,"end":3957.69},{"text":"we","start":3957.85,"end":3957.97},{"text":"need","start":3957.97,"end":3958.13},{"text":"to","start":3958.13,"end":3958.25},{"text":"deal","start":3958.25,"end":3958.49},{"text":"with","start":3958.49,"end":3958.65},{"text":"that","start":3958.65,"end":3958.89},{"text":"all","start":3958.97,"end":3959.21},{"text":"as","start":3959.53,"end":3959.73},{"text":"a","start":3959.73,"end":3959.77},{"text":"system.","start":3959.77,"end":3960.25}]},{"text":"Jay, of course, in his remarks, mentioned something related to the HEPIC 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said that, very grateful, and I'm happy to turn now the order of this session back to the 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assist speakers in this regard, a timer has been installed.","start":4094.25,"end":4097.97,"topics":[],"words":[{"text":"To","start":4094.25,"end":4094.45},{"text":"assist","start":4094.45,"end":4094.89},{"text":"speakers","start":4094.89,"end":4095.25},{"text":"in","start":4095.25,"end":4095.33},{"text":"this","start":4095.33,"end":4095.49},{"text":"regard,","start":4095.49,"end":4096.05},{"text":"a","start":4096.05,"end":4096.09},{"text":"timer","start":4096.09,"end":4096.85},{"text":"has","start":4096.85,"end":4097.01},{"text":"been","start":4097.01,"end":4097.21},{"text":"installed.","start":4097.21,"end":4097.97}]},{"text":"When the clock signifies that the three minutes have been exhausted, speakers are kindly requested to conclude their 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wishing to make interventions and who have not previously indicated their intention to do so are kindly requested to approach the Secretariat in the 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now open the floor for interventions.","start":4130.97,"end":4133.93,"topics":[],"words":[{"text":"I","start":4130.97,"end":4131.05},{"text":"now","start":4131.05,"end":4131.29},{"text":"open","start":4131.29,"end":4131.65},{"text":"the","start":4131.65,"end":4131.77},{"text":"floor","start":4131.77,"end":4132.25},{"text":"for","start":4132.25,"end":4132.89},{"text":"interventions.","start":4133.13,"end":4133.93}]},{"text":"In this regard, you are encouraged to limit your statement to three minutes, as I already mentioned, so that all requests for the floor can responded to and so that you can deliver your 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further ado, I give the floor to His Excellency the Vice President of the Republic of 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today I speak on behalf of all developing nations who face an unjust paradox.","start":4180.37,"end":4187.17,"topics":[],"words":[{"text":"But","start":4180.37,"end":4180.73},{"text":"today","start":4180.73,"end":4181.25},{"text":"I","start":4181.25,"end":4181.33},{"text":"speak","start":4181.33,"end":4182.13},{"text":"on","start":4182.13,"end":4182.29},{"text":"behalf","start":4182.29,"end":4182.85},{"text":"of","start":4182.85,"end":4182.93},{"text":"all","start":4182.93,"end":4183.09},{"text":"developing","start":4183.09,"end":4183.73},{"text":"nations","start":4183.73,"end":4184.45},{"text":"who","start":4184.85,"end":4185.01},{"text":"face","start":4185.01,"end":4185.57},{"text":"an","start":4185.57,"end":4185.73},{"text":"unjust","start":4185.73,"end":4186.29},{"text":"paradox.","start":4186.29,"end":4187.17}]},{"text":"We are asked to grow our economies, build resilience, and deliver on climate action, yet we do so while burdened by a debt architecture that drains our futures to 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let us be clear that this is not just a debt crisis, it is a development crisis.","start":4204.49,"end":4212.09,"topics":[],"words":[{"text":"Excellencies,","start":4204.49,"end":4205.53},{"text":"let","start":4205.85,"end":4206.09},{"text":"us","start":4206.09,"end":4206.25},{"text":"be","start":4206.25,"end":4206.49},{"text":"clear","start":4206.49,"end":4206.97},{"text":"that","start":4207.53,"end":4207.69},{"text":"this","start":4207.69,"end":4207.93},{"text":"is","start":4207.93,"end":4208.09},{"text":"not","start":4208.09,"end":4208.33},{"text":"just","start":4208.33,"end":4208.61},{"text":"a","start":4208.61,"end":4208.65},{"text":"debt","start":4208.65,"end":4208.97},{"text":"crisis,","start":4208.97,"end":4209.77},{"text":"it","start":4210.17,"end":4210.33},{"text":"is","start":4210.33,"end":4210.53},{"text":"a","start":4210.53,"end":4210.57},{"text":"development","start":4210.57,"end":4211.41},{"text":"crisis.","start":4211.41,"end":4212.09}]},{"text":"It is a justice 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middle- and low-income countries combined, the burden was 15.7%.","start":4266.37,"end":4273.14,"topics":[],"words":[{"text":"For","start":4266.37,"end":4267.05},{"text":"middle-","start":4267.05,"end":4267.74},{"text":"and","start":4267.74,"end":4268.42},{"text":"low-income","start":4268.42,"end":4269.1},{"text":"countries","start":4269.1,"end":4269.79},{"text":"combined,","start":4269.79,"end":4270.47},{"text":"the","start":4270.47,"end":4271.15},{"text":"burden","start":4271.15,"end":4271.84},{"text":"was","start":4271.84,"end":4272.52},{"text":"15.7%.","start":4272.52,"end":4273.14}]},{"text":"This is not a path to 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time to transform the system.","start":4303.81,"end":4306.69,"topics":[],"words":[{"text":"It's","start":4303.81,"end":4304.13},{"text":"time","start":4304.37,"end":4304.85},{"text":"to","start":4304.85,"end":4304.97},{"text":"transform","start":4304.97,"end":4305.89},{"text":"the","start":4305.89,"end":4306.05},{"text":"system.","start":4306.05,"end":4306.69}]},{"text":"I propose three imperatives.","start":4306.69,"end":4309.17,"topics":[],"words":[{"text":"I","start":4306.69,"end":4306.77},{"text":"propose","start":4306.77,"end":4307.33},{"text":"three","start":4307.33,"end":4307.81},{"text":"imperatives.","start":4308.13,"end":4309.17}]},{"text":"First, as urged in the policy submission of the UN Framework Convention on Sovereign Debt, we must establish a statutory, fair, and transparent global mechanism for debt resolution.","start":4309.65,"end":4322.69,"topics":[],"words":[{"text":"First,","start":4309.65,"end":4310.21},{"text":"as","start":4310.21,"end":4310.37},{"text":"urged","start":4310.41,"end":4310.73},{"text":"in","start":4310.73,"end":4310.85},{"text":"the","start":4310.85,"end":4310.97},{"text":"policy","start":4310.97,"end":4311.49},{"text":"submission","start":4311.49,"end":4312.05},{"text":"of","start":4312.05,"end":4312.17},{"text":"the","start":4312.17,"end":4312.29},{"text":"UN","start":4312.29,"end":4312.77},{"text":"Framework","start":4312.77,"end":4313.37},{"text":"Convention","start":4313.37,"end":4314.05},{"text":"on","start":4314.05,"end":4314.13},{"text":"Sovereign","start":4314.13,"end":4314.69},{"text":"Debt,","start":4314.69,"end":4315.09},{"text":"we","start":4315.41,"end":4315.65},{"text":"must","start":4315.65,"end":4316.13},{"text":"establish","start":4316.13,"end":4316.93},{"text":"a","start":4317.33,"end":4317.37},{"text":"statutory,","start":4317.37,"end":4318.37},{"text":"fair,","start":4318.45,"end":4319.01},{"text":"and","start":4319.25,"end":4319.49},{"text":"transparent","start":4319.49,"end":4320.17},{"text":"global","start":4320.17,"end":4320.61},{"text":"mechanism","start":4320.61,"end":4321.29},{"text":"for","start":4321.29,"end":4321.49},{"text":"debt","start":4321.49,"end":4321.81},{"text":"resolution.","start":4321.81,"end":4322.69}]},{"text":"with automatic standstills during crises, risk sharing clauses for climate shocks, and binding rules for creditor participation.","start":4323.21,"end":4332.81,"topics":[],"words":[{"text":"with","start":4323.21,"end":4323.37},{"text":"automatic","start":4323.37,"end":4324.17},{"text":"standstills","start":4324.17,"end":4325.05},{"text":"during","start":4325.37,"end":4325.73},{"text":"crises,","start":4325.73,"end":4326.57},{"text":"risk","start":4326.89,"end":4327.21},{"text":"sharing","start":4327.21,"end":4327.77},{"text":"clauses","start":4327.77,"end":4328.45},{"text":"for","start":4328.45,"end":4328.57},{"text":"climate","start":4328.57,"end":4329.01},{"text":"shocks,","start":4329.01,"end":4329.61},{"text":"and","start":4329.85,"end":4330.09},{"text":"binding","start":4330.09,"end":4330.61},{"text":"rules","start":4330.61,"end":4331.09},{"text":"for","start":4331.09,"end":4331.25},{"text":"creditor","start":4331.25,"end":4331.77},{"text":"participation.","start":4331.77,"end":4332.81}]},{"text":"Second, we must redefine debt sustainability.","start":4333.13,"end":4336.97,"topics":[],"words":[{"text":"Second,","start":4333.13,"end":4333.69},{"text":"we","start":4333.69,"end":4333.85},{"text":"must","start":4333.85,"end":4334.25},{"text":"redefine","start":4334.25,"end":4335.05},{"text":"debt","start":4335.37,"end":4335.69},{"text":"sustainability.","start":4335.69,"end":4336.97}]},{"text":"Third, we must scale up innovative instruments like resilience bonds, sustainable development bonds, and sovereign debt swaps mechanisms to create fiscal space for critical investments while reducing the debt burden.","start":4337.77,"end":4353.61,"topics":[],"words":[{"text":"Third,","start":4337.77,"end":4338.09},{"text":"we","start":4338.41,"end":4338.57},{"text":"must","start":4338.57,"end":4338.93},{"text":"scale","start":4338.93,"end":4339.29},{"text":"up","start":4339.29,"end":4339.45},{"text":"innovative","start":4339.45,"end":4340.17},{"text":"instruments","start":4340.17,"end":4340.89},{"text":"like","start":4340.89,"end":4341.13},{"text":"resilience","start":4341.13,"end":4341.77},{"text":"bonds,","start":4341.77,"end":4342.25},{"text":"sustainable","start":4342.49,"end":4343.29},{"text":"development","start":4343.29,"end":4343.85},{"text":"bonds,","start":4343.85,"end":4344.41},{"text":"and","start":4344.45,"end":4344.61},{"text":"sovereign","start":4344.61,"end":4345.05},{"text":"debt","start":4345.05,"end":4345.29},{"text":"swaps","start":4345.29,"end":4345.85},{"text":"mechanisms","start":4345.85,"end":4346.81},{"text":"to","start":4347.13,"end":4347.29},{"text":"create","start":4347.29,"end":4347.77},{"text":"fiscal","start":4347.77,"end":4348.25},{"text":"space","start":4348.25,"end":4348.89},{"text":"for","start":4349.13,"end":4349.29},{"text":"critical","start":4349.29,"end":4349.85},{"text":"investments","start":4349.85,"end":4350.53},{"text":"while","start":4350.53,"end":4350.77},{"text":"reducing","start":4350.77,"end":4351.45},{"text":"the","start":4351.45,"end":4351.53},{"text":"debt","start":4351.53,"end":4352.01},{"text":"burden.","start":4353.05,"end":4353.61}]},{"text":"To the decision makers in this room, building a development oriented sovereign debt architecture is not just a matter of economics, but a matter of 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is about aligning financial rules of the world with the human values we proclaim.","start":4365.29,"end":4371.93,"topics":[],"words":[{"text":"It","start":4365.29,"end":4365.45},{"text":"is","start":4365.45,"end":4365.61},{"text":"about","start":4365.61,"end":4365.93},{"text":"aligning","start":4365.93,"end":4367.05},{"text":"financial","start":4367.05,"end":4367.85},{"text":"rules","start":4367.85,"end":4368.41},{"text":"of","start":4368.77,"end":4368.89},{"text":"the","start":4368.89,"end":4369.01},{"text":"world","start":4369.01,"end":4369.45},{"text":"with","start":4369.45,"end":4369.61},{"text":"the","start":4369.61,"end":4369.69},{"text":"human","start":4369.69,"end":4370.17},{"text":"values","start":4370.17,"end":4370.73},{"text":"we","start":4370.73,"end":4371.13},{"text":"proclaim.","start":4371.29,"end":4371.93}]},{"text":"Let Seville be remembered as a place where we begin to redesign a global debt system that empowers growth instead of extracting it, a system that delivers fairness instead of reinforcing asymmetry, a system that reflects not just market logic, but human 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thank you.","start":4392.25,"end":4392.89,"topics":[],"words":[{"text":"I","start":4392.25,"end":4392.41},{"text":"thank","start":4392.41,"end":4392.73},{"text":"you.","start":4392.73,"end":4392.89}]}]}],"speaker":{"name":null,"affiliation":"BWA","affiliation_full":"Botswana","group":null,"function":"Vice President"}},{"statement_number":28,"start":4397.21,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=4398","paragraphs":[{"sentences":[{"text":"I thank Vice President of the Republic of Lesotho, and now the floor, His Excellency David Moinina Senghor, Chief Minister of the Republic of Sierra 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Sanchez","affiliation":"ESP","affiliation_full":"Spain","group":null,"function":"Head of Government"}},{"statement_number":29,"start":4411.57,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=4412","paragraphs":[{"sentences":[{"text":"Distinguished co-chairs, excellencies, ladies and gentlemen, the last decade has taught us hard 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flawed.","start":4419.05,"end":4426.25,"topics":[],"words":[{"text":"The","start":4419.05,"end":4419.17},{"text":"assumption","start":4419.17,"end":4419.77},{"text":"that","start":4419.77,"end":4419.93},{"text":"international","start":4419.93,"end":4420.65},{"text":"capital","start":4420.65,"end":4421.45},{"text":"will","start":4421.53,"end":4421.85},{"text":"naturally","start":4421.85,"end":4422.49},{"text":"flow","start":4422.49,"end":4422.81},{"text":"to","start":4422.81,"end":4422.93},{"text":"developing","start":4422.97,"end":4423.45},{"text":"countries","start":4423.45,"end":4423.93},{"text":"for","start":4423.93,"end":4424.05},{"text":"development","start":4424.05,"end":4424.81},{"text":"has","start":4424.97,"end":4425.29},{"text":"proven","start":4425.29,"end":4425.69},{"text":"flawed.","start":4425.69,"end":4426.25}]},{"text":"and the drive to finance large scale infrastructure and economic transformation, many of us overlooked the strategic value of mobilizing and managing domestic capital, the urgent reform of global financial architecture and debt management.","start":4427.25,"end":4442.01,"topics":[{"key":"domestic-resource-mobilization","label":"Domestic Resource Mobilization","description":"Several speakers linked debt solutions to stronger domestic revenue systems, especially tax reform and improved fiscal management. The discussion included broadening tax bases, making taxation more progressive, reducing illicit financial flows, and strengthening countries’ capacity to finance their own development."},{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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Speakers called for more objective, development-aware, and vulnerability-sensitive ratings, including new regional or resilience-based approaches."}],"words":[{"text":"We","start":4442.53,"end":4442.77},{"text":"acknowledge","start":4442.77,"end":4443.33},{"text":"that,","start":4443.33,"end":4443.49},{"text":"yes,","start":4443.49,"end":4443.89},{"text":"investors","start":4443.89,"end":4444.57},{"text":"seek","start":4444.57,"end":4444.93},{"text":"certainty,","start":4444.93,"end":4445.65},{"text":"yet","start":4445.97,"end":4446.41},{"text":"too","start":4446.41,"end":4446.53},{"text":"often","start":4446.53,"end":4447.01},{"text":"the","start":4447.01,"end":4447.13},{"text":"risks","start":4447.13,"end":4447.49},{"text":"they","start":4447.49,"end":4447.57},{"text":"perceive","start":4447.57,"end":4448.21},{"text":"in","start":4448.21,"end":4448.37},{"text":"our","start":4448.37,"end":4448.49},{"text":"markets","start":4448.49,"end":4449.01},{"text":"are","start":4449.01,"end":4449.17},{"text":"exaggerated","start":4449.17,"end":4450.21},{"text":"and","start":4450.37,"end":4450.53},{"text":"amplified","start":4450.53,"end":4451.25},{"text":"by","start":4451.25,"end":4451.49},{"text":"global","start":4451.49,"end":4451.97},{"text":"credit","start":4451.97,"end":4452.37},{"text":"rating","start":4452.37,"end":4452.77},{"text":"agencies","start":4452.77,"end":4453.57},{"text":"whose","start":4453.81,"end":4454.13},{"text":"assessments","start":4454.13,"end":4454.85},{"text":"frequently","start":4454.85,"end":4455.49},{"text":"fail","start":4455.49,"end":4455.89},{"text":"to","start":4455.89,"end":4455.97},{"text":"reflect","start":4455.97,"end":4456.69},{"text":"our","start":4456.85,"end":4457.05},{"text":"reform","start":4457.05,"end":4457.41},{"text":"trajectories","start":4457.41,"end":4458.37},{"text":"and","start":4458.53,"end":4458.81},{"text":"economic","start":4458.81,"end":4459.41},{"text":"fundamentals.","start":4459.41,"end":4460.45}]},{"text":"The statistics are sobering.","start":4462.21,"end":4463.69,"topics":[],"words":[{"text":"The","start":4462.21,"end":4462.25},{"text":"statistics","start":4462.25,"end":4462.97},{"text":"are","start":4462.97,"end":4463.13},{"text":"sobering.","start":4463.13,"end":4463.69}]},{"text":"According to the IMF, sub-Saharan African nations pay an average of 155 basis points more than their peers when accessing Eurobond markets between 2014 and 2021.","start":4464.09,"end":4476.01,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Reform","description":"A recurring concern was that current credit rating methodologies overstate risk in developing countries and SIDS, raising borrowing costs unfairly. Speakers called for more objective, development-aware, and vulnerability-sensitive ratings, including new regional or resilience-based approaches."}],"words":[{"text":"According","start":4464.09,"end":4464.49},{"text":"to","start":4464.49,"end":4464.57},{"text":"the","start":4464.57,"end":4464.69},{"text":"IMF,","start":4464.69,"end":4465.37},{"text":"sub-Saharan","start":4465.37,"end":4466.09},{"text":"African","start":4466.09,"end":4466.53},{"text":"nations","start":4466.53,"end":4467.05},{"text":"pay","start":4467.05,"end":4467.29},{"text":"an","start":4467.33,"end":4467.53},{"text":"average","start":4467.53,"end":4468.01},{"text":"of","start":4468.05,"end":4468.25},{"text":"155","start":4468.41,"end":4469.69},{"text":"basis","start":4469.69,"end":4470.17},{"text":"points","start":4470.17,"end":4470.57},{"text":"more","start":4470.57,"end":4471.13},{"text":"than","start":4471.29,"end":4471.53},{"text":"their","start":4471.53,"end":4471.69},{"text":"peers","start":4471.69,"end":4472.09},{"text":"when","start":4472.09,"end":4472.29},{"text":"accessing","start":4472.29,"end":4472.89},{"text":"Eurobond","start":4472.89,"end":4473.37},{"text":"markets","start":4473.37,"end":4473.73},{"text":"between","start":4473.73,"end":4474.01},{"text":"2014","start":4474.01,"end":4474.85},{"text":"and","start":4474.85,"end":4475.25},{"text":"2021.","start":4475.25,"end":4476.01}]},{"text":"That premium is not just a data point.","start":4476.49,"end":4479.13,"topics":[],"words":[{"text":"That","start":4476.49,"end":4476.73},{"text":"premium","start":4476.73,"end":4477.45},{"text":"is","start":4477.53,"end":4477.77},{"text":"not","start":4477.77,"end":4477.93},{"text":"just","start":4477.93,"end":4478.29},{"text":"a","start":4478.29,"end":4478.33},{"text":"data","start":4478.33,"end":4478.57},{"text":"point.","start":4478.57,"end":4479.13}]},{"text":"It is the price of inequality.","start":4479.29,"end":4481.37,"topics":[],"words":[{"text":"It","start":4479.29,"end":4479.49},{"text":"is","start":4479.49,"end":4479.61},{"text":"the","start":4479.61,"end":4479.69},{"text":"price","start":4479.69,"end":4480.17},{"text":"of","start":4480.21,"end":4480.41},{"text":"inequality.","start":4480.41,"end":4481.37}]},{"text":"It is the cost of outdated narratives and institutional asymmetry, which lead African countries into more debt, and it is unfair.","start":4481.61,"end":4490.73,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Reform","description":"A recurring concern was that current credit rating methodologies overstate risk in developing countries and SIDS, raising borrowing costs unfairly. Speakers called for more objective, development-aware, and vulnerability-sensitive ratings, including new regional or resilience-based approaches."}],"words":[{"text":"It","start":4481.61,"end":4481.81},{"text":"is","start":4481.81,"end":4481.93},{"text":"the","start":4481.93,"end":4482.01},{"text":"cost","start":4482.01,"end":4482.49},{"text":"of","start":4482.53,"end":4482.65},{"text":"outdated","start":4482.65,"end":4483.29},{"text":"narratives","start":4483.29,"end":4484.09},{"text":"and","start":4484.09,"end":4484.25},{"text":"institutional","start":4484.25,"end":4485.05},{"text":"asymmetry,","start":4485.05,"end":4486.01},{"text":"which","start":4486.13,"end":4486.41},{"text":"lead","start":4486.41,"end":4486.81},{"text":"African","start":4486.81,"end":4487.21},{"text":"countries","start":4487.21,"end":4487.93},{"text":"into","start":4488.17,"end":4488.49},{"text":"more","start":4488.49,"end":4488.69},{"text":"debt,","start":4488.69,"end":4489.13},{"text":"and","start":4489.61,"end":4489.85},{"text":"it","start":4489.85,"end":4489.97},{"text":"is","start":4489.97,"end":4490.13},{"text":"unfair.","start":4490.13,"end":4490.73}]},{"text":"The implication is a real and painful constraint on our capacity to build more schools, power more hospitals, provide clean water, and meet our sustainable development goals for our citizens.","start":4491.97,"end":4503.33,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Reform","description":"A recurring concern was that current credit rating methodologies overstate risk in developing countries and SIDS, raising borrowing costs unfairly. Speakers called for more objective, development-aware, and vulnerability-sensitive ratings, including new regional or resilience-based approaches."}],"words":[{"text":"The","start":4491.97,"end":4492.01},{"text":"implication","start":4492.01,"end":4492.85},{"text":"is","start":4492.85,"end":4493.09},{"text":"a","start":4493.09,"end":4493.17},{"text":"real","start":4493.17,"end":4493.61},{"text":"and","start":4493.61,"end":4493.73},{"text":"painful","start":4493.73,"end":4494.13},{"text":"constraint","start":4494.13,"end":4495.01},{"text":"on","start":4495.17,"end":4495.33},{"text":"our","start":4495.33,"end":4495.45},{"text":"capacity","start":4495.45,"end":4496.21},{"text":"to","start":4496.21,"end":4496.33},{"text":"build","start":4496.33,"end":4496.61},{"text":"more","start":4496.61,"end":4496.85},{"text":"schools,","start":4496.85,"end":4497.33},{"text":"power","start":4497.33,"end":4497.65},{"text":"more","start":4497.65,"end":4497.93},{"text":"hospitals,","start":4497.93,"end":4498.69},{"text":"provide","start":4498.85,"end":4499.37},{"text":"clean","start":4499.37,"end":4499.65},{"text":"water,","start":4499.65,"end":4500.05},{"text":"and","start":4500.05,"end":4500.21},{"text":"meet","start":4500.21,"end":4500.53},{"text":"our","start":4500.53,"end":4500.69},{"text":"sustainable","start":4500.69,"end":4501.33},{"text":"development","start":4501.33,"end":4501.81},{"text":"goals","start":4501.81,"end":4502.21},{"text":"for","start":4502.21,"end":4502.33},{"text":"our","start":4502.33,"end":4502.45},{"text":"citizens.","start":4502.45,"end":4503.33}]},{"text":"In that spirit, allow me to offer three key recommendations.","start":4504.53,"end":4507.89,"topics":[],"words":[{"text":"In","start":4504.53,"end":4504.69},{"text":"that","start":4504.69,"end":4505.01},{"text":"spirit,","start":4505.01,"end":4505.57},{"text":"allow","start":4505.57,"end":4505.77},{"text":"me","start":4505.77,"end":4505.97},{"text":"to","start":4505.97,"end":4506.09},{"text":"offer","start":4506.09,"end":4506.37},{"text":"three","start":4506.37,"end":4506.61},{"text":"key","start":4506.61,"end":4506.85},{"text":"recommendations.","start":4506.85,"end":4507.89}]},{"text":"First, we must restore credibility and fairness in the global credit rating system.","start":4508.13,"end":4513.49,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Reform","description":"A recurring concern was that current credit rating methodologies overstate risk in developing countries and SIDS, raising borrowing costs unfairly. Speakers called for more objective, development-aware, and vulnerability-sensitive ratings, including new regional or resilience-based approaches."}],"words":[{"text":"First,","start":4508.13,"end":4508.61},{"text":"we","start":4508.61,"end":4508.77},{"text":"must","start":4508.77,"end":4509.01},{"text":"restore","start":4509.01,"end":4509.45},{"text":"credibility","start":4509.45,"end":4510.25},{"text":"and","start":4510.25,"end":4510.37},{"text":"fairness","start":4510.37,"end":4511.17},{"text":"in","start":4511.41,"end":4511.57},{"text":"the","start":4511.57,"end":4511.69},{"text":"global","start":4511.69,"end":4512.09},{"text":"credit","start":4512.09,"end":4512.45},{"text":"rating","start":4512.45,"end":4512.85},{"text":"system.","start":4512.85,"end":4513.49}]},{"text":"The establishment of the African Credit Rating Agency is a welcome and long overdue response to systemic bias.","start":4514.01,"end":4521.85,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Reform","description":"A recurring concern was that current credit rating methodologies overstate risk in developing countries and SIDS, raising borrowing costs unfairly. Speakers called for more objective, development-aware, and vulnerability-sensitive ratings, including new regional or resilience-based approaches."}],"words":[{"text":"The","start":4514.01,"end":4514.05},{"text":"establishment","start":4514.05,"end":4514.97},{"text":"of","start":4514.97,"end":4515.05},{"text":"the","start":4515.05,"end":4515.17},{"text":"African","start":4515.17,"end":4515.57},{"text":"Credit","start":4515.57,"end":4515.97},{"text":"Rating","start":4515.97,"end":4516.33},{"text":"Agency","start":4516.33,"end":4517.21},{"text":"is","start":4517.45,"end":4517.69},{"text":"a","start":4517.69,"end":4517.77},{"text":"welcome","start":4517.77,"end":4518.41},{"text":"and","start":4518.41,"end":4518.53},{"text":"long","start":4518.53,"end":4518.81},{"text":"overdue","start":4518.81,"end":4519.45},{"text":"response","start":4519.45,"end":4520.25},{"text":"to","start":4520.41,"end":4520.57},{"text":"systemic","start":4520.57,"end":4521.21},{"text":"bias.","start":4521.21,"end":4521.85}]},{"text":"We must all commit to supporting and strengthening it.","start":4522.33,"end":4525.61,"topics":[],"words":[{"text":"We","start":4522.33,"end":4522.53},{"text":"must","start":4522.53,"end":4522.81},{"text":"all","start":4522.81,"end":4523.05},{"text":"commit","start":4523.05,"end":4523.49},{"text":"to","start":4523.49,"end":4523.57},{"text":"supporting","start":4523.77,"end":4524.65},{"text":"and","start":4524.65,"end":4524.85},{"text":"strengthening","start":4524.85,"end":4525.37},{"text":"it.","start":4525.37,"end":4525.61}]},{"text":"Second, we must redefine liquidity metrics and adopt broader criteria that reflect emerging regional realities.","start":4526.33,"end":4534.57,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."},{"key":"credit-rating-reform","label":"Credit Rating Reform","description":"A recurring concern was that current credit rating methodologies overstate risk in developing countries and SIDS, raising borrowing costs unfairly. Speakers called for more objective, development-aware, and vulnerability-sensitive ratings, including new regional or resilience-based approaches."}],"words":[{"text":"Second,","start":4526.33,"end":4526.97},{"text":"we","start":4527.21,"end":4527.37},{"text":"must","start":4527.37,"end":4527.61},{"text":"redefine","start":4527.61,"end":4528.17},{"text":"liquidity","start":4528.17,"end":4528.81},{"text":"metrics","start":4528.81,"end":4529.45},{"text":"and","start":4529.45,"end":4529.65},{"text":"adopt","start":4529.65,"end":4530.01},{"text":"broader","start":4530.09,"end":4530.65},{"text":"criteria","start":4530.73,"end":4531.61},{"text":"that","start":4531.85,"end":4532.01},{"text":"reflect","start":4532.01,"end":4532.65},{"text":"emerging","start":4532.73,"end":4533.29},{"text":"regional","start":4533.29,"end":4533.77},{"text":"realities.","start":4533.77,"end":4534.57}]},{"text":"As Africa advances the African Continental Free Trade Area, We are already witnessing increased inter-African trade and improved fiscal coordination.","start":4534.89,"end":4546.13,"topics":[],"words":[{"text":"As","start":4534.89,"end":4535.13},{"text":"Africa","start":4535.13,"end":4535.57},{"text":"advances","start":4535.57,"end":4536.49},{"text":"the","start":4536.65,"end":4536.85},{"text":"African","start":4536.97,"end":4537.69},{"text":"Continental","start":4537.69,"end":4538.41},{"text":"Free","start":4538.41,"end":4538.65},{"text":"Trade","start":4538.65,"end":4539.05},{"text":"Area,","start":4539.05,"end":4539.53},{"text":"We","start":4540.93,"end":4541.25},{"text":"are","start":4541.33,"end":4541.41},{"text":"already","start":4541.41,"end":4541.85},{"text":"witnessing","start":4541.85,"end":4542.41},{"text":"increased","start":4542.41,"end":4543.01},{"text":"inter-African","start":4543.01,"end":4543.85},{"text":"trade","start":4543.85,"end":4544.29},{"text":"and","start":4544.29,"end":4544.41},{"text":"improved","start":4544.41,"end":4544.77},{"text":"fiscal","start":4544.77,"end":4545.17},{"text":"coordination.","start":4545.17,"end":4546.13}]},{"text":"We need metrics that recognize these gains and promote confidence rather than distortion.","start":4546.61,"end":4551.57,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Reform","description":"A recurring concern was that current credit rating methodologies overstate risk in developing countries and SIDS, raising borrowing costs unfairly. 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Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."},{"key":"domestic-resource-mobilization","label":"Domestic Resource Mobilization","description":"Several speakers linked debt solutions to stronger domestic revenue systems, especially tax reform and improved fiscal management. The discussion included broadening tax bases, making taxation more progressive, reducing illicit financial flows, and strengthening countries’ capacity to finance their own development."}],"words":[{"text":"Third,","start":4552.13,"end":4552.69},{"text":"we","start":4552.85,"end":4552.97},{"text":"must","start":4552.97,"end":4553.17},{"text":"build","start":4553.17,"end":4553.65},{"text":"lasting","start":4553.65,"end":4554.25},{"text":"institutional","start":4554.29,"end":4554.93},{"text":"capacity","start":4554.93,"end":4555.57},{"text":"to","start":4555.57,"end":4555.65},{"text":"manage","start":4555.65,"end":4556.13},{"text":"public","start":4556.13,"end":4556.57},{"text":"debt","start":4556.57,"end":4557.09},{"text":"responsibly.","start":4557.09,"end":4558.05}]},{"text":"Under the leadership of His Excellency President Julius Maada Bio, and with support from the World Bank and IMF, Sierra Leone is implementing a public debt management strategy within a wider public debt financial management architecture.","start":4558.57,"end":4572.41,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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There was strong support for a more inclusive architecture that gives developing countries greater voice and creates fairer multilateral rules for sovereign debt."}],"words":[{"text":"More","start":4572.69,"end":4573.01},{"text":"of","start":4573.01,"end":4573.17},{"text":"this","start":4573.17,"end":4573.49},{"text":"needs","start":4573.49,"end":4573.81},{"text":"to","start":4573.81,"end":4573.89},{"text":"be","start":4573.89,"end":4574.01},{"text":"supported","start":4574.01,"end":4574.53},{"text":"across","start":4574.53,"end":4574.85},{"text":"the","start":4574.85,"end":4574.97},{"text":"continent.","start":4574.97,"end":4575.65}]},{"text":"And closing, Excellencies, Sierra Leone aligns fully with the Cape Town Declaration and its vision for a just, inclusive, and development-oriented debt architecture.","start":4576.13,"end":4586.45,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."},{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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we do so, together, we will deliver a more just world.","start":4610.65,"end":4615.37,"topics":[],"words":[{"text":"When","start":4610.65,"end":4611.01},{"text":"we","start":4611.01,"end":4611.17},{"text":"do","start":4611.17,"end":4611.41},{"text":"so,","start":4611.41,"end":4611.81},{"text":"together,","start":4612.05,"end":4612.85},{"text":"we","start":4612.93,"end":4613.17},{"text":"will","start":4613.17,"end":4613.33},{"text":"deliver","start":4613.33,"end":4614.09},{"text":"a","start":4614.21,"end":4614.29},{"text":"more","start":4614.29,"end":4614.61},{"text":"just","start":4614.61,"end":4614.93},{"text":"world.","start":4614.93,"end":4615.37}]},{"text":"I thank you.","start":4615.49,"end":4616.13,"topics":[],"words":[{"text":"I","start":4615.49,"end":4615.65},{"text":"thank","start":4615.65,"end":4615.97},{"text":"you.","start":4615.97,"end":4616.13}]}]}],"speaker":{"name":"David Moinina Senghor","affiliation":"SLE","affiliation_full":"Sierra 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Sanchez","affiliation":"ESP","affiliation_full":"Spain","group":null,"function":"Head of Government"}},{"statement_number":31,"start":4635.05,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=4636","paragraphs":[{"sentences":[{"text":"Good afternoon.","start":4635.05,"end":4635.81,"topics":[],"words":[{"text":"Good","start":4635.05,"end":4635.17},{"text":"afternoon.","start":4635.17,"end":4635.81}]},{"text":"Thank you very much, Mr. Co-Chair, distinguished panelists.","start":4635.81,"end":4638.77,"topics":[],"words":[{"text":"Thank","start":4635.81,"end":4636.09},{"text":"you","start":4636.09,"end":4636.17},{"text":"very","start":4636.17,"end":4636.37},{"text":"much,","start":4636.37,"end":4636.69},{"text":"Mr.","start":4636.69,"end":4636.97},{"text":"Co-Chair,","start":4636.97,"end":4637.41},{"text":"distinguished","start":4637.57,"end":4638.09},{"text":"panelists.","start":4638.09,"end":4638.77}]},{"text":"The current system of sovereign debt was designed to fail developing countries.","start":4639.49,"end":4646.05,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"This","start":4835.61,"end":4835.81},{"text":"diverts","start":4835.81,"end":4836.25},{"text":"already","start":4836.25,"end":4836.57},{"text":"scarce","start":4836.57,"end":4836.97},{"text":"resources","start":4836.97,"end":4837.45},{"text":"away","start":4837.45,"end":4837.69},{"text":"from","start":4837.69,"end":4837.93},{"text":"our","start":4837.93,"end":4838.17},{"text":"long-term","start":4838.17,"end":4838.65},{"text":"development.","start":4838.65,"end":4839.25}]},{"text":"It is a debt we accumulate not because of fiscal management, but because we are on the front lines of a crisis we did not create.","start":4840.01,"end":4846.61,"topics":[{"key":"climate-linked-debt","label":"Climate-Linked Debt Instruments","description":"Participants highlighted the need for debt tools that respond to climate and other shocks, such as debt pause clauses, disaster clauses, and debt-for-climate or debt-for-nature swaps. These instruments were presented as ways to protect fiscal space while supporting resilience and sustainable investment."},{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"It","start":4840.01,"end":4840.09},{"text":"is","start":4840.09,"end":4840.25},{"text":"a","start":4840.25,"end":4840.29},{"text":"debt","start":4840.29,"end":4840.57},{"text":"we","start":4840.81,"end":4840.93},{"text":"accumulate","start":4841.01,"end":4841.57},{"text":"not","start":4841.57,"end":4841.77},{"text":"because","start":4841.77,"end":4842.13},{"text":"of","start":4842.13,"end":4842.21},{"text":"fiscal","start":4842.21,"end":4842.57},{"text":"management,","start":4842.57,"end":4843.13},{"text":"but","start":4843.69,"end":4843.81},{"text":"because","start":4843.81,"end":4844.09},{"text":"we","start":4844.09,"end":4844.21},{"text":"are","start":4844.21,"end":4844.33},{"text":"on","start":4844.33,"end":4844.41},{"text":"the","start":4844.41,"end":4844.53},{"text":"front","start":4844.53,"end":4844.77},{"text":"lines","start":4844.77,"end":4845.05},{"text":"of","start":4845.05,"end":4845.13},{"text":"a","start":4845.13,"end":4845.21},{"text":"crisis","start":4845.21,"end":4845.69},{"text":"we","start":4845.69,"end":4845.85},{"text":"did","start":4845.85,"end":4846.01},{"text":"not","start":4846.01,"end":4846.17},{"text":"create.","start":4846.17,"end":4846.61}]},{"text":"In this regard, AOSIS wishes to highlight three urgent priorities.","start":4847.69,"end":4850.97,"topics":[],"words":[{"text":"In","start":4847.69,"end":4847.77},{"text":"this","start":4847.77,"end":4848.01},{"text":"regard,","start":4848.01,"end":4848.37},{"text":"AOSIS","start":4848.37,"end":4849.09},{"text":"wishes","start":4849.09,"end":4849.29},{"text":"to","start":4849.29,"end":4849.37},{"text":"highlight","start":4849.37,"end":4849.61},{"text":"three","start":4849.61,"end":4849.85},{"text":"urgent","start":4849.85,"end":4850.21},{"text":"priorities.","start":4850.21,"end":4850.97}]},{"text":"First, we call for support to fully operationalize the SIDS Debt Sustainability Support Service.","start":4851.69,"end":4857.85,"topics":[{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"First,","start":4851.69,"end":4852.09},{"text":"we","start":4852.65,"end":4852.81},{"text":"call","start":4852.81,"end":4853.05},{"text":"for","start":4853.05,"end":4853.21},{"text":"support","start":4853.21,"end":4853.61},{"text":"to","start":4853.61,"end":4853.69},{"text":"fully","start":4853.77,"end":4854.09},{"text":"operationalize","start":4854.09,"end":4854.89},{"text":"the","start":4854.89,"end":4854.97},{"text":"SIDS","start":4854.97,"end":4855.29},{"text":"Debt","start":4855.29,"end":4855.65},{"text":"Sustainability","start":4855.65,"end":4856.49},{"text":"Support","start":4856.81,"end":4857.33},{"text":"Service.","start":4857.33,"end":4857.85}]},{"text":"This is a proposal built by SIDS for SIDS.","start":4858.53,"end":4861.21,"topics":[],"words":[{"text":"This","start":4858.53,"end":4858.69},{"text":"is","start":4858.69,"end":4858.81},{"text":"a","start":4858.81,"end":4858.89},{"text":"proposal","start":4858.89,"end":4859.53},{"text":"built","start":4859.53,"end":4859.77},{"text":"by","start":4859.77,"end":4860.01},{"text":"SIDS","start":4860.01,"end":4860.49},{"text":"for","start":4860.49,"end":4860.73},{"text":"SIDS.","start":4860.73,"end":4861.21}]},{"text":"It offers independent, transparent assessments of debt sustainability, incorporating our real vulnerabilities and not just income metrics.","start":4861.93,"end":4869.61,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."},{"key":"debt-transparency","label":"Debt Transparency and Responsible Lending","description":"Transparency in debt contracts, debt data, and borrowing decisions emerged as a major theme. Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."}],"words":[{"text":"It","start":4861.93,"end":4861.97},{"text":"offers","start":4861.97,"end":4862.29},{"text":"independent,","start":4862.29,"end":4862.93},{"text":"transparent","start":4863.41,"end":4864.01},{"text":"assessments","start":4864.01,"end":4864.57},{"text":"of","start":4864.57,"end":4864.69},{"text":"debt","start":4864.69,"end":4864.97},{"text":"sustainability,","start":4864.97,"end":4865.81},{"text":"incorporating","start":4866.21,"end":4866.85},{"text":"our","start":4866.85,"end":4867.05},{"text":"real","start":4867.05,"end":4867.29},{"text":"vulnerabilities","start":4867.29,"end":4868.13},{"text":"and","start":4868.17,"end":4868.33},{"text":"not","start":4868.33,"end":4868.49},{"text":"just","start":4868.49,"end":4868.77},{"text":"income","start":4868.77,"end":4869.13},{"text":"metrics.","start":4869.13,"end":4869.61}]},{"text":"It is flexible, scalable, and tailored to the evolving risk our countries face.","start":4869.61,"end":4875.33,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."},{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"It","start":4869.61,"end":4869.69},{"text":"is","start":4870.45,"end":4870.69},{"text":"flexible,","start":4870.69,"end":4871.33},{"text":"scalable,","start":4871.73,"end":4872.41},{"text":"and","start":4872.41,"end":4872.61},{"text":"tailored","start":4872.61,"end":4872.97},{"text":"to","start":4872.97,"end":4873.09},{"text":"the","start":4873.09,"end":4873.21},{"text":"evolving","start":4873.21,"end":4873.57},{"text":"risk","start":4873.57,"end":4873.93},{"text":"our","start":4874.29,"end":4874.45},{"text":"countries","start":4874.45,"end":4874.93},{"text":"face.","start":4874.93,"end":4875.33}]},{"text":"The DSSS would empower governments and creditors alike with better data, tailored support, and enable early interventions before crisis erupts.","start":4876.05,"end":4885.57,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."},{"key":"debt-transparency","label":"Debt Transparency and Responsible Lending","description":"Transparency in debt contracts, debt data, and borrowing decisions emerged as a major theme. Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."}],"words":[{"text":"The","start":4876.05,"end":4876.17},{"text":"DSSS","start":4876.21,"end":4877.25},{"text":"would","start":4877.25,"end":4877.37},{"text":"empower","start":4877.37,"end":4877.81},{"text":"governments","start":4877.81,"end":4878.45},{"text":"and","start":4878.69,"end":4878.85},{"text":"creditors","start":4878.85,"end":4879.33},{"text":"alike","start":4879.33,"end":4879.69},{"text":"with","start":4880.05,"end":4880.21},{"text":"better","start":4880.21,"end":4880.53},{"text":"data,","start":4880.53,"end":4880.93},{"text":"tailored","start":4881.57,"end":4881.93},{"text":"support,","start":4881.93,"end":4882.61},{"text":"and","start":4882.61,"end":4882.77},{"text":"enable","start":4882.93,"end":4883.41},{"text":"early","start":4883.41,"end":4883.81},{"text":"interventions","start":4883.81,"end":4884.45},{"text":"before","start":4884.45,"end":4884.69},{"text":"crisis","start":4884.69,"end":4885.09},{"text":"erupts.","start":4885.09,"end":4885.57}]},{"text":"Second, we urge the expansion and adaptation of the G20 common framework.","start":4886.29,"end":4891.37,"topics":[{"key":"debt-relief-restructuring","label":"Debt Relief and Restructuring","description":"Speakers repeatedly called for faster, fairer, and more inclusive sovereign debt workouts, including improvements to the G20 Common Framework. 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These instruments were presented as ways to protect fiscal space while supporting resilience and sustainable investment."}],"words":[{"text":"Third","start":5085.69,"end":5086.25},{"text":"is","start":5086.53,"end":5086.65},{"text":"to","start":5086.65,"end":5086.97},{"text":"support","start":5087.21,"end":5087.61},{"text":"countries","start":5087.61,"end":5088.25},{"text":"in","start":5088.81,"end":5088.97},{"text":"making","start":5088.97,"end":5089.25},{"text":"use","start":5089.25,"end":5089.49},{"text":"of","start":5089.49,"end":5089.61},{"text":"state","start":5089.61,"end":5089.89},{"text":"contingent","start":5089.89,"end":5090.45},{"text":"debt","start":5090.45,"end":5090.73},{"text":"instruments,","start":5090.73,"end":5091.37},{"text":"blended","start":5091.93,"end":5092.33},{"text":"finance,","start":5092.33,"end":5092.97},{"text":"credit","start":5092.97,"end":5093.29},{"text":"enhancement","start":5093.29,"end":5093.89},{"text":"instruments,","start":5093.89,"end":5094.49},{"text":"and","start":5094.85,"end":5094.97},{"text":"also","start":5094.97,"end":5095.29},{"text":"to","start":5095.29,"end":5095.41},{"text":"encourage","start":5095.41,"end":5095.85},{"text":"SDR","start":5096.17,"end":5096.61},{"text":"recycling","start":5096.61,"end":5097.29},{"text":"in","start":5097.61,"end":5097.81},{"text":"a","start":5097.81,"end":5097.85},{"text":"way","start":5097.85,"end":5098.01},{"text":"that","start":5098.01,"end":5098.29},{"text":"will","start":5098.29,"end":5098.57},{"text":"lower","start":5098.57,"end":5098.89},{"text":"borrowing","start":5099.29,"end":5099.77},{"text":"costs.","start":5099.77,"end":5100.41}]},{"text":"We also call on AIDA deputies and ADF deputies to seriously consider set asides in their resource allocation in order to support those countries that wish to clear IFI debt.","start":5102.37,"end":5114.69,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. 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debt.","start":5201.65,"end":5211.25,"topics":[],"words":[{"text":"The","start":5201.65,"end":5201.85},{"text":"share","start":5201.89,"end":5202.29},{"text":"of","start":5202.29,"end":5202.49},{"text":"bilateral","start":5202.49,"end":5203.05},{"text":"and","start":5203.05,"end":5203.17},{"text":"multilateral","start":5203.17,"end":5203.81},{"text":"partners","start":5203.81,"end":5204.45},{"text":"is","start":5204.53,"end":5205.01},{"text":"increasingly","start":5205.17,"end":5205.97},{"text":"falling","start":5206.13,"end":5207.09},{"text":"and","start":5207.41,"end":5207.89},{"text":"now","start":5207.89,"end":5208.13},{"text":"stands","start":5208.13,"end":5208.53},{"text":"at","start":5208.53,"end":5210.05},{"text":"51.6%","start":5210.05,"end":5210.09},{"text":"of","start":5210.09,"end":5210.37},{"text":"debt.","start":5210.85,"end":5211.25}]},{"text":"Government has been stressing rigorous and transparent public debt management in keeping with our long-term vision, Mali 2063.","start":5212.97,"end":5220.45,"topics":[{"key":"debt-transparency","label":"Debt Transparency and Responsible Lending","description":"Transparency in debt contracts, debt data, and borrowing decisions emerged as a major theme. Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."}],"words":[{"text":"Government","start":5212.97,"end":5213.29},{"text":"has","start":5213.29,"end":5213.41},{"text":"been","start":5213.41,"end":5213.57},{"text":"stressing","start":5213.57,"end":5214.29},{"text":"rigorous","start":5214.69,"end":5215.17},{"text":"and","start":5215.17,"end":5215.29},{"text":"transparent","start":5215.29,"end":5215.89},{"text":"public","start":5215.89,"end":5216.17},{"text":"debt","start":5216.17,"end":5216.37},{"text":"management","start":5216.37,"end":5217.01},{"text":"in","start":5217.09,"end":5217.25},{"text":"keeping","start":5217.25,"end":5217.57},{"text":"with","start":5217.57,"end":5217.81},{"text":"our","start":5217.81,"end":5217.89},{"text":"long-term","start":5217.89,"end":5218.29},{"text":"vision,","start":5218.29,"end":5218.69},{"text":"Mali","start":5219.01,"end":5219.49},{"text":"2063.","start":5219.57,"end":5220.45}]},{"text":"This vision is underpinned by the principles of sovereignty, good governance, and sets forth the reforms necessary for growing our domestic resources, digitalization, and a revision of various regulations.","start":5220.45,"end":5231.89,"topics":[{"key":"domestic-resource-mobilization","label":"Domestic Resource Mobilization","description":"Several speakers linked debt solutions to stronger domestic revenue systems, especially tax reform and improved fiscal management. 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Speakers called for more objective, development-aware, and vulnerability-sensitive ratings, including new regional or resilience-based approaches."}],"words":[{"text":"And","start":5282.93,"end":5283.41},{"text":"this","start":5283.41,"end":5283.73},{"text":"expense","start":5284.85,"end":5285.33},{"text":"is","start":5285.33,"end":5285.49},{"text":"often","start":5285.49,"end":5285.65},{"text":"divorced","start":5285.65,"end":5286.29},{"text":"from","start":5286.29,"end":5286.61},{"text":"the","start":5286.61,"end":5286.77},{"text":"regional","start":5286.77,"end":5287.09},{"text":"economic","start":5287.09,"end":5287.41},{"text":"environment.","start":5287.41,"end":5287.89}]},{"text":"Let's recall that developed countries have committed to allocate 0.7% of their GDP to ODA, but this commitment has not been upheld.","start":5288.01,"end":5295.41,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. 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thank you for your kind attention.","start":5326.45,"end":5327.81,"topics":[],"words":[{"text":"I","start":5326.45,"end":5326.53},{"text":"thank","start":5326.53,"end":5326.77},{"text":"you","start":5326.77,"end":5326.89},{"text":"for","start":5326.89,"end":5327.01},{"text":"your","start":5327.01,"end":5327.13},{"text":"kind","start":5327.13,"end":5327.37},{"text":"attention.","start":5327.37,"end":5327.81}]}]}],"speaker":{"name":null,"affiliation":"MLI","affiliation_full":"Mali","group":null,"function":"Minister of Finance and the Economy"}},{"statement_number":38,"start":5331.41,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=5332","paragraphs":[{"sentences":[{"text":"I thank His Excellency, and I give the floor to the Minister of Finance from the Central African 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loss of around seven budgetary points of GDP over the last few years as a result of geopolitical tensions has forced us to compensate them by extremely onerous financing from the lending markets.","start":5358.21,"end":5371.97,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. 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The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"Development-oriented","start":5475.57,"end":5476.81},{"text":"debt","start":5476.81,"end":5477.17},{"text":"should","start":5477.17,"end":5477.37},{"text":"allow","start":5477.37,"end":5477.73},{"text":"us","start":5477.73,"end":5477.89},{"text":"to","start":5477.89,"end":5478.29},{"text":"access","start":5478.29,"end":5479.01},{"text":"long-term","start":5479.01,"end":5479.81},{"text":"finance","start":5479.81,"end":5480.45},{"text":"on","start":5480.45,"end":5480.85},{"text":"exceptional","start":5481.09,"end":5482.33},{"text":"concessional","start":5482.45,"end":5483.17},{"text":"conditions","start":5483.17,"end":5483.89},{"text":"and","start":5483.89,"end":5484.21},{"text":"low-risk","start":5484.21,"end":5484.73},{"text":"conditions.","start":5484.73,"end":5485.49}]},{"text":"The international community's support should help us focus on climate and other risks while also aligned with our sustainable development goals, the sustainable without forgetting the assets of, for instance, our young people and our women.","start":5485.89,"end":5507.09,"topics":[{"key":"climate-linked-debt","label":"Climate-Linked Debt Instruments","description":"Participants highlighted the need for debt tools that respond to climate and other shocks, such as debt pause clauses, disaster clauses, and debt-for-climate or debt-for-nature swaps. 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"Excellencies,","start":5523.41,"end":5524.01},{"text":"ladies","start":5524.01,"end":5524.25},{"text":"and","start":5524.25,"end":5524.37},{"text":"gentlemen,","start":5524.37,"end":5524.77},{"text":"distinguished","start":5524.77,"end":5525.25},{"text":"participants,","start":5525.25,"end":5525.89},{"text":"Burundi","start":5526.37,"end":5526.73},{"text":"is","start":5526.73,"end":5526.97},{"text":"delighted","start":5526.97,"end":5527.57},{"text":"to","start":5527.65,"end":5527.85},{"text":"be","start":5527.85,"end":5528.13},{"text":"partaking","start":5528.13,"end":5528.93},{"text":"In","start":5530.33,"end":5530.57},{"text":"this","start":5530.57,"end":5530.97},{"text":"roundtable,","start":5530.97,"end":5531.69},{"text":"much","start":5531.69,"end":5532.01},{"text":"like","start":5532.01,"end":5532.25},{"text":"other","start":5532.57,"end":5532.81},{"text":"developing","start":5532.81,"end":5533.25},{"text":"countries,","start":5533.25,"end":5533.85},{"text":"Burundi","start":5533.93,"end":5534.49},{"text":"has","start":5535.85,"end":5536.21},{"text":"a","start":5536.21,"end":5536.25},{"text":"lot","start":5536.25,"end":5536.37},{"text":"of","start":5536.37,"end":5536.45},{"text":"public","start":5536.45,"end":5536.73},{"text":"debt,","start":5536.81,"end":5537.21},{"text":"which","start":5537.29,"end":5537.61},{"text":"is","start":5537.61,"end":5537.85},{"text":"hampering","start":5538.73,"end":5539.21},{"text":"our","start":5539.21,"end":5539.33},{"text":"ability","start":5539.33,"end":5539.77},{"text":"to","start":5539.77,"end":5539.97},{"text":"invest","start":5539.97,"end":5540.33},{"text":"in","start":5540.33,"end":5540.49},{"text":"key","start":5540.49,"end":5540.73},{"text":"sectors","start":5540.73,"end":5541.29},{"text":"for","start":5541.29,"end":5541.53},{"text":"development.","start":5541.53,"end":5542.17}]},{"text":"In 2023, our public debt stood at 48% of our GDP.","start":5542.25,"end":5548.41,"topics":[],"words":[{"text":"In","start":5542.25,"end":5542.41},{"text":"2023,","start":5542.41,"end":5543.21},{"text":"our","start":5543.21,"end":5543.29},{"text":"public","start":5543.29,"end":5543.77},{"text":"debt","start":5543.93,"end":5544.25},{"text":"stood","start":5545.21,"end":5545.93},{"text":"at","start":5545.93,"end":5546.81},{"text":"48%","start":5547.13,"end":5547.17},{"text":"of","start":5547.21,"end":5547.45},{"text":"our","start":5547.57,"end":5547.69},{"text":"GDP.","start":5547.69,"end":5548.41}]},{"text":"Debt service stood at roughly 20% of our government revenues.","start":5548.89,"end":5556.33,"topics":[],"words":[{"text":"Debt","start":5548.89,"end":5549.13},{"text":"service","start":5549.13,"end":5549.61},{"text":"stood","start":5550.49,"end":5550.81},{"text":"at","start":5550.81,"end":5550.89},{"text":"roughly","start":5550.89,"end":5551.21},{"text":"20%","start":5551.53,"end":5551.57},{"text":"of","start":5551.61,"end":5551.69},{"text":"our","start":5551.69,"end":5551.77},{"text":"government","start":5551.93,"end":5552.57},{"text":"revenues.","start":5555.53,"end":5556.33}]},{"text":"While manageable, our budgetary room for maneuver is limited.","start":5561.73,"end":5566.73,"topics":[],"words":[{"text":"While","start":5561.73,"end":5562.01},{"text":"manageable,","start":5562.01,"end":5562.73},{"text":"our","start":5563.81,"end":5563.93},{"text":"budgetary","start":5564.25,"end":5564.77},{"text":"room","start":5564.77,"end":5564.97},{"text":"for","start":5564.97,"end":5565.13},{"text":"maneuver","start":5565.13,"end":5565.77},{"text":"is","start":5565.93,"end":5566.17},{"text":"limited.","start":5566.17,"end":5566.73}]},{"text":"Having said that, we don't think debt should be simply a burden.","start":5567.93,"end":5571.89,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"Having","start":5567.93,"end":5568.25},{"text":"said","start":5568.25,"end":5568.57},{"text":"that,","start":5568.57,"end":5568.89},{"text":"we","start":5569.21,"end":5569.37},{"text":"don't","start":5569.37,"end":5569.65},{"text":"think","start":5569.65,"end":5570.09},{"text":"debt","start":5570.25,"end":5570.49},{"text":"should","start":5570.49,"end":5570.73},{"text":"be","start":5570.73,"end":5571.13},{"text":"simply","start":5571.13,"end":5571.41},{"text":"a","start":5571.41,"end":5571.45},{"text":"burden.","start":5571.45,"end":5571.89}]},{"text":"It should be a lever for development if it is well managed and placed squarely within a fairer international financial architecture.","start":5571.89,"end":5582.13,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. There was strong support for a more inclusive architecture that gives developing countries greater voice and creates fairer multilateral rules for sovereign debt."}],"words":[{"text":"It","start":5571.89,"end":5572.01},{"text":"should","start":5572.01,"end":5572.17},{"text":"be","start":5572.17,"end":5572.41},{"text":"a","start":5572.65,"end":5572.69},{"text":"lever","start":5572.69,"end":5573.45},{"text":"for","start":5574.49,"end":5574.73},{"text":"development","start":5574.73,"end":5575.37},{"text":"if","start":5575.37,"end":5575.53},{"text":"it","start":5575.53,"end":5575.61},{"text":"is","start":5575.61,"end":5575.85},{"text":"well","start":5575.85,"end":5576.09},{"text":"managed","start":5576.09,"end":5576.73},{"text":"and","start":5576.81,"end":5577.37},{"text":"placed","start":5577.77,"end":5578.33},{"text":"squarely","start":5578.65,"end":5579.13},{"text":"within","start":5579.13,"end":5579.45},{"text":"a","start":5579.45,"end":5579.53},{"text":"fairer","start":5579.53,"end":5580.01},{"text":"international","start":5580.01,"end":5580.81},{"text":"financial","start":5580.97,"end":5581.45},{"text":"architecture.","start":5581.45,"end":5582.13}]},{"text":"For this reason, Burundi strongly supports the establishment of a multilateral framework for addressing debt, and this under the auspices of the United Nations.","start":5582.49,"end":5594.45,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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The discussion emphasized timely restructuring, equal treatment of creditors, and mechanisms that prevent countries from remaining trapped in prolonged debt crises."}],"words":[{"text":"For","start":5582.49,"end":5582.65},{"text":"this","start":5582.65,"end":5582.89},{"text":"reason,","start":5582.89,"end":5583.21},{"text":"Burundi","start":5583.21,"end":5583.85},{"text":"strongly","start":5584.37,"end":5584.69},{"text":"supports","start":5584.69,"end":5585.33},{"text":"the","start":5585.41,"end":5585.61},{"text":"establishment","start":5585.61,"end":5586.09},{"text":"of","start":5586.09,"end":5586.21},{"text":"a","start":5586.21,"end":5586.25},{"text":"multilateral","start":5586.25,"end":5586.93},{"text":"framework","start":5587.17,"end":5587.89},{"text":"for","start":5590.77,"end":5591.09},{"text":"addressing","start":5591.09,"end":5591.65},{"text":"debt,","start":5591.73,"end":5592.13},{"text":"and","start":5592.17,"end":5592.33},{"text":"this","start":5592.33,"end":5592.61},{"text":"under","start":5592.69,"end":5592.93},{"text":"the","start":5592.93,"end":5593.05},{"text":"auspices","start":5593.09,"end":5593.49},{"text":"of","start":5593.49,"end":5593.57},{"text":"the","start":5593.57,"end":5593.65},{"text":"United","start":5593.65,"end":5594.01},{"text":"Nations.","start":5594.01,"end":5594.45}]},{"text":"Such a framework would allow for swift and tailored adaptation to the needs of the most vulnerable countries, all the while respecting the need to achieve the SDGs.","start":5594.45,"end":5607.65,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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Speakers called for more objective, development-aware, and vulnerability-sensitive ratings, including new regional or resilience-based approaches."}],"words":[{"text":"They","start":5641.33,"end":5641.45},{"text":"continue","start":5641.45,"end":5642.01},{"text":"to","start":5642.01,"end":5642.13},{"text":"penalize","start":5642.13,"end":5643.13},{"text":"developing","start":5643.29,"end":5643.65},{"text":"countries,","start":5643.65,"end":5644.25},{"text":"resulting","start":5645.69,"end":5646.25},{"text":"in","start":5646.25,"end":5646.81},{"text":"high","start":5647.21,"end":5647.37},{"text":"interest","start":5647.37,"end":5647.77},{"text":"rates.","start":5647.77,"end":5648.09}]},{"text":"And this even when our economic fundamentals are very similar to those of countries with high ratings.","start":5648.33,"end":5654.41,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Reform","description":"A recurring concern was that current credit rating methodologies overstate risk in developing countries and SIDS, raising borrowing costs unfairly. 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"And","start":5648.33,"end":5648.53},{"text":"this","start":5648.53,"end":5648.89},{"text":"even","start":5649.13,"end":5649.41},{"text":"when","start":5649.41,"end":5649.69},{"text":"our","start":5649.69,"end":5649.93},{"text":"economic","start":5649.93,"end":5650.49},{"text":"fundamentals","start":5650.89,"end":5651.49},{"text":"are","start":5651.49,"end":5651.57},{"text":"very","start":5651.57,"end":5651.77},{"text":"similar","start":5651.77,"end":5652.33},{"text":"to","start":5652.57,"end":5652.81},{"text":"those","start":5652.97,"end":5653.21},{"text":"of","start":5653.21,"end":5653.29},{"text":"countries","start":5653.29,"end":5653.61},{"text":"with","start":5653.61,"end":5653.73},{"text":"high","start":5653.73,"end":5653.85},{"text":"ratings.","start":5653.85,"end":5654.41}]},{"text":"We need to invest not just in the SDGs, but we also need to ensure that risk assessments take these into account.","start":5654.41,"end":5665.45,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Reform","description":"A recurring concern was that current credit rating methodologies overstate risk in developing countries and SIDS, raising borrowing costs unfairly. 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"We","start":5654.41,"end":5654.61},{"text":"need","start":5654.61,"end":5654.73},{"text":"to","start":5654.73,"end":5654.85},{"text":"invest","start":5654.85,"end":5655.29},{"text":"not","start":5655.85,"end":5656.17},{"text":"just","start":5656.17,"end":5656.49},{"text":"in","start":5656.49,"end":5656.89},{"text":"the","start":5657.21,"end":5657.33},{"text":"SDGs,","start":5657.37,"end":5658.25},{"text":"but","start":5659.85,"end":5660.01},{"text":"we","start":5660.01,"end":5660.17},{"text":"also","start":5660.17,"end":5660.41},{"text":"need","start":5660.41,"end":5660.57},{"text":"to","start":5660.57,"end":5660.69},{"text":"ensure","start":5660.69,"end":5661.37},{"text":"that","start":5661.53,"end":5661.93},{"text":"risk","start":5662.65,"end":5662.89},{"text":"assessments","start":5662.89,"end":5663.45},{"text":"take","start":5663.45,"end":5664.01},{"text":"these","start":5664.09,"end":5664.41},{"text":"into","start":5664.41,"end":5664.77},{"text":"account.","start":5664.77,"end":5665.45}]},{"text":"We welcome an African credit rating agency being established.","start":5666.01,"end":5670.61,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Reform","description":"A recurring concern was that current credit rating methodologies overstate risk in developing countries and SIDS, raising borrowing costs unfairly. Speakers called for more objective, development-aware, and vulnerability-sensitive ratings, including new regional or resilience-based approaches."}],"words":[{"text":"We","start":5666.01,"end":5666.17},{"text":"welcome","start":5666.17,"end":5666.65},{"text":"an","start":5667.69,"end":5667.89},{"text":"African","start":5668.05,"end":5668.45},{"text":"credit","start":5668.45,"end":5668.85},{"text":"rating","start":5668.85,"end":5669.17},{"text":"agency","start":5669.17,"end":5669.81},{"text":"being","start":5669.81,"end":5670.05},{"text":"established.","start":5670.05,"end":5670.61}]},{"text":"We believe this is an important stepping stone on the way to restoring the financial and information-based sovereignty of the continent.","start":5670.61,"end":5679.41,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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Speakers called for more objective, development-aware, and vulnerability-sensitive ratings, including new regional or resilience-based approaches."}],"words":[{"text":"We","start":5670.61,"end":5670.69},{"text":"believe","start":5670.69,"end":5671.01},{"text":"this","start":5671.01,"end":5671.17},{"text":"is","start":5671.17,"end":5671.37},{"text":"an","start":5671.37,"end":5671.49},{"text":"important","start":5671.49,"end":5671.97},{"text":"stepping","start":5671.97,"end":5672.37},{"text":"stone","start":5672.37,"end":5672.77},{"text":"on","start":5672.93,"end":5673.09},{"text":"the","start":5673.09,"end":5673.21},{"text":"way","start":5673.21,"end":5673.49},{"text":"to","start":5673.49,"end":5673.81},{"text":"restoring","start":5674.05,"end":5674.85},{"text":"the","start":5675.65,"end":5675.85},{"text":"financial","start":5675.89,"end":5676.33},{"text":"and","start":5676.33,"end":5676.65},{"text":"information-based","start":5676.69,"end":5678.05},{"text":"sovereignty","start":5678.05,"end":5678.61},{"text":"of","start":5678.61,"end":5678.77},{"text":"the","start":5678.77,"end":5678.85},{"text":"continent.","start":5678.85,"end":5679.41}]},{"text":"Excellencies, ladies and gentlemen, today, more than ever, we need an international financial system which supports our development priorities, rather than one which contradicts or ignores these very priorities.","start":5680.29,"end":5693.49,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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The discussion included broadening tax bases, making taxation more progressive, reducing illicit financial flows, and strengthening countries’ capacity to finance their own development."},{"key":"debt-transparency","label":"Debt Transparency and Responsible Lending","description":"Transparency in debt contracts, debt data, and borrowing decisions emerged as a major theme. Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."}],"words":[{"text":"As","start":5700.61,"end":5700.81},{"text":"for","start":5700.81,"end":5700.93},{"text":"Burundi,","start":5700.93,"end":5701.33},{"text":"we'd","start":5701.33,"end":5701.57},{"text":"like","start":5701.57,"end":5701.69},{"text":"to","start":5701.69,"end":5701.77},{"text":"reiterate","start":5701.77,"end":5702.37},{"text":"our","start":5702.37,"end":5702.45},{"text":"commitment","start":5702.45,"end":5703.17},{"text":"to","start":5703.57,"end":5703.77},{"text":"using","start":5703.77,"end":5704.53},{"text":"debt","start":5704.53,"end":5705.09},{"text":"in","start":5705.33,"end":5705.49},{"text":"a","start":5705.49,"end":5705.53},{"text":"responsible","start":5705.53,"end":5706.29},{"text":"fashion.","start":5706.29,"end":5706.85}]},{"text":"However, we also call for debt reform in the spirit of solidarity and economic justice.","start":5707.33,"end":5715.65,"topics":[{"key":"debt-relief-restructuring","label":"Debt Relief and Restructuring","description":"Speakers repeatedly called for faster, fairer, and more inclusive sovereign debt workouts, including improvements to the G20 Common Framework. 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Burundi.","start":5720.93,"end":5724.97,"topics":[],"words":[{"text":"I","start":5720.93,"end":5721.09},{"text":"thank","start":5721.09,"end":5721.49},{"text":"the","start":5723.45,"end":5723.49},{"text":"distinguished","start":5723.49,"end":5723.93},{"text":"representative","start":5723.93,"end":5724.45},{"text":"of","start":5724.45,"end":5724.53},{"text":"Burundi.","start":5724.53,"end":5724.97}]},{"text":"I now have the honor of giving the floor to the IMF.","start":5724.97,"end":5727.49,"topics":[],"words":[{"text":"I","start":5724.97,"end":5725.01},{"text":"now","start":5725.01,"end":5725.17},{"text":"have","start":5725.17,"end":5725.33},{"text":"the","start":5725.33,"end":5725.45},{"text":"honor","start":5725.45,"end":5725.81},{"text":"of","start":5725.97,"end":5726.21},{"text":"giving","start":5726.21,"end":5726.41},{"text":"the","start":5726.41,"end":5726.49},{"text":"floor","start":5726.49,"end":5726.77},{"text":"to","start":5726.77,"end":5726.93},{"text":"the","start":5726.97,"end":5727.05},{"text":"IMF.","start":5727.05,"end":5727.49}]}]}],"speaker":{"name":null,"affiliation":null,"affiliation_full":null,"group":null,"function":"Co-Chair"}},{"statement_number":43,"start":5731.73,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=5732","paragraphs":[{"sentences":[{"text":"Thank you very much, Mr. Chair, and thank you for the opportunity to 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will do so through our policy advice, based on our near-universal membership and 80 years of experience; our support for building institutional capacity in our areas of expertise, which include, of course, fiscal policies and debt management, among others; and through providing financial support where needed to help countries address balance of payment problems.","start":5828.53,"end":5849.69,"topics":[{"key":"domestic-resource-mobilization","label":"Domestic Resource Mobilization","description":"Several speakers linked debt solutions to stronger domestic revenue systems, especially tax reform and improved fiscal management. 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"We","start":5892.09,"end":5892.29},{"text":"will","start":5892.29,"end":5892.41},{"text":"also","start":5892.41,"end":5892.65},{"text":"continue","start":5892.65,"end":5893.05},{"text":"to","start":5893.05,"end":5893.17},{"text":"review","start":5893.17,"end":5893.61},{"text":"our","start":5893.61,"end":5893.77},{"text":"tools,","start":5893.77,"end":5894.33},{"text":"including","start":5894.45,"end":5894.97},{"text":"the","start":5894.97,"end":5895.09},{"text":"debt","start":5895.53,"end":5895.73},{"text":"sustainability","start":5895.73,"end":5896.29},{"text":"analysis.","start":5896.29,"end":5896.89}]},{"text":"We are jointly undertaking with the World Bank the review of the debt sustainability analysis for low-income countries and working as well for market access countries.","start":5896.89,"end":5904.49,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. 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Mauritania.","start":5926.21,"end":5933.49,"topics":[],"words":[{"text":"I","start":5926.21,"end":5926.45},{"text":"thank","start":5926.45,"end":5927.01},{"text":"the","start":5928.53,"end":5928.65},{"text":"Minister","start":5931.25,"end":5931.97},{"text":"of","start":5932.05,"end":5932.45},{"text":"Mauritania.","start":5932.53,"end":5933.49}]},{"text":"I give the floor to the Vice Minister of Development of the Netherlands.","start":5933.49,"end":5940.37,"topics":[],"words":[{"text":"I","start":5933.49,"end":5933.57},{"text":"give","start":5933.57,"end":5933.73},{"text":"the","start":5933.73,"end":5933.81},{"text":"floor","start":5933.81,"end":5934.21},{"text":"to","start":5934.21,"end":5934.53},{"text":"the","start":5934.61,"end":5934.81},{"text":"Vice","start":5935.73,"end":5936.05},{"text":"Minister","start":5936.05,"end":5936.49},{"text":"of","start":5936.49,"end":5936.57},{"text":"Development","start":5936.57,"end":5937.49},{"text":"of","start":5938.41,"end":5938.61},{"text":"the","start":5939.57,"end":5939.69},{"text":"Netherlands.","start":5939.69,"end":5940.37}]}]}],"speaker":{"name":"Pedro Sanchez","affiliation":"ESP","affiliation_full":"Spain","group":null,"function":"Head of Government"}},{"statement_number":46,"start":5941.89,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=5942","paragraphs":[{"sentences":[{"text":"Chair and distinguished excellencies, thank you for facilitating this platform, a burning platform indeed, as it is confirmed once more today.","start":5941.89,"end":5952.85,"topics":[],"words":[{"text":"Chair","start":5941.89,"end":5942.21},{"text":"and","start":5942.21,"end":5942.53},{"text":"distinguished","start":5943.21,"end":5943.89},{"text":"excellencies,","start":5943.97,"end":5944.85},{"text":"thank","start":5945.01,"end":5945.25},{"text":"you","start":5945.25,"end":5945.33},{"text":"for","start":5945.33,"end":5945.49},{"text":"facilitating","start":5945.49,"end":5946.21},{"text":"this","start":5946.21,"end":5946.37},{"text":"platform,","start":5946.37,"end":5947.09},{"text":"a","start":5947.49,"end":5947.65},{"text":"burning","start":5947.65,"end":5948.13},{"text":"platform","start":5948.13,"end":5948.61},{"text":"indeed,","start":5948.61,"end":5949.17},{"text":"as","start":5949.25,"end":5949.45},{"text":"it","start":5949.45,"end":5949.65},{"text":"is","start":5949.97,"end":5950.21},{"text":"confirmed","start":5950.21,"end":5950.77},{"text":"once","start":5951.73,"end":5952.13},{"text":"more","start":5952.13,"end":5952.45},{"text":"today.","start":5952.45,"end":5952.85}]},{"text":"I want to make three points.","start":5953.33,"end":5954.77,"topics":[],"words":[{"text":"I","start":5953.33,"end":5953.45},{"text":"want","start":5953.45,"end":5953.61},{"text":"to","start":5953.61,"end":5953.69},{"text":"make","start":5953.69,"end":5953.89},{"text":"three","start":5953.89,"end":5954.13},{"text":"points.","start":5954.13,"end":5954.77}]},{"text":"First, on transparency.","start":5955.25,"end":5957.09,"topics":[{"key":"debt-transparency","label":"Debt Transparency and Responsible Lending","description":"Transparency in debt contracts, debt data, and borrowing decisions emerged as a major theme. Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."}],"words":[{"text":"First,","start":5955.25,"end":5955.73},{"text":"on","start":5955.89,"end":5956.05},{"text":"transparency.","start":5956.05,"end":5957.09}]},{"text":"In the Netherlands, we have a saying that literally translates to, \"Trust arrives on foot and departs on horseback,\" and can be best summarized as follows, \"Trust is hard to gain and easy to lose.\"","start":5957.65,"end":5968.53,"topics":[{"key":"debt-transparency","label":"Debt Transparency and Responsible Lending","description":"Transparency in debt contracts, debt data, and borrowing decisions emerged as a major theme. Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."}],"words":[{"text":"In","start":5957.65,"end":5957.77},{"text":"the","start":5957.77,"end":5957.85},{"text":"Netherlands,","start":5957.85,"end":5958.25},{"text":"we","start":5958.25,"end":5958.33},{"text":"have","start":5958.33,"end":5958.45},{"text":"a","start":5958.53,"end":5958.57},{"text":"saying","start":5958.57,"end":5958.97},{"text":"that","start":5958.97,"end":5959.17},{"text":"literally","start":5959.17,"end":5959.65},{"text":"translates","start":5959.65,"end":5960.29},{"text":"to,","start":5960.29,"end":5960.53},{"text":"\"Trust","start":5960.85,"end":5961.21},{"text":"arrives","start":5961.21,"end":5961.61},{"text":"on","start":5961.61,"end":5961.73},{"text":"foot","start":5961.73,"end":5962.05},{"text":"and","start":5962.05,"end":5962.21},{"text":"departs","start":5962.21,"end":5962.69},{"text":"on","start":5962.69,"end":5962.85},{"text":"horseback,\"","start":5962.85,"end":5963.49},{"text":"and","start":5964.13,"end":5964.29},{"text":"can","start":5964.29,"end":5964.45},{"text":"be","start":5964.45,"end":5964.61},{"text":"best","start":5964.61,"end":5964.97},{"text":"summarized","start":5964.97,"end":5965.45},{"text":"as","start":5965.45,"end":5965.57},{"text":"follows,","start":5965.57,"end":5966.05},{"text":"\"Trust","start":5966.05,"end":5966.53},{"text":"is","start":5966.53,"end":5966.61},{"text":"hard","start":5966.61,"end":5966.89},{"text":"to","start":5966.89,"end":5967.01},{"text":"gain","start":5967.01,"end":5967.41},{"text":"and","start":5967.41,"end":5967.57},{"text":"easy","start":5967.57,"end":5967.81},{"text":"to","start":5967.81,"end":5967.97},{"text":"lose.\"","start":5967.97,"end":5968.53}]},{"text":"This saying effectively summarizes the view of the Netherlands that debt transparency should be a primary focus in improving the sovereign debt architecture.","start":5969.41,"end":5977.09,"topics":[{"key":"debt-transparency","label":"Debt Transparency and Responsible Lending","description":"Transparency in debt contracts, debt data, and borrowing decisions emerged as a major theme. Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."}],"words":[{"text":"This","start":5969.41,"end":5969.57},{"text":"saying","start":5969.57,"end":5969.89},{"text":"effectively","start":5970.05,"end":5970.61},{"text":"summarizes","start":5970.61,"end":5971.17},{"text":"the","start":5971.17,"end":5971.29},{"text":"view","start":5971.29,"end":5971.49},{"text":"of","start":5971.49,"end":5971.57},{"text":"the","start":5971.57,"end":5971.65},{"text":"Netherlands","start":5971.65,"end":5972.09},{"text":"that","start":5972.09,"end":5972.21},{"text":"debt","start":5972.21,"end":5972.65},{"text":"transparency","start":5972.65,"end":5973.49},{"text":"should","start":5973.49,"end":5973.77},{"text":"be","start":5973.77,"end":5974.01},{"text":"a","start":5974.01,"end":5974.05},{"text":"primary","start":5974.05,"end":5974.61},{"text":"focus","start":5974.61,"end":5975.09},{"text":"in","start":5975.09,"end":5975.21},{"text":"improving","start":5975.21,"end":5975.69},{"text":"the","start":5975.69,"end":5975.77},{"text":"sovereign","start":5975.77,"end":5976.09},{"text":"debt","start":5976.09,"end":5976.37},{"text":"architecture.","start":5976.37,"end":5977.09}]},{"text":"Without transparency, trust is hard to build.","start":5977.49,"end":5979.81,"topics":[{"key":"debt-transparency","label":"Debt Transparency and Responsible Lending","description":"Transparency in debt contracts, debt data, and borrowing decisions emerged as a major theme. Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."}],"words":[{"text":"Without","start":5977.49,"end":5977.85},{"text":"transparency,","start":5977.85,"end":5978.61},{"text":"trust","start":5978.61,"end":5978.93},{"text":"is","start":5978.93,"end":5979.09},{"text":"hard","start":5979.09,"end":5979.33},{"text":"to","start":5979.33,"end":5979.45},{"text":"build.","start":5979.45,"end":5979.81}]},{"text":"Without trust, financing will dry up.","start":5980.13,"end":5982.21,"topics":[],"words":[{"text":"Without","start":5980.13,"end":5980.57},{"text":"trust,","start":5980.57,"end":5980.85},{"text":"financing","start":5980.85,"end":5981.49},{"text":"will","start":5981.49,"end":5981.65},{"text":"dry","start":5981.65,"end":5981.97},{"text":"up.","start":5981.97,"end":5982.21}]},{"text":"Without financing, the SDGs and climate action will continue to stay out of reach.","start":5982.21,"end":5987.09,"topics":[],"words":[{"text":"Without","start":5982.21,"end":5982.53},{"text":"financing,","start":5982.53,"end":5983.17},{"text":"the","start":5983.17,"end":5983.29},{"text":"SDGs","start":5983.29,"end":5983.97},{"text":"and","start":5984.21,"end":5984.37},{"text":"climate","start":5984.37,"end":5984.85},{"text":"action","start":5984.85,"end":5985.17},{"text":"will","start":5985.17,"end":5985.29},{"text":"continue","start":5985.29,"end":5985.73},{"text":"to","start":5985.73,"end":5985.81},{"text":"stay","start":5985.81,"end":5986.21},{"text":"out","start":5986.45,"end":5986.61},{"text":"of","start":5986.61,"end":5986.69},{"text":"reach.","start":5986.69,"end":5987.09}]},{"text":"In this sense, debt transparency should remain a key pillar, or even radical transparency, as Axel von Trotsenburg just put it.","start":5987.81,"end":5996.37,"topics":[{"key":"debt-transparency","label":"Debt Transparency and Responsible Lending","description":"Transparency in debt contracts, debt data, and borrowing decisions emerged as a major theme. Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."}],"words":[{"text":"In","start":5987.81,"end":5988.01},{"text":"this","start":5988.01,"end":5988.25},{"text":"sense,","start":5988.25,"end":5988.69},{"text":"debt","start":5989.01,"end":5989.45},{"text":"transparency","start":5989.45,"end":5990.05},{"text":"should","start":5990.05,"end":5990.25},{"text":"remain","start":5990.25,"end":5990.69},{"text":"a","start":5990.69,"end":5990.73},{"text":"key","start":5990.73,"end":5991.01},{"text":"pillar,","start":5991.01,"end":5991.49},{"text":"or","start":5992.01,"end":5992.45},{"text":"even","start":5992.45,"end":5992.77},{"text":"radical","start":5992.77,"end":5993.33},{"text":"transparency,","start":5993.33,"end":5994.21},{"text":"as","start":5994.21,"end":5994.53},{"text":"Axel","start":5994.53,"end":5994.85},{"text":"von","start":5994.85,"end":5994.97},{"text":"Trotsenburg","start":5994.97,"end":5995.49},{"text":"just","start":5995.49,"end":5995.81},{"text":"put","start":5995.81,"end":5996.13},{"text":"it.","start":5996.13,"end":5996.37}]},{"text":"After all, public debt is public, and citizens all over the world have the right to know how governments and politicians are financing their plans and programs.","start":5997.33,"end":6009.17,"topics":[{"key":"debt-transparency","label":"Debt Transparency and Responsible Lending","description":"Transparency in debt contracts, debt data, and borrowing decisions emerged as a major theme. Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."}],"words":[{"text":"After","start":5997.33,"end":5997.61},{"text":"all,","start":5997.61,"end":5997.81},{"text":"public","start":5997.81,"end":5998.13},{"text":"debt","start":5998.13,"end":5998.41},{"text":"is","start":5998.85,"end":5999.25},{"text":"public,","start":5999.33,"end":5999.89},{"text":"and","start":5999.97,"end":6000.13},{"text":"citizens","start":6000.13,"end":6000.61},{"text":"all","start":6000.61,"end":6000.85},{"text":"over","start":6000.85,"end":6001.05},{"text":"the","start":6001.05,"end":6001.13},{"text":"world","start":6001.13,"end":6001.49},{"text":"have","start":6004.61,"end":6004.85},{"text":"the","start":6004.85,"end":6004.97},{"text":"right","start":6004.97,"end":6005.29},{"text":"to","start":6005.29,"end":6005.37},{"text":"know","start":6005.37,"end":6005.73},{"text":"how","start":6005.73,"end":6005.97},{"text":"governments","start":6005.97,"end":6006.49},{"text":"and","start":6006.49,"end":6006.61},{"text":"politicians","start":6006.61,"end":6007.21},{"text":"are","start":6007.21,"end":6007.33},{"text":"financing","start":6007.33,"end":6007.85},{"text":"their","start":6007.85,"end":6007.97},{"text":"plans","start":6007.97,"end":6008.37},{"text":"and","start":6008.37,"end":6008.49},{"text":"programs.","start":6008.49,"end":6009.17}]},{"text":"In this light, we intend to support initiatives that support debt transparency, from capacity development programs to knowledge hubs, and we always advocate for policies that reward transparency.","start":6009.41,"end":6022.53,"topics":[{"key":"debt-transparency","label":"Debt Transparency and Responsible Lending","description":"Transparency in debt contracts, debt data, and borrowing decisions emerged as a major theme. Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."}],"words":[{"text":"In","start":6009.41,"end":6009.61},{"text":"this","start":6009.61,"end":6009.81},{"text":"light,","start":6009.81,"end":6010.29},{"text":"we","start":6010.29,"end":6010.53},{"text":"intend","start":6010.53,"end":6010.89},{"text":"to","start":6010.89,"end":6011.01},{"text":"support","start":6011.01,"end":6011.45},{"text":"initiatives","start":6011.45,"end":6012.45},{"text":"that","start":6012.45,"end":6012.85},{"text":"support","start":6013.81,"end":6014.53},{"text":"debt","start":6014.61,"end":6015.13},{"text":"transparency,","start":6015.13,"end":6015.89},{"text":"from","start":6015.89,"end":6016.13},{"text":"capacity","start":6016.13,"end":6016.69},{"text":"development","start":6016.69,"end":6017.13},{"text":"programs","start":6017.13,"end":6017.65},{"text":"to","start":6017.81,"end":6017.97},{"text":"knowledge","start":6017.97,"end":6018.33},{"text":"hubs,","start":6018.33,"end":6018.69},{"text":"and","start":6018.93,"end":6019.09},{"text":"we","start":6019.09,"end":6019.33},{"text":"always","start":6019.41,"end":6019.81},{"text":"advocate","start":6019.81,"end":6020.29},{"text":"for","start":6020.29,"end":6020.45},{"text":"policies","start":6020.45,"end":6020.85},{"text":"that","start":6020.85,"end":6021.01},{"text":"reward","start":6021.01,"end":6021.49},{"text":"transparency.","start":6021.65,"end":6022.53}]},{"text":"CSOs, press, and parliaments should be enabled to play their roles in this respect.","start":6022.69,"end":6026.77,"topics":[{"key":"debt-transparency","label":"Debt Transparency and Responsible Lending","description":"Transparency in debt contracts, debt data, and borrowing decisions emerged as a major theme. 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now, we have the floor, assistant director, Minister of Finance, Sri Lanka.","start":6284.57,"end":6288.33,"topics":[],"words":[{"text":"And","start":6284.57,"end":6284.77},{"text":"now,","start":6284.77,"end":6284.89},{"text":"we","start":6284.89,"end":6284.97},{"text":"have","start":6284.97,"end":6285.09},{"text":"the","start":6285.09,"end":6285.17},{"text":"floor,","start":6285.17,"end":6285.45},{"text":"assistant","start":6285.45,"end":6285.93},{"text":"director,","start":6285.93,"end":6286.33},{"text":"Minister","start":6286.33,"end":6286.69},{"text":"of","start":6286.69,"end":6286.81},{"text":"Finance,","start":6286.81,"end":6287.29},{"text":"Sri","start":6287.57,"end":6287.89},{"text":"Lanka.","start":6287.89,"end":6288.33}]}]}],"speaker":{"name":"Pedro Sanchez","affiliation":"ESP","affiliation_full":"Spain","group":null,"function":"Head of 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legislative reform is essential for rebuilding investor confidence and restoring private investment to support economic recovery.","start":6382.85,"end":6390.69,"topics":[],"words":[{"text":"This","start":6382.85,"end":6383.09},{"text":"legislative","start":6383.13,"end":6383.89},{"text":"reform","start":6383.89,"end":6384.29},{"text":"is","start":6384.29,"end":6384.57},{"text":"essential","start":6384.57,"end":6385.01},{"text":"for","start":6385.01,"end":6385.21},{"text":"rebuilding","start":6385.21,"end":6385.77},{"text":"investor","start":6385.77,"end":6386.25},{"text":"confidence","start":6386.25,"end":6386.85},{"text":"and","start":6386.85,"end":6386.97},{"text":"restoring","start":6386.97,"end":6387.53},{"text":"private","start":6387.57,"end":6388.05},{"text":"investment","start":6388.05,"end":6388.65},{"text":"to","start":6388.65,"end":6388.77},{"text":"support","start":6388.85,"end":6389.33},{"text":"economic","start":6389.53,"end":6390.05},{"text":"recovery.","start":6390.05,"end":6390.69}]},{"text":"With UNDP support, we developed the National Climate Finance Strategy 2025-2030 to mobilize 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The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"With","start":6391.21,"end":6391.29},{"text":"UNDP","start":6391.29,"end":6391.93},{"text":"support,","start":6391.93,"end":6392.57},{"text":"we","start":6392.57,"end":6392.73},{"text":"developed","start":6392.73,"end":6393.05},{"text":"the","start":6393.05,"end":6393.17},{"text":"National","start":6393.17,"end":6393.53},{"text":"Climate","start":6393.53,"end":6393.97},{"text":"Finance","start":6393.97,"end":6394.41},{"text":"Strategy","start":6394.41,"end":6394.89},{"text":"2025-2030","start":6394.89,"end":6396.81},{"text":"to","start":6396.97,"end":6397.09},{"text":"mobilize","start":6397.09,"end":6397.53},{"text":"private","start":6397.53,"end":6398.01},{"text":"finance","start":6398.01,"end":6398.49},{"text":"for","start":6398.49,"end":6398.61},{"text":"climate","start":6398.61,"end":6399.01},{"text":"adaptation","start":6399.01,"end":6399.73},{"text":"and","start":6399.73,"end":6399.85},{"text":"mitigation.","start":6399.85,"end":6400.57}]},{"text":"This strategy has 12 innovative climate financing mechanisms, including ESG swaps, greens, and sustainability-linked bonds, disaster risk insurance, green revolving fund, payment for ecosystems, and public-private partnerships for climate action.","start":6400.73,"end":6417.69,"topics":[{"key":"climate-linked-debt","label":"Climate-Linked Debt Instruments","description":"Participants highlighted the need for debt tools that respond to climate and other shocks, such as debt pause clauses, disaster clauses, and debt-for-climate or debt-for-nature swaps. 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Sanchez","affiliation":"ESP","affiliation_full":"Spain","group":null,"function":"Head of Government"}},{"statement_number":52,"start":6504.17,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=6505","paragraphs":[{"sentences":[{"text":"Thank you, Chair, Excellencies and distinguished delegates.","start":6504.17,"end":6508.01,"topics":[],"words":[{"text":"Thank","start":6504.17,"end":6504.41},{"text":"you,","start":6504.41,"end":6504.49},{"text":"Chair,","start":6504.49,"end":6505.13},{"text":"Excellencies","start":6505.13,"end":6506.17},{"text":"and","start":6506.17,"end":6506.37},{"text":"distinguished","start":6506.37,"end":6507.13},{"text":"delegates.","start":6507.13,"end":6508.01}]},{"text":"It's my honor to participate in this roundtable to be dedicated to a topic that is very essential, realizing our development-oriented sovereign debt 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countries.","start":6528.01,"end":6537.77,"topics":[{"key":"debt-relief-restructuring","label":"Debt Relief and Restructuring","description":"Speakers repeatedly called for faster, fairer, and more inclusive sovereign debt workouts, including improvements to the G20 Common Framework. 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Republic of Korea will continue to engage actively throughout this process.","start":6608.29,"end":6613.49,"topics":[],"words":[{"text":"The","start":6608.29,"end":6608.41},{"text":"Republic","start":6608.41,"end":6608.97},{"text":"of","start":6608.97,"end":6609.09},{"text":"Korea","start":6609.09,"end":6609.73},{"text":"will","start":6609.73,"end":6609.89},{"text":"continue","start":6609.89,"end":6610.41},{"text":"to","start":6610.41,"end":6610.61},{"text":"engage","start":6610.65,"end":6611.17},{"text":"actively","start":6611.17,"end":6611.73},{"text":"throughout","start":6611.73,"end":6612.49},{"text":"this","start":6612.49,"end":6612.77},{"text":"process.","start":6612.77,"end":6613.49}]},{"text":"We also believe that debt treatment should go beyond financial 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recovery.","start":6619.69,"end":6627.53,"topics":[],"words":[{"text":"It","start":6619.69,"end":6619.77},{"text":"should","start":6619.77,"end":6620.17},{"text":"also","start":6620.17,"end":6620.49},{"text":"contribute","start":6620.49,"end":6621.49},{"text":"to","start":6621.49,"end":6621.57},{"text":"building","start":6621.57,"end":6621.97},{"text":"mutual","start":6621.97,"end":6622.45},{"text":"confidence","start":6622.45,"end":6623.13},{"text":"between","start":6623.29,"end":6623.77},{"text":"debtor","start":6623.77,"end":6624.25},{"text":"and","start":6624.25,"end":6624.37},{"text":"creditors,","start":6624.37,"end":6625.21},{"text":"laying","start":6625.21,"end":6625.61},{"text":"a","start":6625.61,"end":6625.65},{"text":"groundwork","start":6625.65,"end":6626.33},{"text":"for","start":6626.33,"end":6626.57},{"text":"long-term","start":6626.57,"end":6626.97},{"text":"recovery.","start":6626.97,"end":6627.53}]},{"text":"Thank 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Sanchez","affiliation":"ESP","affiliation_full":"Spain","group":null,"function":"Head of Government"}},{"statement_number":54,"start":6652.45,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=6653","paragraphs":[{"sentences":[{"text":"Distinguished co-chairs we're not here to talk about the vulnerabilities but what can be done to address the debt burdens we face first Innovation We lack access to affordable finance.","start":6652.45,"end":6666.37,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. 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Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."}],"words":[{"text":"We","start":6803.27,"end":6803.43},{"text":"are","start":6803.43,"end":6803.51},{"text":"happy","start":6803.51,"end":6803.91},{"text":"to","start":6803.91,"end":6804.03},{"text":"see","start":6804.03,"end":6804.47},{"text":"its","start":6804.47,"end":6804.71},{"text":"reflection","start":6804.71,"end":6805.43},{"text":"through","start":6806.15,"end":6806.39},{"text":"the","start":6806.39,"end":6806.55},{"text":"call","start":6806.55,"end":6806.87},{"text":"for","start":6806.87,"end":6807.19},{"text":"enhanced","start":6807.19,"end":6807.75},{"text":"action","start":6807.75,"end":6808.39},{"text":"on","start":6808.71,"end":6808.87},{"text":"responsible","start":6808.87,"end":6809.67},{"text":"sovereign","start":6809.91,"end":6810.39},{"text":"borrowing","start":6810.39,"end":6810.87},{"text":"and","start":6810.95,"end":6811.15},{"text":"lending.","start":6811.15,"end":6811.67}]},{"text":"Co-chairs, we believe the commitment to establish central data registry is a critical step forward to build trust and accountability in the system.","start":6813.03,"end":6823.43,"topics":[{"key":"debt-transparency","label":"Debt Transparency and Responsible Lending","description":"Transparency in debt contracts, debt data, and borrowing decisions emerged as a major theme. 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we are happy to see that Sevilla has been able to produce a blueprint from reforms.","start":6876.11,"end":6882.51,"topics":[],"words":[{"text":"Excellencies,","start":6876.11,"end":6876.99},{"text":"we","start":6877.23,"end":6877.39},{"text":"are","start":6877.39,"end":6877.47},{"text":"happy","start":6877.47,"end":6877.79},{"text":"to","start":6877.79,"end":6877.99},{"text":"see","start":6877.99,"end":6878.35},{"text":"that","start":6878.35,"end":6878.59},{"text":"Sevilla","start":6878.59,"end":6879.11},{"text":"has","start":6879.11,"end":6879.31},{"text":"been","start":6879.31,"end":6879.47},{"text":"able","start":6879.55,"end":6879.79},{"text":"to","start":6879.79,"end":6879.95},{"text":"produce","start":6879.95,"end":6880.51},{"text":"a","start":6880.99,"end":6881.03},{"text":"blueprint","start":6881.03,"end":6881.59},{"text":"from","start":6881.59,"end":6881.83},{"text":"reforms.","start":6881.83,"end":6882.51}]},{"text":"But this roundtable rightly guides us through the question, what is next?","start":6883.51,"end":6888.95,"topics":[],"words":[{"text":"But","start":6883.51,"end":6883.75},{"text":"this","start":6883.75,"end":6884.11},{"text":"roundtable","start":6884.11,"end":6884.79},{"text":"rightly","start":6885.03,"end":6885.43},{"text":"guides","start":6885.43,"end":6885.83},{"text":"us","start":6885.83,"end":6886.15},{"text":"through","start":6887.11,"end":6887.27},{"text":"the","start":6887.27,"end":6887.39},{"text":"question,","start":6887.39,"end":6887.91},{"text":"what","start":6887.95,"end":6888.23},{"text":"is","start":6888.23,"end":6888.39},{"text":"next?","start":6888.39,"end":6888.95}]},{"text":"Let me reiterate here, an ambitious document is never enough.","start":6889.35,"end":6893.19,"topics":[],"words":[{"text":"Let","start":6889.35,"end":6889.47},{"text":"me","start":6889.47,"end":6889.67},{"text":"reiterate","start":6889.67,"end":6890.31},{"text":"here,","start":6890.31,"end":6890.63},{"text":"an","start":6890.83,"end":6891.03},{"text":"ambitious","start":6891.03,"end":6891.67},{"text":"document","start":6891.67,"end":6892.23},{"text":"is","start":6892.23,"end":6892.39},{"text":"never","start":6892.39,"end":6892.71},{"text":"enough.","start":6892.71,"end":6893.19}]},{"text":"Its success depends on political will and time-bound deliverables.","start":6893.59,"end":6899.27,"topics":[],"words":[{"text":"Its","start":6893.59,"end":6894.71},{"text":"success","start":6894.95,"end":6895.51},{"text":"depends","start":6895.59,"end":6896.07},{"text":"on","start":6896.07,"end":6896.23},{"text":"political","start":6896.23,"end":6896.87},{"text":"will","start":6896.87,"end":6897.19},{"text":"and","start":6897.43,"end":6897.71},{"text":"time-bound","start":6897.71,"end":6898.35},{"text":"deliverables.","start":6898.35,"end":6899.27}]},{"text":"We must move beyond commitments to action with clear deadlines.","start":6899.59,"end":6903.83,"topics":[],"words":[{"text":"We","start":6899.59,"end":6899.79},{"text":"must","start":6899.79,"end":6900.15},{"text":"move","start":6900.15,"end":6900.47},{"text":"beyond","start":6900.47,"end":6900.87},{"text":"commitments","start":6900.87,"end":6901.59},{"text":"to","start":6901.75,"end":6901.87},{"text":"action","start":6901.91,"end":6902.39},{"text":"with","start":6902.47,"end":6902.71},{"text":"clear","start":6902.71,"end":6903.03},{"text":"deadlines.","start":6903.03,"end":6903.83}]},{"text":"And finally, we must ensure genuine ownership through empowering our people so that sovereign debt align with the national development priorities without undermining fiscal space or political autonomy of our countries.","start":6904.43,"end":6920.19,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency 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thank you, co-chair.","start":6920.51,"end":6921.63,"topics":[],"words":[{"text":"I","start":6920.51,"end":6920.67},{"text":"thank","start":6920.67,"end":6920.95},{"text":"you,","start":6920.95,"end":6921.07},{"text":"co-chair.","start":6921.07,"end":6921.63}]}]}],"speaker":{"name":null,"affiliation":"BGD","affiliation_full":"Bangladesh","group":null,"function":"Permanent Representative"}},{"statement_number":57,"start":6923.15,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=6924","paragraphs":[{"sentences":[{"text":"I.","start":6923.15,"end":6923.31,"topics":[],"words":[{"text":"I.","start":6923.15,"end":6923.31}]}]}],"speaker":{"name":null,"affiliation":null,"affiliation_full":null,"group":null,"function":null}},{"statement_number":58,"start":6925.31,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=6926","paragraphs":[{"sentences":[{"text":"Thank the distinguished representative of Bangladesh and give the floor to the Office of the High Commissioner for Human 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of 2024, global public debt reached a staggering $102 trillion.","start":6951.11,"end":6957.19,"topics":[],"words":[{"text":"As","start":6951.11,"end":6951.43},{"text":"of","start":6951.43,"end":6951.51},{"text":"2024,","start":6951.51,"end":6952.63},{"text":"global","start":6953.03,"end":6953.43},{"text":"public","start":6953.43,"end":6953.87},{"text":"debt","start":6953.87,"end":6954.31},{"text":"reached","start":6954.31,"end":6954.79},{"text":"a","start":6954.79,"end":6954.87},{"text":"staggering","start":6954.87,"end":6955.59},{"text":"$102","start":6955.75,"end":6955.79},{"text":"trillion.","start":6955.83,"end":6957.19}]},{"text":"UNCTAD's latest figures show that over 3.4 billion people, nearly half of humanity, live in countries that are spending more on interest payments than on health or 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on key sustainable development goals is going backwards.","start":6970.43,"end":6974.75,"topics":[],"words":[{"text":"Progress","start":6970.43,"end":6970.99},{"text":"on","start":6970.99,"end":6971.23},{"text":"key","start":6971.23,"end":6971.63},{"text":"sustainable","start":6971.63,"end":6972.23},{"text":"development","start":6972.23,"end":6972.83},{"text":"goals","start":6972.83,"end":6973.31},{"text":"is","start":6973.47,"end":6973.71},{"text":"going","start":6973.71,"end":6973.95},{"text":"backwards.","start":6973.95,"end":6974.75}]},{"text":"This is a human rights crisis.","start":6975.23,"end":6977.47,"topics":[],"words":[{"text":"This","start":6975.23,"end":6975.71},{"text":"is","start":6975.79,"end":6975.99},{"text":"a","start":6975.99,"end":6976.03},{"text":"human","start":6976.03,"end":6976.35},{"text":"rights","start":6976.35,"end":6976.67},{"text":"crisis.","start":6976.67,"end":6977.47}]},{"text":"We urgently need a reformed debt architecture that promotes inclusive, sustainable, and equitable development, guided by international human rights law.","start":6978.11,"end":6987.75,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. There was strong support for a more inclusive architecture that gives developing countries greater voice and creates fairer multilateral rules for sovereign debt."}],"words":[{"text":"We","start":6978.11,"end":6978.51},{"text":"urgently","start":6978.51,"end":6979.07},{"text":"need","start":6979.07,"end":6979.55},{"text":"a","start":6979.63,"end":6979.71},{"text":"reformed","start":6979.71,"end":6980.47},{"text":"debt","start":6980.47,"end":6980.75},{"text":"architecture","start":6980.75,"end":6981.55},{"text":"that","start":6981.55,"end":6981.79},{"text":"promotes","start":6981.79,"end":6982.35},{"text":"inclusive,","start":6982.35,"end":6982.99},{"text":"sustainable,","start":6983.23,"end":6984.03},{"text":"and","start":6984.19,"end":6984.39},{"text":"equitable","start":6984.39,"end":6984.83},{"text":"development,","start":6984.83,"end":6985.51},{"text":"guided","start":6985.55,"end":6986.03},{"text":"by","start":6986.03,"end":6986.27},{"text":"international","start":6986.27,"end":6986.87},{"text":"human","start":6986.87,"end":6987.15},{"text":"rights","start":6987.15,"end":6987.47},{"text":"law.","start":6987.47,"end":6987.75}]},{"text":"It is encouraging that the Compromiso de Sevilla explicitly reaffirms commitment to a comprehensive vision of human rights, civil, political, economic, social, and cultural, including the right to development.","start":6988.43,"end":7001.79,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"The","start":7021.47,"end":7021.51},{"text":"UN","start":7021.51,"end":7021.91},{"text":"Office","start":7021.91,"end":7022.39},{"text":"of","start":7022.39,"end":7022.59},{"text":"High","start":7022.59,"end":7022.79},{"text":"Commissioner","start":7022.79,"end":7023.31},{"text":"on","start":7023.31,"end":7023.51},{"text":"Human","start":7023.51,"end":7023.83},{"text":"Rights","start":7023.83,"end":7024.15},{"text":"is","start":7024.15,"end":7024.27},{"text":"promoting","start":7024.27,"end":7024.79},{"text":"the","start":7024.79,"end":7024.91},{"text":"vision","start":7024.91,"end":7025.27},{"text":"of","start":7025.27,"end":7025.43},{"text":"a","start":7025.43,"end":7025.47},{"text":"human","start":7025.47,"end":7025.83},{"text":"rights","start":7025.83,"end":7026.11},{"text":"economy,","start":7026.11,"end":7026.79},{"text":"one","start":7027.19,"end":7027.59},{"text":"that","start":7027.83,"end":7028.07},{"text":"prioritizes","start":7028.07,"end":7029.11},{"text":"investment","start":7029.11,"end":7029.91},{"text":"in","start":7029.91,"end":7030.07},{"text":"health,","start":7030.07,"end":7030.47},{"text":"social","start":7030.47,"end":7030.91},{"text":"security,","start":7030.91,"end":7031.43},{"text":"and","start":7031.43,"end":7031.71},{"text":"other","start":7031.71,"end":7031.87},{"text":"human","start":7031.87,"end":7032.15},{"text":"rights","start":7032.15,"end":7032.55},{"text":"in","start":7032.71,"end":7032.95},{"text":"the","start":7032.95,"end":7033.03},{"text":"way","start":7033.03,"end":7033.35},{"text":"economic","start":7033.35,"end":7033.83},{"text":"policies","start":7033.83,"end":7034.35},{"text":"are","start":7034.35,"end":7034.43},{"text":"designed","start":7034.43,"end":7034.95},{"text":"and","start":7034.95,"end":7035.11},{"text":"implemented.","start":7035.11,"end":7035.91}]},{"text":"A reformed and fair human rights-oriented debt architecture must be anchored in the human rights principles of transparency, accountability, participation, and equality that leaves no one and no country behind.","start":7036.47,"end":7050.71,"topics":[{"key":"debt-transparency","label":"Debt Transparency and Responsible Lending","description":"Transparency in debt contracts, debt data, and borrowing decisions emerged as a major theme. Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."},{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."},{"key":"climate-linked-debt","label":"Climate-Linked Debt Instruments","description":"Participants highlighted the need for debt tools that respond to climate and other shocks, such as debt pause clauses, disaster clauses, and debt-for-climate or debt-for-nature swaps. These instruments were presented as ways to protect fiscal space while supporting resilience and sustainable investment."}],"words":[{"text":"It","start":7051.15,"end":7051.39},{"text":"must","start":7051.39,"end":7051.79},{"text":"protect","start":7051.79,"end":7052.39},{"text":"fiscal","start":7052.39,"end":7052.83},{"text":"space","start":7052.83,"end":7053.15},{"text":"for","start":7053.15,"end":7053.27},{"text":"investment","start":7053.27,"end":7053.91},{"text":"in","start":7053.91,"end":7054.07},{"text":"public","start":7054.07,"end":7054.43},{"text":"services","start":7054.43,"end":7055.15},{"text":"such","start":7055.39,"end":7055.87},{"text":"as","start":7055.87,"end":7056.19},{"text":"education,","start":7056.43,"end":7057.47},{"text":"health,","start":7057.55,"end":7058.03},{"text":"social","start":7058.19,"end":7058.67},{"text":"protection","start":7058.67,"end":7059.23},{"text":"and","start":7059.23,"end":7059.47},{"text":"climate","start":7059.47,"end":7059.87},{"text":"resilience.","start":7059.87,"end":7060.51}]},{"text":"These are essential to economic recovery, sustainable development and social cohesion.","start":7060.83,"end":7065.39,"topics":[],"words":[{"text":"These","start":7060.83,"end":7061.23},{"text":"are","start":7061.23,"end":7061.31},{"text":"essential","start":7061.31,"end":7061.91},{"text":"to","start":7061.91,"end":7062.03},{"text":"economic","start":7062.03,"end":7062.59},{"text":"recovery,","start":7062.59,"end":7063.15},{"text":"sustainable","start":7063.15,"end":7063.67},{"text":"development","start":7063.67,"end":7064.23},{"text":"and","start":7064.23,"end":7064.39},{"text":"social","start":7064.39,"end":7064.75},{"text":"cohesion.","start":7064.75,"end":7065.39}]},{"text":"We emphasize three priorities.","start":7065.71,"end":7067.71,"topics":[],"words":[{"text":"We","start":7065.71,"end":7065.95},{"text":"emphasize","start":7065.95,"end":7066.51},{"text":"three","start":7066.51,"end":7066.75},{"text":"priorities.","start":7066.75,"end":7067.71}]},{"text":"First, debt relief for the world's poorest and most climate vulnerable countries is urgent and needed.","start":7068.11,"end":7073.79,"topics":[{"key":"debt-relief-restructuring","label":"Debt Relief and Restructuring","description":"Speakers repeatedly called for faster, fairer, and more inclusive sovereign debt workouts, including improvements to the G20 Common Framework. The discussion emphasized timely restructuring, equal treatment of creditors, and mechanisms that prevent countries from remaining trapped in prolonged debt crises."},{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. They called for tailored support such as the Multidimensional Vulnerability Index, the SIDS Debt Sustainability Support Service, and easier access to concessional and post-disaster finance."}],"words":[{"text":"First,","start":7068.11,"end":7068.67},{"text":"debt","start":7068.83,"end":7069.15},{"text":"relief","start":7069.15,"end":7069.43},{"text":"for","start":7069.43,"end":7069.55},{"text":"the","start":7069.55,"end":7069.71},{"text":"world's","start":7069.71,"end":7070.11},{"text":"poorest","start":7070.11,"end":7070.67},{"text":"and","start":7070.67,"end":7070.87},{"text":"most","start":7070.87,"end":7071.19},{"text":"climate","start":7071.19,"end":7071.55},{"text":"vulnerable","start":7071.55,"end":7072.03},{"text":"countries","start":7072.03,"end":7072.51},{"text":"is","start":7072.51,"end":7072.67},{"text":"urgent","start":7072.67,"end":7073.11},{"text":"and","start":7073.11,"end":7073.27},{"text":"needed.","start":7073.27,"end":7073.79}]},{"text":"Second, debt servicing must not jeopardize states' legal obligations to fulfill human rights for their people.","start":7074.11,"end":7080.79,"topics":[],"words":[{"text":"Second,","start":7074.11,"end":7074.83},{"text":"debt","start":7075.07,"end":7075.39},{"text":"servicing","start":7075.39,"end":7075.87},{"text":"must","start":7075.87,"end":7076.19},{"text":"not","start":7076.19,"end":7076.39},{"text":"jeopardize","start":7076.39,"end":7077.03},{"text":"states'","start":7077.03,"end":7077.63},{"text":"legal","start":7077.63,"end":7078.03},{"text":"obligations","start":7078.03,"end":7078.75},{"text":"to","start":7078.75,"end":7078.91},{"text":"fulfill","start":7078.91,"end":7079.35},{"text":"human","start":7079.35,"end":7079.71},{"text":"rights","start":7079.71,"end":7080.03},{"text":"for","start":7080.03,"end":7080.15},{"text":"their","start":7080.15,"end":7080.27},{"text":"people.","start":7080.27,"end":7080.79}]},{"text":"Austerity measures that are imposed during debt restructuring end up disproportionately hurting people in marginalized situations, including women and girls among them.","start":7081.31,"end":7091.55,"topics":[],"words":[{"text":"Austerity","start":7081.31,"end":7081.99},{"text":"measures","start":7081.99,"end":7082.43},{"text":"that","start":7082.43,"end":7082.59},{"text":"are","start":7082.59,"end":7082.67},{"text":"imposed","start":7082.67,"end":7083.11},{"text":"during","start":7083.11,"end":7083.39},{"text":"debt","start":7083.39,"end":7083.59},{"text":"restructuring","start":7083.59,"end":7084.43},{"text":"end","start":7084.75,"end":7085.07},{"text":"up","start":7085.07,"end":7085.19},{"text":"disproportionately","start":7085.19,"end":7086.19},{"text":"hurting","start":7086.19,"end":7086.75},{"text":"people","start":7086.75,"end":7087.23},{"text":"in","start":7087.23,"end":7087.47},{"text":"marginalized","start":7087.47,"end":7088.11},{"text":"situations,","start":7088.11,"end":7088.91},{"text":"including","start":7089.15,"end":7089.71},{"text":"women","start":7089.71,"end":7090.11},{"text":"and","start":7090.11,"end":7090.35},{"text":"girls","start":7090.35,"end":7090.83},{"text":"among","start":7090.83,"end":7091.15},{"text":"them.","start":7091.15,"end":7091.55}]},{"text":"Tools such as human rights impact assessments of loans and its conditionalities can help ring-fence the fiscal space needed to realize the rights to health, education and social protection.","start":7092.03,"end":7102.67,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. 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F54 and beyond be the moment we move from commitment to coherence, from aspiration to action.","start":7146.11,"end":7151.87,"topics":[],"words":[{"text":"Let","start":7146.11,"end":7146.47},{"text":"F54","start":7146.47,"end":7147.23},{"text":"and","start":7147.23,"end":7147.47},{"text":"beyond","start":7147.47,"end":7147.79},{"text":"be","start":7147.79,"end":7147.87},{"text":"the","start":7147.87,"end":7148.03},{"text":"moment","start":7148.07,"end":7148.39},{"text":"we","start":7148.39,"end":7148.51},{"text":"move","start":7148.51,"end":7148.75},{"text":"from","start":7148.75,"end":7148.99},{"text":"commitment","start":7148.99,"end":7149.51},{"text":"to","start":7149.51,"end":7149.59},{"text":"coherence,","start":7149.59,"end":7150.27},{"text":"from","start":7150.35,"end":7150.67},{"text":"aspiration","start":7150.67,"end":7151.23},{"text":"to","start":7151.23,"end":7151.35},{"text":"action.","start":7151.35,"end":7151.87}]},{"text":"Thank 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I can assure you that negotiations on the debt chapter was not a walk in the park.","start":7181.35,"end":7187.59,"topics":[],"words":[{"text":"And","start":7181.35,"end":7181.51},{"text":"I","start":7181.51,"end":7181.67},{"text":"can","start":7181.67,"end":7181.83},{"text":"assure","start":7181.83,"end":7182.15},{"text":"you","start":7182.15,"end":7182.39},{"text":"that","start":7182.71,"end":7183.03},{"text":"negotiations","start":7183.11,"end":7184.15},{"text":"on","start":7184.15,"end":7184.31},{"text":"the","start":7184.31,"end":7184.39},{"text":"debt","start":7184.39,"end":7184.75},{"text":"chapter","start":7184.75,"end":7185.27},{"text":"was","start":7185.51,"end":7185.83},{"text":"not","start":7185.83,"end":7186.31},{"text":"a","start":7186.39,"end":7186.47},{"text":"walk","start":7186.55,"end":7186.95},{"text":"in","start":7186.95,"end":7187.11},{"text":"the","start":7187.11,"end":7187.19},{"text":"park.","start":7187.19,"end":7187.59}]},{"text":"The chapter includes a package of actions that are intended to lower the cost of borrowing, give more voice to borrower countries, prevent future debt crisis, and ultimately free up urgently needed resources for development.","start":7188.67,"end":7205.27,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Reform","description":"A recurring concern was that current credit rating methodologies overstate risk in developing countries and SIDS, raising borrowing costs unfairly. 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"We","start":7504.39,"end":7504.63},{"text":"must","start":7504.63,"end":7505.07},{"text":"ensure","start":7505.07,"end":7505.59},{"text":"deliberate","start":7505.59,"end":7506.23},{"text":"efforts","start":7506.23,"end":7506.71},{"text":"in","start":7506.71,"end":7506.87},{"text":"building","start":7506.87,"end":7507.31},{"text":"capacities","start":7507.31,"end":7508.03},{"text":"of","start":7508.03,"end":7508.15},{"text":"developing","start":7508.15,"end":7508.71},{"text":"countries","start":7508.71,"end":7509.35},{"text":"in","start":7509.87,"end":7510.03},{"text":"sustainable","start":7510.03,"end":7510.75},{"text":"debt","start":7510.75,"end":7511.15},{"text":"management","start":7511.15,"end":7511.87},{"text":"and","start":7511.87,"end":7512.15},{"text":"debt","start":7512.15,"end":7512.35},{"text":"sustainability","start":7512.35,"end":7513.55},{"text":"analysis.","start":7513.91,"end":7514.83}]},{"text":"In conclusion, Kenya commits to work with all partners to ensure that financing for development ushers in a new global financing pact grounded in collective realities and aspirations of leaving no one behind.","start":7514.83,"end":7534.11,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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excellencies and distinguished guests, ladies and gentlemen, it is a great pleasure for me to welcome all participants in today's 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development-oriented debt architecture represents a balanced and strategic approach It is balanced on the principles of debt sustainability and is characterized by a low debt level, targeted use of borrowings for development financing, and application of guaranteed debt instruments.","start":7560.94,"end":7582.39,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. 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Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."}],"words":[{"text":"In","start":7654.59,"end":7654.75},{"text":"Kazakhstan,","start":7654.75,"end":7655.39},{"text":"we","start":7655.39,"end":7655.55},{"text":"also","start":7655.55,"end":7655.95},{"text":"widely","start":7655.95,"end":7656.43},{"text":"use","start":7656.43,"end":7656.83},{"text":"guaranteed","start":7657.07,"end":7657.55},{"text":"public","start":7657.55,"end":7658.03},{"text":"debt","start":7658.03,"end":7658.27},{"text":"instruments","start":7658.27,"end":7659.07},{"text":"when","start":7659.19,"end":7659.47},{"text":"loans","start":7659.47,"end":7659.95},{"text":"are","start":7660.03,"end":7660.15},{"text":"detected","start":7660.15,"end":7660.79},{"text":"under","start":7660.91,"end":7661.27},{"text":"a","start":7661.27,"end":7661.31},{"text":"state","start":7661.31,"end":7661.79},{"text":"guarantee.","start":7661.79,"end":7662.43}]},{"text":"In conclusion, I would like to underline that our goal is to build debt architecture which is aimed at long-term sustainable economic growth and without increasing financial risks.","start":7663.07,"end":7675.15,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. 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The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"Ethiopia","start":7691.87,"end":7692.35},{"text":"not","start":7692.35,"end":7692.51},{"text":"only","start":7692.51,"end":7692.83},{"text":"supports","start":7692.83,"end":7693.35},{"text":"us,","start":7693.35,"end":7693.71},{"text":"but","start":7693.79,"end":7693.95},{"text":"also","start":7693.95,"end":7694.23},{"text":"strongly","start":7694.23,"end":7694.63},{"text":"advocates","start":7694.63,"end":7695.47},{"text":"for","start":7695.79,"end":7696.11},{"text":"a","start":7696.11,"end":7696.15},{"text":"development-centered","start":7696.15,"end":7697.03},{"text":"approach","start":7697.03,"end":7697.35},{"text":"to","start":7697.35,"end":7697.71},{"text":"sovereign","start":7698.03,"end":7698.51},{"text":"debt,","start":7698.51,"end":7698.75},{"text":"one","start":7699.23,"end":7699.55},{"text":"that","start":7699.55,"end":7699.79},{"text":"reflects","start":7699.87,"end":7700.63},{"text":"the","start":7700.67,"end":7700.79},{"text":"urgent","start":7700.79,"end":7701.15},{"text":"reality","start":7701.15,"end":7701.55},{"text":"facing","start":7701.55,"end":7701.95},{"text":"many","start":7701.95,"end":7702.19},{"text":"developing","start":7702.19,"end":7702.67},{"text":"nations,","start":7702.67,"end":7703.23},{"text":"mounting","start":7703.55,"end":7704.11},{"text":"debt","start":7704.11,"end":7704.59},{"text":"burdens","start":7704.59,"end":7705.15},{"text":"alongside","start":7705.15,"end":7705.71},{"text":"critical","start":7705.71,"end":7706.27},{"text":"financing","start":7706.27,"end":7706.71},{"text":"needs","start":7706.71,"end":7707.03},{"text":"for","start":7707.03,"end":7707.39},{"text":"growth","start":7707.71,"end":7707.99},{"text":"and","start":7708.03,"end":7708.35},{"text":"sustainability.","start":7708.51,"end":7709.31}]},{"text":"For Ethiopia, debt has long been a crucial instrument for financing infrastructure, human capital, and growth-enabling investments.","start":7709.79,"end":7719.71,"topics":[],"words":[{"text":"For","start":7709.79,"end":7710.03},{"text":"Ethiopia,","start":7710.03,"end":7710.67},{"text":"debt","start":7711.15,"end":7711.51},{"text":"has","start":7711.51,"end":7711.71},{"text":"long","start":7711.71,"end":7711.87},{"text":"been","start":7711.95,"end":7712.27},{"text":"a","start":7712.27,"end":7712.31},{"text":"crucial","start":7712.31,"end":7713.55},{"text":"instrument","start":7714.03,"end":7714.91},{"text":"for","start":7714.91,"end":7715.23},{"text":"financing","start":7715.39,"end":7715.95},{"text":"infrastructure,","start":7715.95,"end":7716.83},{"text":"human","start":7716.91,"end":7717.27},{"text":"capital,","start":7717.27,"end":7717.67},{"text":"and","start":7717.67,"end":7717.87},{"text":"growth-enabling","start":7717.87,"end":7718.59},{"text":"investments.","start":7718.91,"end":7719.71}]},{"text":"However, the compounding effects of global shocks, from the pandemic to price volatility, have intensified debt vulnerabilities and constrained essential public spending.","start":7719.87,"end":7731.15,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. 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Participants argued for better disclosure, central registries, stronger oversight, and global principles for responsible borrowing and lending to reduce future crises and build trust."},{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"Debt","start":7785.99,"end":7786.31},{"text":"restructuring","start":7786.31,"end":7786.95},{"text":"must","start":7786.95,"end":7787.27},{"text":"be","start":7787.27,"end":7787.59},{"text":"rooted","start":7787.59,"end":7789.51},{"text":"in","start":7789.83,"end":7790.15},{"text":"transparency,","start":7790.15,"end":7790.87},{"text":"predictability,","start":7790.87,"end":7791.67},{"text":"and","start":7791.67,"end":7791.99},{"text":"a","start":7792.15,"end":7792.23},{"text":"clear","start":7792.23,"end":7792.59},{"text":"development","start":7792.59,"end":7793.11},{"text":"orientation.","start":7793.11,"end":7793.75}]},{"text":"Mr. Chair, debt must not be a trap.","start":7794.95,"end":7797.35,"topics":[],"words":[{"text":"Mr.","start":7794.95,"end":7795.27},{"text":"Chair,","start":7795.27,"end":7795.59},{"text":"debt","start":7795.67,"end":7795.99},{"text":"must","start":7795.99,"end":7796.31},{"text":"not","start":7796.31,"end":7796.55},{"text":"be","start":7796.55,"end":7796.87},{"text":"a","start":7796.87,"end":7796.91},{"text":"trap.","start":7796.91,"end":7797.35}]},{"text":"It must be a platform for investment, resilience, and long-term prosperity.","start":7797.59,"end":7803.03,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"It","start":7797.59,"end":7797.75},{"text":"must","start":7797.75,"end":7798.07},{"text":"be","start":7798.07,"end":7798.39},{"text":"a","start":7798.55,"end":7798.63},{"text":"platform","start":7798.63,"end":7799.19},{"text":"for","start":7799.19,"end":7799.47},{"text":"investment,","start":7799.47,"end":7800.07},{"text":"resilience,","start":7800.23,"end":7801.03},{"text":"and","start":7801.19,"end":7801.43},{"text":"long-term","start":7801.43,"end":7802.07},{"text":"prosperity.","start":7802.31,"end":7803.03}]},{"text":"We call all creditors to act in good faith and harmony.","start":7803.35,"end":7807.19,"topics":[],"words":[{"text":"We","start":7803.35,"end":7803.59},{"text":"call","start":7803.59,"end":7803.99},{"text":"all","start":7804.23,"end":7804.63},{"text":"creditors","start":7804.63,"end":7805.27},{"text":"to","start":7805.27,"end":7805.43},{"text":"act","start":7805.43,"end":7805.63},{"text":"in","start":7805.63,"end":7805.75},{"text":"good","start":7805.75,"end":7806.07},{"text":"faith","start":7806.07,"end":7806.35},{"text":"and","start":7806.47,"end":7806.67},{"text":"harmony.","start":7806.67,"end":7807.19}]},{"text":"We urge the international community to champion meaningful reforms to the global debt architecture, reforms that prioritize sustainability, and development over short-term repayment demands.","start":7807.35,"end":7819.91,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"We","start":7807.35,"end":7807.67},{"text":"urge","start":7807.67,"end":7807.91},{"text":"the","start":7807.91,"end":7807.99},{"text":"international","start":7807.99,"end":7808.71},{"text":"community","start":7808.71,"end":7809.11},{"text":"to","start":7809.11,"end":7809.23},{"text":"champion","start":7809.23,"end":7809.75},{"text":"meaningful","start":7810.07,"end":7810.79},{"text":"reforms","start":7810.79,"end":7811.35},{"text":"to","start":7811.35,"end":7811.47},{"text":"the","start":7811.47,"end":7811.59},{"text":"global","start":7811.59,"end":7811.99},{"text":"debt","start":7811.99,"end":7812.31},{"text":"architecture,","start":7812.55,"end":7813.35},{"text":"reforms","start":7813.59,"end":7814.23},{"text":"that","start":7814.23,"end":7814.39},{"text":"prioritize","start":7814.39,"end":7815.11},{"text":"sustainability,","start":7815.19,"end":7815.87},{"text":"and","start":7816.07,"end":7816.51},{"text":"development","start":7816.51,"end":7816.99},{"text":"over","start":7816.99,"end":7817.43},{"text":"short-term","start":7817.51,"end":7818.39},{"text":"repayment","start":7818.55,"end":7819.19},{"text":"demands.","start":7819.19,"end":7819.91}]},{"text":"To preserve fiscal space, we emphasize the need for more concessional finance.","start":7820.31,"end":7824.79,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"To","start":7820.31,"end":7820.55},{"text":"preserve","start":7820.63,"end":7821.19},{"text":"fiscal","start":7821.43,"end":7821.91},{"text":"space,","start":7821.91,"end":7822.23},{"text":"we","start":7822.23,"end":7822.55},{"text":"emphasize","start":7822.55,"end":7822.95},{"text":"the","start":7822.95,"end":7823.07},{"text":"need","start":7823.07,"end":7823.23},{"text":"for","start":7823.23,"end":7823.43},{"text":"more","start":7823.43,"end":7823.67},{"text":"concessional","start":7823.67,"end":7824.23},{"text":"finance.","start":7824.23,"end":7824.79}]},{"text":"Equally, we call for greater transparency and accountability in sovereign lending practices on both creditor and debtor sides to prevent future crises and ensure debt alignment with inclusive national development strategies.","start":7825.27,"end":7839.99,"topics":[{"key":"debt-transparency","label":"Debt Transparency and Responsible Lending","description":"Transparency in debt contracts, debt data, and borrowing decisions emerged as a major theme. 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These instruments were presented as ways to protect fiscal space while supporting resilience and sustainable investment."}],"words":[{"text":"We","start":7850.23,"end":7850.47},{"text":"need","start":7850.47,"end":7850.75},{"text":"a","start":7850.75,"end":7850.79},{"text":"global","start":7850.79,"end":7851.11},{"text":"compact","start":7851.11,"end":7851.55},{"text":"that","start":7851.55,"end":7851.71},{"text":"redefines","start":7851.71,"end":7852.23},{"text":"sovereign","start":7852.23,"end":7853.27},{"text":"debt,","start":7853.27,"end":7853.59},{"text":"not","start":7853.91,"end":7854.31},{"text":"as","start":7854.31,"end":7854.47},{"text":"a","start":7854.47,"end":7854.55},{"text":"burden,","start":7854.55,"end":7854.95},{"text":"but","start":7854.95,"end":7855.19},{"text":"as","start":7855.19,"end":7855.35},{"text":"a","start":7855.35,"end":7855.39},{"text":"tool","start":7855.39,"end":7855.67},{"text":"for","start":7855.67,"end":7855.87},{"text":"achieving","start":7855.87,"end":7856.39},{"text":"the","start":7856.55,"end":7856.71},{"text":"2030","start":7856.71,"end":7857.59},{"text":"agenda,","start":7857.75,"end":7858.39},{"text":"climate","start":7858.55,"end":7859.03},{"text":"goals,","start":7859.03,"end":7859.31},{"text":"and","start":7859.31,"end":7859.51},{"text":"international","start":7859.51,"end":7860.19},{"text":"equity.","start":7860.19,"end":7860.63}]},{"text":"Let this conference be a turning point.","start":7861.11,"end":7863.11,"topics":[],"words":[{"text":"Let","start":7861.11,"end":7861.31},{"text":"this","start":7861.35,"end":7861.51},{"text":"conference","start":7861.51,"end":7861.99},{"text":"be","start":7862.07,"end":7862.23},{"text":"a","start":7862.23,"end":7862.27},{"text":"turning","start":7862.27,"end":7862.63},{"text":"point.","start":7862.63,"end":7863.11}]},{"text":"Let's commit together to transforming sovereign debt into a catalyst for sustainable development through instruments such as debt swaps and debt convergence.","start":7863.15,"end":7873.19,"topics":[{"key":"climate-linked-debt","label":"Climate-Linked Debt Instruments","description":"Participants highlighted the need for debt tools that respond to climate and other shocks, such as debt pause clauses, disaster clauses, and debt-for-climate or debt-for-nature swaps. These instruments were presented as ways to protect fiscal space while supporting resilience and sustainable investment."}],"words":[{"text":"Let's","start":7863.15,"end":7863.43},{"text":"commit","start":7863.43,"end":7863.79},{"text":"together","start":7863.79,"end":7864.23},{"text":"to","start":7864.23,"end":7864.35},{"text":"transforming","start":7864.35,"end":7865.11},{"text":"sovereign","start":7865.27,"end":7866.03},{"text":"debt","start":7866.03,"end":7866.31},{"text":"into","start":7866.31,"end":7866.51},{"text":"a","start":7866.51,"end":7866.55},{"text":"catalyst","start":7866.55,"end":7867.11},{"text":"for","start":7867.11,"end":7867.27},{"text":"sustainable","start":7867.27,"end":7867.83},{"text":"development","start":7867.83,"end":7868.31},{"text":"through","start":7868.67,"end":7868.87},{"text":"instruments","start":7868.87,"end":7869.59},{"text":"such","start":7869.59,"end":7869.75},{"text":"as","start":7869.75,"end":7869.99},{"text":"debt","start":7870.23,"end":7870.47},{"text":"swaps","start":7870.47,"end":7871.03},{"text":"and","start":7871.03,"end":7871.27},{"text":"debt","start":7871.51,"end":7872.23},{"text":"convergence.","start":7872.47,"end":7873.19}]},{"text":"I thank you, Mr. Chair.","start":7873.51,"end":7874.47,"topics":[],"words":[{"text":"I","start":7873.51,"end":7873.67},{"text":"thank","start":7873.67,"end":7873.87},{"text":"you,","start":7873.87,"end":7873.95},{"text":"Mr.","start":7873.95,"end":7874.23},{"text":"Chair.","start":7874.23,"end":7874.47}]}]}],"speaker":{"name":null,"affiliation":"ETH","affiliation_full":"Ethiopia","group":null,"function":null}},{"statement_number":68,"start":7875.27,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=7876","paragraphs":[{"sentences":[{"text":"Gracias, Ethiopia.","start":7875.27,"end":7876.47,"topics":[],"words":[{"text":"Gracias,","start":7875.27,"end":7875.91},{"text":"Ethiopia.","start":7875.91,"end":7876.47}]}]},{"sentences":[{"text":"Thank you, Ethiopia. And I now give the floor to the PR of Angola.","start":7876.47,"end":7880.71,"topics":[],"words":[{"text":"Thank","start":7876.47,"end":7876.63},{"text":"you,","start":7876.63,"end":7876.87},{"text":"Ethiopia.","start":7877.27,"end":7878.07},{"text":"And","start":7878.07,"end":7878.31},{"text":"I","start":7878.31,"end":7878.35},{"text":"now","start":7878.35,"end":7878.55},{"text":"give","start":7878.63,"end":7878.83},{"text":"the","start":7878.83,"end":7878.99},{"text":"floor","start":7879.11,"end":7879.59},{"text":"to","start":7879.59,"end":7879.71},{"text":"the","start":7879.75,"end":7879.83},{"text":"PR","start":7879.83,"end":7880.19},{"text":"of","start":7880.19,"end":7880.27},{"text":"Angola.","start":7880.27,"end":7880.71}]}]}],"speaker":{"name":"Pedro Sanchez","affiliation":"ESP","affiliation_full":"Spain","group":null,"function":"Head of Government"}},{"statement_number":69,"start":7884.87,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=7885","paragraphs":[{"sentences":[{"text":"Co-chairs, Excellencies, Angola calls for the urgency of a new international financial order that can respond justly and effectively to the growing debt crisis across our continent, in line with the Lome Ministerial Declaration on Debt in Africa, adopted on 15 May","start":7884.87,"end":7904.79,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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Development.","start":8062.83,"end":8066.31,"topics":[],"words":[{"text":"Now,","start":8062.83,"end":8063.23},{"text":"the","start":8063.23,"end":8063.39},{"text":"floor","start":8063.39,"end":8063.75},{"text":"is","start":8063.75,"end":8063.87},{"text":"in","start":8063.87,"end":8064.03},{"text":"People","start":8064.03,"end":8064.35},{"text":"Movement","start":8064.35,"end":8064.87},{"text":"on","start":8064.87,"end":8064.99},{"text":"Debt","start":8064.99,"end":8065.31},{"text":"and","start":8065.31,"end":8065.63},{"text":"Development.","start":8065.63,"end":8066.31}]},{"text":"Civil society group.","start":8082.79,"end":8084.07,"topics":[],"words":[{"text":"Civil","start":8082.79,"end":8083.19},{"text":"society","start":8083.19,"end":8083.75},{"text":"group.","start":8083.75,"end":8084.07}]}]}],"speaker":{"name":"Pedro Sanchez","affiliation":"ESP","affiliation_full":"Spain","group":null,"function":"Head of 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The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"One","start":8110.95,"end":8111.19},{"text":"of","start":8111.23,"end":8111.31},{"text":"these","start":8111.31,"end":8111.67},{"text":"is","start":8111.67,"end":8111.83},{"text":"mobilizing","start":8111.83,"end":8112.63},{"text":"urgently","start":8112.63,"end":8113.23},{"text":"needed","start":8113.23,"end":8113.59},{"text":"financial","start":8114.07,"end":8114.63},{"text":"resources","start":8114.63,"end":8115.27},{"text":"of","start":8115.27,"end":8115.43},{"text":"the","start":8115.43,"end":8115.55},{"text":"necessary","start":8115.55,"end":8116.19},{"text":"scale,","start":8116.19,"end":8116.87},{"text":"speed,","start":8117.19,"end":8117.91},{"text":"and","start":8118.39,"end":8118.63},{"text":"ways","start":8118.63,"end":8119.03},{"text":"that","start":8119.03,"end":8119.19},{"text":"are","start":8119.19,"end":8119.27},{"text":"just,","start":8119.27,"end":8119.83},{"text":"equitable,","start":8120.07,"end":8120.71},{"text":"and","start":8120.71,"end":8120.87},{"text":"accountable.","start":8120.87,"end":8121.59}]},{"text":"And two, making profound changes in the international financial system, not only to mobilize finance, but to stop the massive and continuing transfer of wealth and natural resources from the Global South to the Global North.","start":8122.07,"end":8135.79,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. There was strong support for a more inclusive architecture that gives developing countries greater voice and creates fairer multilateral rules for sovereign debt."}],"words":[{"text":"And","start":8122.07,"end":8122.31},{"text":"two,","start":8122.31,"end":8122.71},{"text":"making","start":8123.03,"end":8123.39},{"text":"profound","start":8123.39,"end":8123.87},{"text":"changes","start":8123.87,"end":8124.39},{"text":"in","start":8124.39,"end":8124.55},{"text":"the","start":8124.55,"end":8124.63},{"text":"international","start":8124.63,"end":8125.31},{"text":"financial","start":8125.31,"end":8125.91},{"text":"system,","start":8125.91,"end":8126.47},{"text":"not","start":8126.95,"end":8127.27},{"text":"only","start":8127.27,"end":8127.51},{"text":"to","start":8127.51,"end":8127.67},{"text":"mobilize","start":8127.67,"end":8128.23},{"text":"finance,","start":8128.23,"end":8128.87},{"text":"but","start":8129.23,"end":8129.43},{"text":"to","start":8129.43,"end":8129.51},{"text":"stop","start":8129.51,"end":8129.87},{"text":"the","start":8129.87,"end":8129.95},{"text":"massive","start":8129.95,"end":8130.51},{"text":"and","start":8130.51,"end":8130.67},{"text":"continuing","start":8130.67,"end":8131.31},{"text":"transfer","start":8131.31,"end":8131.87},{"text":"of","start":8131.87,"end":8131.95},{"text":"wealth","start":8131.95,"end":8132.35},{"text":"and","start":8132.67,"end":8132.87},{"text":"natural","start":8132.87,"end":8133.35},{"text":"resources","start":8133.35,"end":8133.95},{"text":"from","start":8133.95,"end":8134.15},{"text":"the","start":8134.15,"end":8134.23},{"text":"Global","start":8134.23,"end":8134.59},{"text":"South","start":8134.59,"end":8134.91},{"text":"to","start":8134.91,"end":8135.03},{"text":"the","start":8135.03,"end":8135.11},{"text":"Global","start":8135.11,"end":8135.47},{"text":"North.","start":8135.47,"end":8135.79}]},{"text":"We thus urgently enjoin you all to hear the growing calls, particularly on the crushing burden of unsustainable and illegitimate debts.","start":8136.43,"end":8144.83,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"We","start":8136.43,"end":8136.55},{"text":"thus","start":8136.55,"end":8136.83},{"text":"urgently","start":8136.83,"end":8137.31},{"text":"enjoin","start":8137.31,"end":8137.79},{"text":"you","start":8137.79,"end":8137.91},{"text":"all","start":8137.91,"end":8138.35},{"text":"to","start":8138.67,"end":8138.83},{"text":"hear","start":8138.83,"end":8139.07},{"text":"the","start":8139.07,"end":8139.15},{"text":"growing","start":8139.15,"end":8139.63},{"text":"calls,","start":8139.63,"end":8140.19},{"text":"particularly","start":8140.51,"end":8141.31},{"text":"on","start":8141.31,"end":8141.43},{"text":"the","start":8141.43,"end":8141.55},{"text":"crushing","start":8141.55,"end":8142.03},{"text":"burden","start":8142.03,"end":8142.43},{"text":"of","start":8142.43,"end":8142.59},{"text":"unsustainable","start":8142.59,"end":8143.51},{"text":"and","start":8143.51,"end":8143.71},{"text":"illegitimate","start":8143.71,"end":8144.35},{"text":"debts.","start":8144.35,"end":8144.83}]},{"text":"Debt servicing imposes enormous fiscal strain and significant obstacles to the pursuit of sustainable development, economic justice, and climate action.","start":8145.31,"end":8155.15,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"Debt","start":8145.31,"end":8145.55},{"text":"servicing","start":8145.55,"end":8146.19},{"text":"imposes","start":8146.19,"end":8146.75},{"text":"enormous","start":8146.75,"end":8147.47},{"text":"fiscal","start":8147.47,"end":8147.87},{"text":"strain","start":8147.87,"end":8148.43},{"text":"and","start":8148.75,"end":8148.91},{"text":"significant","start":8148.91,"end":8149.59},{"text":"obstacles","start":8149.59,"end":8150.15},{"text":"to","start":8150.15,"end":8150.27},{"text":"the","start":8150.27,"end":8150.39},{"text":"pursuit","start":8150.39,"end":8150.99},{"text":"of","start":8150.99,"end":8151.07},{"text":"sustainable","start":8151.07,"end":8151.71},{"text":"development,","start":8151.71,"end":8152.39},{"text":"economic","start":8152.91,"end":8153.39},{"text":"justice,","start":8153.39,"end":8153.99},{"text":"and","start":8153.99,"end":8154.15},{"text":"climate","start":8154.15,"end":8154.59},{"text":"action.","start":8154.59,"end":8155.15}]},{"text":"Global South nations are compelled to comply with onerous loan conditionalities and prioritize debt repayments, even as we struggle for the fulfillment of basic rights to food, water, and other essentials for a life of dignity.","start":8155.55,"end":8170.47,"topics":[],"words":[{"text":"Global","start":8155.55,"end":8155.91},{"text":"South","start":8155.91,"end":8156.23},{"text":"nations","start":8156.23,"end":8156.75},{"text":"are","start":8156.75,"end":8156.87},{"text":"compelled","start":8156.87,"end":8157.31},{"text":"to","start":8157.31,"end":8157.43},{"text":"comply","start":8157.43,"end":8158.07},{"text":"with","start":8158.39,"end":8158.55},{"text":"onerous","start":8158.55,"end":8159.11},{"text":"loan","start":8159.11,"end":8159.43},{"text":"conditionalities","start":8159.43,"end":8160.55},{"text":"and","start":8160.55,"end":8160.71},{"text":"prioritize","start":8160.71,"end":8161.43},{"text":"debt","start":8161.43,"end":8161.75},{"text":"repayments,","start":8161.75,"end":8162.55},{"text":"even","start":8162.87,"end":8163.19},{"text":"as","start":8163.23,"end":8163.35},{"text":"we","start":8163.35,"end":8163.51},{"text":"struggle","start":8163.51,"end":8163.99},{"text":"for","start":8163.99,"end":8164.15},{"text":"the","start":8164.15,"end":8164.31},{"text":"fulfillment","start":8164.31,"end":8165.03},{"text":"of","start":8165.31,"end":8165.43},{"text":"basic","start":8165.43,"end":8165.91},{"text":"rights","start":8165.91,"end":8166.23},{"text":"to","start":8166.23,"end":8166.31},{"text":"food,","start":8166.31,"end":8166.87},{"text":"water,","start":8167.11,"end":8167.67},{"text":"and","start":8167.67,"end":8167.87},{"text":"other","start":8167.87,"end":8168.07},{"text":"essentials","start":8168.07,"end":8168.79},{"text":"for","start":8169.03,"end":8169.23},{"text":"a","start":8169.23,"end":8169.27},{"text":"life","start":8169.27,"end":8169.67},{"text":"of","start":8169.67,"end":8169.83},{"text":"dignity.","start":8169.83,"end":8170.47}]},{"text":"We are forced to borrow to survive, to rebuild after disasters we did not cause.","start":8170.87,"end":8175.59,"topics":[{"key":"climate-linked-debt","label":"Climate-Linked Debt Instruments","description":"Participants highlighted the need for debt tools that respond to climate and other shocks, such as debt pause clauses, disaster clauses, and debt-for-climate or debt-for-nature swaps. 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The discussion emphasized timely restructuring, equal treatment of creditors, and mechanisms that prevent countries from remaining trapped in prolonged debt crises."}],"words":[{"text":"Measures","start":8182.31,"end":8182.67},{"text":"such","start":8182.67,"end":8182.95},{"text":"as","start":8182.95,"end":8183.03},{"text":"the","start":8183.03,"end":8183.11},{"text":"Common","start":8183.11,"end":8183.51},{"text":"Framework","start":8183.51,"end":8184.03},{"text":"have","start":8184.39,"end":8184.51},{"text":"disproven","start":8184.51,"end":8185.27},{"text":"ineffective","start":8185.95,"end":8186.59},{"text":"and","start":8186.59,"end":8186.83},{"text":"inadequate.","start":8186.83,"end":8187.47}]},{"text":"Debt swaps also continue to be vigorously pushed, despite well-documented accounts of minimal reductions of debt burdens, if at all, and greenwashing, to name a few.","start":8187.95,"end":8199.15,"topics":[{"key":"climate-linked-debt","label":"Climate-Linked Debt Instruments","description":"Participants highlighted the need for debt tools that respond to climate and other shocks, such as debt pause clauses, disaster clauses, and debt-for-climate or debt-for-nature swaps. 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pivotal moment in the journey to civil was the adoption of the Lome Declaration articulating Africa's unified stance on a multilateral mechanism for United Nations Framework Convention on Sovereign Debt and reform of the global financial architecture.","start":8670.83,"end":8686.63,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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co-chair.","start":8836.71,"end":8837.91,"topics":[],"words":[{"text":"Thank","start":8836.71,"end":8837.03},{"text":"you,","start":8837.03,"end":8837.15},{"text":"co-chair.","start":8837.15,"end":8837.91}]},{"text":"I make this statement on behalf of Vivad International and the NGO Committee on Financing for Development, a substantive committee of the Conference of 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delegates, colleagues, we are gathered at a moment of urgent reckoning.","start":8849.71,"end":8856.39,"topics":[],"words":[{"text":"Distinguished","start":8849.71,"end":8850.39},{"text":"delegates,","start":8850.39,"end":8851.19},{"text":"colleagues,","start":8851.19,"end":8852.07},{"text":"we","start":8852.55,"end":8852.75},{"text":"are","start":8852.75,"end":8852.87},{"text":"gathered","start":8852.87,"end":8853.43},{"text":"at","start":8853.47,"end":8853.55},{"text":"a","start":8853.55,"end":8853.67},{"text":"moment","start":8853.67,"end":8854.95},{"text":"of","start":8854.99,"end":8855.11},{"text":"urgent","start":8855.19,"end":8855.63},{"text":"reckoning.","start":8855.63,"end":8856.39}]},{"text":"both morally and 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There was strong support for a more inclusive architecture that gives developing countries greater voice and creates fairer multilateral rules for sovereign debt."}],"words":[{"text":"This","start":8966.07,"end":8966.23},{"text":"ensures","start":8966.27,"end":8966.79},{"text":"transparency,","start":8966.79,"end":8967.83},{"text":"accountability,","start":8967.91,"end":8969.03},{"text":"and","start":8969.03,"end":8969.23},{"text":"a","start":8969.23,"end":8969.27},{"text":"real","start":8969.27,"end":8969.59},{"text":"shift","start":8969.59,"end":8970.07},{"text":"in","start":8970.07,"end":8970.23},{"text":"power.","start":8970.23,"end":8970.79}]},{"text":"Projects would be selected based on rigorous community-centered criteria, prioritizing impact and ownership, not donor branding or financial returns.","start":8971.27,"end":8982.95,"topics":[],"words":[{"text":"Projects","start":8971.27,"end":8972.07},{"text":"would","start":8972.15,"end":8972.39},{"text":"be","start":8972.39,"end":8972.55},{"text":"selected","start":8972.55,"end":8973.11},{"text":"based","start":8973.11,"end":8973.55},{"text":"on","start":8973.55,"end":8973.67},{"text":"rigorous","start":8973.67,"end":8974.23},{"text":"community-centered","start":8974.23,"end":8975.71},{"text":"criteria,","start":8975.71,"end":8976.55},{"text":"prioritizing","start":8977.03,"end":8978.07},{"text":"impact","start":8978.07,"end":8978.67},{"text":"and","start":8978.67,"end":8978.87},{"text":"ownership,","start":8978.87,"end":8979.51},{"text":"not","start":8979.91,"end":8980.15},{"text":"donor","start":8980.15,"end":8980.71},{"text":"branding","start":8980.71,"end":8981.27},{"text":"or","start":8981.27,"end":8981.51},{"text":"financial","start":8981.51,"end":8982.19},{"text":"returns.","start":8982.19,"end":8982.95}]},{"text":"Second, we urge high-income countries to unlock the power of their special drawing rights.","start":8983.27,"end":8988.95,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"Second,","start":8983.27,"end":8983.71},{"text":"we","start":8983.83,"end":8984.07},{"text":"urge","start":8984.07,"end":8984.39},{"text":"high-income","start":8984.39,"end":8985.27},{"text":"countries","start":8985.27,"end":8985.91},{"text":"to","start":8985.91,"end":8985.99},{"text":"unlock","start":8985.99,"end":8986.39},{"text":"the","start":8986.39,"end":8986.55},{"text":"power","start":8986.55,"end":8987.07},{"text":"of","start":8987.07,"end":8987.19},{"text":"their","start":8987.19,"end":8987.35},{"text":"special","start":8987.35,"end":8987.91},{"text":"drawing","start":8987.91,"end":8988.47},{"text":"rights.","start":8988.47,"end":8988.95}]},{"text":"$355 billion in SDRs remain unused.","start":8990.43,"end":8993.67,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"$355","start":8990.43,"end":8990.47},{"text":"billion","start":8990.51,"end":8991.47},{"text":"in","start":8991.47,"end":8991.71},{"text":"SDRs","start":8991.71,"end":8992.51},{"text":"remain","start":8992.51,"end":8992.99},{"text":"unused.","start":8992.99,"end":8993.67}]},{"text":"We propose that this be deployed to purchase and cancel distressed sovereign debt on the secondary market.","start":8994.03,"end":9001.47,"topics":[{"key":"debt-relief-restructuring","label":"Debt Relief and Restructuring","description":"Speakers repeatedly called for faster, fairer, and more inclusive sovereign debt workouts, including improvements to the G20 Common Framework. 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The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"We","start":8994.03,"end":8994.27},{"text":"propose","start":8994.27,"end":8994.83},{"text":"that","start":8994.83,"end":8995.07},{"text":"this","start":8995.07,"end":8995.39},{"text":"be","start":8995.39,"end":8995.55},{"text":"deployed","start":8995.55,"end":8996.19},{"text":"to","start":8996.19,"end":8996.35},{"text":"purchase","start":8996.35,"end":8997.07},{"text":"and","start":8997.07,"end":8997.23},{"text":"cancel","start":8997.23,"end":8997.75},{"text":"distressed","start":8997.75,"end":8998.51},{"text":"sovereign","start":8998.59,"end":8999.15},{"text":"debt","start":8999.15,"end":8999.47},{"text":"on","start":8999.99,"end":9000.07},{"text":"the","start":9000.15,"end":9000.27},{"text":"secondary","start":9000.27,"end":9000.95},{"text":"market.","start":9000.95,"end":9001.47}]},{"text":"At current discounts, every dollar used in this way can erase up to $2 in debt, a multiplier effect that creates fiscal space and hope.","start":9002.03,"end":9012.35,"topics":[],"words":[{"text":"At","start":9002.03,"end":9002.19},{"text":"current","start":9002.19,"end":9002.67},{"text":"discounts,","start":9002.67,"end":9003.39},{"text":"every","start":9003.47,"end":9003.79},{"text":"dollar","start":9003.79,"end":9004.27},{"text":"used","start":9004.27,"end":9004.87},{"text":"in","start":9004.91,"end":9005.07},{"text":"this","start":9005.07,"end":9005.31},{"text":"way","start":9005.31,"end":9005.63},{"text":"can","start":9005.63,"end":9005.91},{"text":"erase","start":9005.91,"end":9006.43},{"text":"up","start":9006.51,"end":9006.75},{"text":"to","start":9006.83,"end":9007.31},{"text":"$2","start":9007.31,"end":9007.35},{"text":"in","start":9007.39,"end":9007.87},{"text":"debt,","start":9007.87,"end":9008.19},{"text":"a","start":9008.67,"end":9008.75},{"text":"multiplier","start":9008.75,"end":9009.55},{"text":"effect","start":9009.55,"end":9009.95},{"text":"that","start":9009.95,"end":9010.11},{"text":"creates","start":9010.11,"end":9010.67},{"text":"fiscal","start":9010.67,"end":9011.15},{"text":"space","start":9011.15,"end":9011.71},{"text":"and","start":9011.79,"end":9012.03},{"text":"hope.","start":9012.03,"end":9012.35}]},{"text":"We also call on private creditors who now hold over 60% of debt in many low and middle income countries to step up.","start":9013.59,"end":9022.23,"topics":[{"key":"debt-relief-restructuring","label":"Debt Relief and Restructuring","description":"Speakers repeatedly called for faster, fairer, and more inclusive sovereign debt workouts, including improvements to the G20 Common Framework. 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These instruments were presented as ways to protect fiscal space while supporting resilience and sustainable investment."}],"words":[{"text":"We","start":9036.43,"end":9036.67},{"text":"need","start":9036.67,"end":9036.99},{"text":"mechanisms","start":9036.99,"end":9037.95},{"text":"that","start":9037.95,"end":9038.11},{"text":"bind","start":9038.11,"end":9038.59},{"text":"creditors,","start":9038.59,"end":9039.47},{"text":"public","start":9039.47,"end":9039.95},{"text":"and","start":9039.95,"end":9040.11},{"text":"private,","start":9040.11,"end":9040.67},{"text":"to","start":9040.75,"end":9040.91},{"text":"ecological","start":9040.91,"end":9041.79},{"text":"and","start":9041.79,"end":9041.95},{"text":"financial","start":9041.95,"end":9042.67},{"text":"accountability.","start":9042.67,"end":9043.71}]},{"text":"Let Seville mark the beginning of a new debt.","start":9044.23,"end":9047.07,"topics":[],"words":[{"text":"Let","start":9044.23,"end":9044.43},{"text":"Seville","start":9044.43,"end":9044.91},{"text":"mark","start":9045.07,"end":9045.39},{"text":"the","start":9045.39,"end":9045.55},{"text":"beginning","start":9045.55,"end":9046.19},{"text":"of","start":9046.19,"end":9046.39},{"text":"a","start":9046.39,"end":9046.43},{"text":"new","start":9046.43,"end":9046.75},{"text":"debt.","start":9046.75,"end":9047.07}]}]}],"speaker":{"name":null,"affiliation":null,"affiliation_full":null,"group":"VIVAT International and the NGO Committee on Financing for Development","function":"Representative"}},{"statement_number":80,"start":9051.15,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=9052","paragraphs":[{"sentences":[{"text":"Thanks. 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Sanchez","affiliation":"ESP","affiliation_full":"Spain","group":null,"function":"Head of Government"}},{"statement_number":82,"start":9073.11,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=9074","paragraphs":[{"sentences":[{"text":"Thank you so much, co-chair.","start":9073.11,"end":9074.79,"topics":[],"words":[{"text":"Thank","start":9073.11,"end":9073.35},{"text":"you","start":9073.35,"end":9073.43},{"text":"so","start":9073.43,"end":9073.59},{"text":"much,","start":9073.59,"end":9073.71},{"text":"co-chair.","start":9073.71,"end":9074.79}]},{"text":"It's very hard, not just because of the constraint of time, to summarize the many inputs and interventions from the very beginning of this session to the excellent keynote speakers, to the great comments by Professor Stiglitz, and then the panelists and the discussions, and of course, the excellent interventions just 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I have quick few reflections.","start":9097.83,"end":9100.47,"topics":[],"words":[{"text":"But","start":9097.83,"end":9098.07},{"text":"I","start":9098.07,"end":9098.15},{"text":"have","start":9098.15,"end":9098.39},{"text":"quick","start":9099.23,"end":9099.43},{"text":"few","start":9099.43,"end":9099.67},{"text":"reflections.","start":9099.67,"end":9100.47}]},{"text":"It's not just the constraint of time, the constraint of the richness of the 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very famous book in the world of debt, this complicated, sophisticated industry, authored by Carmen Reinhart and Professor Ken Rogoff, who used to be the chief economist of the IMF and one of the top economists in the world.","start":9113.55,"end":9129.71,"topics":[],"words":[{"text":"A","start":9113.55,"end":9113.59},{"text":"very","start":9113.59,"end":9114.11},{"text":"famous","start":9114.35,"end":9114.75},{"text":"book","start":9114.75,"end":9115.07},{"text":"in","start":9115.07,"end":9115.23},{"text":"the","start":9115.23,"end":9115.39},{"text":"world","start":9115.39,"end":9115.87},{"text":"of","start":9115.87,"end":9116.11},{"text":"debt,","start":9116.11,"end":9116.51},{"text":"this","start":9116.67,"end":9116.99},{"text":"complicated,","start":9116.99,"end":9117.75},{"text":"sophisticated","start":9117.75,"end":9118.59},{"text":"industry,","start":9118.59,"end":9119.39},{"text":"authored","start":9119.71,"end":9120.19},{"text":"by","start":9120.19,"end":9120.59},{"text":"Carmen","start":9120.99,"end":9121.39},{"text":"Reinhart","start":9121.39,"end":9122.03},{"text":"and","start":9122.03,"end":9122.15},{"text":"Professor","start":9122.15,"end":9122.83},{"text":"Ken","start":9122.99,"end":9123.19},{"text":"Rogoff,","start":9123.19,"end":9123.59},{"text":"who","start":9123.59,"end":9123.67},{"text":"used","start":9123.67,"end":9123.87},{"text":"to","start":9123.87,"end":9123.95},{"text":"be","start":9123.95,"end":9124.51},{"text":"the","start":9124.59,"end":9124.67},{"text":"chief","start":9124.67,"end":9125.07},{"text":"economist","start":9125.07,"end":9125.71},{"text":"of","start":9125.71,"end":9125.95},{"text":"the","start":9125.95,"end":9126.07},{"text":"IMF","start":9126.07,"end":9126.59},{"text":"and","start":9126.83,"end":9127.23},{"text":"one","start":9127.31,"end":9127.55},{"text":"of","start":9127.55,"end":9127.63},{"text":"the","start":9127.63,"end":9127.75},{"text":"top","start":9127.75,"end":9128.03},{"text":"economists","start":9128.03,"end":9128.75},{"text":"in","start":9128.75,"end":9128.91},{"text":"the","start":9128.91,"end":9129.03},{"text":"world.","start":9129.31,"end":9129.71}]},{"text":"This time is different, the title of the book.","start":9131.55,"end":9134.91,"topics":[],"words":[{"text":"This","start":9131.55,"end":9131.87},{"text":"time","start":9131.87,"end":9132.15},{"text":"is","start":9132.15,"end":9132.27},{"text":"different,","start":9132.27,"end":9132.75},{"text":"the","start":9132.75,"end":9133.07},{"text":"title","start":9133.95,"end":9134.39},{"text":"of","start":9134.39,"end":9134.47},{"text":"the","start":9134.47,"end":9134.59},{"text":"book.","start":9134.59,"end":9134.91}]},{"text":"And they did it with eight centuries of what they call financial folly.","start":9135.07,"end":9140.27,"topics":[],"words":[{"text":"And","start":9135.07,"end":9135.39},{"text":"they","start":9135.71,"end":9135.95},{"text":"did","start":9135.95,"end":9136.15},{"text":"it","start":9136.15,"end":9136.35},{"text":"with","start":9136.59,"end":9136.99},{"text":"eight","start":9137.07,"end":9137.39},{"text":"centuries","start":9137.39,"end":9138.19},{"text":"of","start":9138.19,"end":9138.43},{"text":"what","start":9138.43,"end":9138.59},{"text":"they","start":9138.59,"end":9138.75},{"text":"call","start":9138.75,"end":9139.07},{"text":"financial","start":9139.07,"end":9139.79},{"text":"folly.","start":9139.79,"end":9140.27}]},{"text":"And that is basically about irresponsible borrowing and irresponsible lending.","start":9140.75,"end":9145.23,"topics":[],"words":[{"text":"And","start":9140.75,"end":9140.87},{"text":"that","start":9140.87,"end":9141.03},{"text":"is","start":9141.03,"end":9141.15},{"text":"basically","start":9141.15,"end":9141.63},{"text":"about","start":9141.63,"end":9142.11},{"text":"irresponsible","start":9142.11,"end":9143.07},{"text":"borrowing","start":9143.07,"end":9143.63},{"text":"and","start":9143.63,"end":9143.95},{"text":"irresponsible","start":9143.95,"end":9144.87},{"text":"lending.","start":9144.87,"end":9145.23}]},{"text":"I'm happy that many of the interventions highlighted the importance of the origination of the crisis and the issue that we can really be doing when we are pushed by good intentions to support development, to finance investments for growth.","start":9145.67,"end":9161.39,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."},{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. The aim is to reduce reliance on expensive market borrowing and enable investment in infrastructure, human capital, and climate adaptation."}],"words":[{"text":"I'm","start":9145.67,"end":9145.87},{"text":"happy","start":9145.87,"end":9146.15},{"text":"that","start":9146.15,"end":9146.43},{"text":"many","start":9146.43,"end":9146.83},{"text":"of","start":9146.91,"end":9147.23},{"text":"the","start":9147.23,"end":9147.31},{"text":"interventions","start":9147.31,"end":9148.55},{"text":"highlighted","start":9148.55,"end":9149.15},{"text":"the","start":9149.15,"end":9149.27},{"text":"importance","start":9149.27,"end":9150.11},{"text":"of","start":9150.35,"end":9150.47},{"text":"the","start":9150.51,"end":9150.71},{"text":"origination","start":9150.71,"end":9151.47},{"text":"of","start":9151.47,"end":9151.55},{"text":"the","start":9151.55,"end":9151.67},{"text":"crisis","start":9151.67,"end":9152.27},{"text":"and","start":9152.59,"end":9152.87},{"text":"the","start":9152.87,"end":9152.95},{"text":"issue","start":9152.99,"end":9153.31},{"text":"that","start":9153.31,"end":9153.55},{"text":"we","start":9153.55,"end":9153.63},{"text":"can","start":9153.63,"end":9153.83},{"text":"really","start":9153.83,"end":9154.03},{"text":"be","start":9154.03,"end":9154.11},{"text":"doing","start":9154.11,"end":9154.59},{"text":"when","start":9154.79,"end":9155.07},{"text":"we","start":9155.07,"end":9155.23},{"text":"are","start":9155.23,"end":9155.79},{"text":"pushed","start":9156.03,"end":9156.35},{"text":"by","start":9156.43,"end":9156.59},{"text":"good","start":9156.59,"end":9156.83},{"text":"intentions","start":9156.83,"end":9157.63},{"text":"to","start":9157.87,"end":9158.03},{"text":"support","start":9158.03,"end":9158.51},{"text":"development,","start":9158.51,"end":9159.23},{"text":"to","start":9159.47,"end":9159.55},{"text":"finance","start":9159.55,"end":9160.19},{"text":"investments","start":9160.19,"end":9160.91},{"text":"for","start":9160.91,"end":9161.07},{"text":"growth.","start":9161.07,"end":9161.39}]},{"text":"There are many ways that we can adopt, that we can really have a more balanced approach and to distinguish from the very beginning between good debt and bad debt.","start":9161.63,"end":9171.95,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability Assessment","description":"Many statements argued that debt sustainability should be assessed more broadly than repayment ratios alone. 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I'm very happy as well with the intervention that didn't just highlight the problems, but commitments to 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Platform for Action, and after the successful gathering here in this beautiful city, I think many people, especially when we go to our home countries, would ask about some of the actionable measures that we're going to be making our life better and 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areas of debt, finance and investment, we put forward solutions in these areas, especially on stopping the harm.","start":9224.31,"end":9231.83,"topics":[{"key":"debt-relief-restructuring","label":"Debt Relief and Restructuring","description":"Speakers repeatedly called for faster, fairer, and more inclusive sovereign debt workouts, including improvements to the G20 Common Framework. 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"In","start":9224.31,"end":9224.39},{"text":"areas","start":9224.39,"end":9224.87},{"text":"of","start":9224.87,"end":9225.11},{"text":"debt,","start":9225.11,"end":9225.43},{"text":"finance","start":9225.43,"end":9226.03},{"text":"and","start":9226.03,"end":9226.15},{"text":"investment,","start":9226.15,"end":9226.71},{"text":"we","start":9226.71,"end":9226.79},{"text":"put","start":9226.79,"end":9227.03},{"text":"forward","start":9227.03,"end":9227.43},{"text":"solutions","start":9227.43,"end":9228.07},{"text":"in","start":9228.47,"end":9228.71},{"text":"these","start":9228.71,"end":9229.11},{"text":"areas,","start":9229.11,"end":9229.47},{"text":"especially","start":9229.47,"end":9230.07},{"text":"on","start":9230.07,"end":9230.55},{"text":"stopping","start":9230.71,"end":9231.27},{"text":"the","start":9231.27,"end":9231.39},{"text":"harm.","start":9231.39,"end":9231.83}]},{"text":"If we cannot really bring the benefits of more finance, at least we have the solutions to minimize the harm associated with debt.","start":9231.83,"end":9240.39,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"If","start":9231.83,"end":9231.99},{"text":"we","start":9231.99,"end":9232.07},{"text":"cannot","start":9232.07,"end":9232.39},{"text":"really","start":9232.39,"end":9232.59},{"text":"bring","start":9232.59,"end":9233.03},{"text":"the","start":9233.11,"end":9233.31},{"text":"benefits","start":9233.31,"end":9233.91},{"text":"of","start":9234.23,"end":9234.55},{"text":"more","start":9234.55,"end":9234.79},{"text":"finance,","start":9234.79,"end":9235.43},{"text":"at","start":9235.59,"end":9235.83},{"text":"least","start":9235.83,"end":9236.15},{"text":"we","start":9236.15,"end":9236.31},{"text":"have","start":9236.31,"end":9236.55},{"text":"the","start":9236.55,"end":9236.67},{"text":"solutions","start":9236.67,"end":9237.27},{"text":"to","start":9237.51,"end":9237.67},{"text":"minimize","start":9237.67,"end":9238.31},{"text":"the","start":9238.31,"end":9238.39},{"text":"harm","start":9238.39,"end":9238.79},{"text":"associated","start":9239.07,"end":9239.83},{"text":"with","start":9239.83,"end":9240.03},{"text":"debt.","start":9240.03,"end":9240.39}]},{"text":"I would go then to the finance for development action agenda and the severe approach to dealing with debt.","start":9240.87,"end":9249.63,"topics":[{"key":"debt-relief-restructuring","label":"Debt Relief and Restructuring","description":"Speakers repeatedly called for faster, fairer, and more inclusive sovereign debt workouts, including improvements to the G20 Common Framework. 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you so much, co-chairs.","start":9357.35,"end":9358.63,"topics":[],"words":[{"text":"Thank","start":9357.35,"end":9357.67},{"text":"you","start":9357.67,"end":9357.75},{"text":"so","start":9357.75,"end":9357.87},{"text":"much,","start":9357.87,"end":9357.99},{"text":"co-chairs.","start":9357.99,"end":9358.63}]},{"text":"Yeah, I'm encouraged if any of the panelists, the honorable ministers or the speakers, either from the floor, the two discussions or actually here or our two ministers, if we have any final reflections on what we heard or any other points in the remaining minutes and seconds before we wrap 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the permissions of the co-chair, would the honorable minister like to say anymore on what she started us with, honorable 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Tunisia, Minister of Finance of Tunisia.","start":9392.75,"end":9394.67,"topics":[],"words":[{"text":"of","start":9392.75,"end":9392.83},{"text":"Tunisia,","start":9392.83,"end":9393.31},{"text":"Minister","start":9393.31,"end":9393.71},{"text":"of","start":9393.71,"end":9393.79},{"text":"Finance","start":9393.79,"end":9394.15},{"text":"of","start":9394.15,"end":9394.27},{"text":"Tunisia.","start":9394.27,"end":9394.67}]},{"text":"The floor is yours.","start":9394.75,"end":9395.47,"topics":[],"words":[{"text":"The","start":9394.75,"end":9394.87},{"text":"floor","start":9394.87,"end":9395.07},{"text":"is","start":9395.07,"end":9395.19},{"text":"yours.","start":9395.19,"end":9395.47}]}]}],"speaker":{"name":"Mahmoud Myeldin","affiliation":"UN","affiliation_full":"UN","group":null,"function":"Special Envoy on Financing the 2030 Agenda for Sustainable Development"}},{"statement_number":83,"start":9398.83,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=9399","paragraphs":[{"sentences":[{"text":"I'd like to thank the moderator, all of those who've taken the floor.","start":9398.83,"end":9405.47,"topics":[],"words":[{"text":"I'd","start":9398.83,"end":9399.07},{"text":"like","start":9401.07,"end":9401.39},{"text":"to","start":9401.47,"end":9401.63},{"text":"thank","start":9401.71,"end":9402.03},{"text":"the","start":9402.03,"end":9402.15},{"text":"moderator,","start":9402.15,"end":9403.15},{"text":"all","start":9403.71,"end":9403.87},{"text":"of","start":9403.87,"end":9403.95},{"text":"those","start":9403.95,"end":9404.31},{"text":"who've","start":9404.31,"end":9404.55},{"text":"taken","start":9404.55,"end":9404.87},{"text":"the","start":9404.87,"end":9404.95},{"text":"floor.","start":9404.95,"end":9405.47}]},{"text":"Well, it seems that we've all noticed the problems and we have all been almost able to find a solution to these problems, but the civil commitment must continue to take into account the requests from, but also the solutions provided by all of those who've taken the floor.","start":9408.11,"end":9431.75,"topics":[],"words":[{"text":"Well,","start":9408.11,"end":9408.43},{"text":"it","start":9408.67,"end":9408.83},{"text":"seems","start":9408.83,"end":9409.23},{"text":"that","start":9409.23,"end":9409.35},{"text":"we've","start":9409.35,"end":9409.55},{"text":"all","start":9409.71,"end":9410.19},{"text":"noticed","start":9410.35,"end":9410.91},{"text":"the","start":9410.91,"end":9411.03},{"text":"problems","start":9411.03,"end":9411.79},{"text":"and","start":9411.95,"end":9412.67},{"text":"we","start":9412.91,"end":9413.31},{"text":"have","start":9413.31,"end":9413.55},{"text":"all","start":9414.23,"end":9414.67},{"text":"been","start":9415.07,"end":9415.39},{"text":"almost","start":9415.79,"end":9416.19},{"text":"able","start":9416.19,"end":9416.43},{"text":"to","start":9416.43,"end":9416.51},{"text":"find","start":9416.51,"end":9416.99},{"text":"a","start":9417.23,"end":9417.27},{"text":"solution","start":9417.27,"end":9417.75},{"text":"to","start":9417.75,"end":9417.83},{"text":"these","start":9417.83,"end":9417.95},{"text":"problems,","start":9417.95,"end":9418.51},{"text":"but","start":9418.51,"end":9418.91},{"text":"the","start":9419.15,"end":9419.31},{"text":"civil","start":9419.79,"end":9420.35},{"text":"commitment","start":9420.35,"end":9421.07},{"text":"must","start":9421.91,"end":9422.23},{"text":"continue","start":9422.23,"end":9423.03},{"text":"to","start":9423.03,"end":9423.19},{"text":"take","start":9423.19,"end":9423.51},{"text":"into","start":9423.51,"end":9423.87},{"text":"account","start":9423.87,"end":9424.47},{"text":"the","start":9424.95,"end":9425.19},{"text":"requests","start":9426.63,"end":9427.67},{"text":"from,","start":9427.67,"end":9427.99},{"text":"but","start":9427.99,"end":9428.15},{"text":"also","start":9428.15,"end":9428.35},{"text":"the","start":9428.35,"end":9428.47},{"text":"solutions","start":9428.47,"end":9428.95},{"text":"provided","start":9428.95,"end":9429.51},{"text":"by","start":9429.51,"end":9429.83},{"text":"all","start":9429.83,"end":9430.31},{"text":"of","start":9430.31,"end":9430.47},{"text":"those","start":9430.47,"end":9430.71},{"text":"who've","start":9430.71,"end":9430.91},{"text":"taken","start":9430.91,"end":9431.19},{"text":"the","start":9431.19,"end":9431.27},{"text":"floor.","start":9431.27,"end":9431.75}]},{"text":"In terms of poor countries, they now have a specific financial setup, but we hope that we will have a new vision and a new understanding for intermediary countries, the middle income countries.","start":9433.51,"end":9455.51,"topics":[{"key":"concessional-development-finance","label":"Concessional Development Finance","description":"Many interventions stressed the need for more affordable long-term finance, including grants, concessional lending, and recycled or newly issued SDRs. 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the turn is to Minister of External Relations of Cameroon, the Honourable Minister N'Djela.","start":9577.83,"end":9585.67,"topics":[],"words":[{"text":"Now","start":9577.83,"end":9578.07},{"text":"the","start":9578.07,"end":9578.23},{"text":"turn","start":9578.71,"end":9579.15},{"text":"is","start":9579.15,"end":9579.27},{"text":"to","start":9579.27,"end":9579.75},{"text":"Minister","start":9579.75,"end":9580.47},{"text":"of","start":9580.47,"end":9580.71},{"text":"External","start":9581.83,"end":9582.43},{"text":"Relations","start":9582.43,"end":9582.91},{"text":"of","start":9582.91,"end":9583.03},{"text":"Cameroon,","start":9583.03,"end":9583.51},{"text":"the","start":9584.39,"end":9584.59},{"text":"Honourable","start":9584.59,"end":9584.95},{"text":"Minister","start":9584.95,"end":9585.31},{"text":"N'Djela.","start":9585.31,"end":9585.67}]}]}],"speaker":{"name":"Mahmoud Myeldin","affiliation":"UN","affiliation_full":"UN","group":null,"function":"Special Envoy on Financing the 2030 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They urged reforms to debt sustainability analysis so it reflects resilience, productive investment, climate vulnerability, social spending, and the difference between liquidity and solvency problems."}],"words":[{"text":"Debt","start":9619.47,"end":9619.79},{"text":"is","start":9619.79,"end":9620.27},{"text":"currently","start":9620.27,"end":9621.31},{"text":"poisoning","start":9621.39,"end":9622.19},{"text":"and","start":9622.23,"end":9622.67},{"text":"curbing","start":9622.67,"end":9623.47},{"text":"our","start":9623.47,"end":9623.71},{"text":"development.","start":9623.71,"end":9624.67}]},{"text":"Secondly, Mr. Moderator, we need to have reform of international financial institutions and the UN.","start":9624.99,"end":9635.79,"topics":[{"key":"financial-architecture-reform","label":"International Financial Architecture Reform","description":"Speakers called for deeper reform of the global financial system, including the governance of the IMF, World Bank, and debt resolution mechanisms. 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Thank you so much.","start":9785.91,"end":9787.19,"topics":[],"words":[{"text":"Excellent.","start":9785.91,"end":9786.35},{"text":"Thank","start":9786.35,"end":9786.55},{"text":"you","start":9786.55,"end":9786.63},{"text":"so","start":9786.63,"end":9786.79},{"text":"much.","start":9786.79,"end":9787.19}]},{"text":"Remy, do you have -- Remy?","start":9787.51,"end":9789.67,"topics":[],"words":[{"text":"Remy,","start":9787.51,"end":9787.99},{"text":"do","start":9787.99,"end":9788.19},{"text":"you","start":9788.35,"end":9788.47},{"text":"have","start":9788.47,"end":9788.79},{"text":"--","start":9789.27,"end":9789.31},{"text":"Remy?","start":9789.31,"end":9789.67}]},{"text":"Remy Rieu?","start":9789.75,"end":9790.23,"topics":[],"words":[{"text":"Remy","start":9789.75,"end":9789.95},{"text":"Rieu?","start":9789.95,"end":9790.23}]},{"text":"No, he's 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the general public is not just a question for the sophisticated industry of debt and debt 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a concern for the general public.","start":9812.55,"end":9814.95,"topics":[],"words":[{"text":"It's","start":9812.55,"end":9812.79},{"text":"a","start":9812.79,"end":9812.83},{"text":"concern","start":9812.83,"end":9813.43},{"text":"for","start":9813.43,"end":9813.91},{"text":"the","start":9814.07,"end":9814.23},{"text":"general","start":9814.23,"end":9814.55},{"text":"public.","start":9814.55,"end":9814.95}]},{"text":"Two questions from today until we meet again to follow 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together.","start":9852.39,"end":9856.95,"topics":[],"words":[{"text":"Great","start":9852.39,"end":9852.83},{"text":"to","start":9852.83,"end":9852.95},{"text":"hear","start":9852.95,"end":9853.15},{"text":"as","start":9853.15,"end":9853.27},{"text":"well","start":9853.27,"end":9853.67},{"text":"that","start":9853.83,"end":9854.07},{"text":"the","start":9854.07,"end":9854.19},{"text":"IFIs,","start":9854.31,"end":9854.87},{"text":"the","start":9854.87,"end":9855.03},{"text":"major","start":9855.03,"end":9855.35},{"text":"ones,","start":9855.35,"end":9855.67},{"text":"are","start":9855.67,"end":9855.75},{"text":"working","start":9855.75,"end":9856.15},{"text":"closely","start":9856.15,"end":9856.43},{"text":"together.","start":9856.43,"end":9856.95}]},{"text":"I'm very happy with the engagement of the civil society, the conscience of this 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you so much.","start":9877.51,"end":9878.31,"topics":[],"words":[{"text":"Thank","start":9877.51,"end":9877.75},{"text":"you","start":9877.75,"end":9877.83},{"text":"so","start":9877.83,"end":9877.99},{"text":"much.","start":9877.99,"end":9878.31}]},{"text":"And back again to the co-chairs.","start":9878.31,"end":9879.83,"topics":[],"words":[{"text":"And","start":9878.31,"end":9878.51},{"text":"back","start":9878.51,"end":9878.75},{"text":"again","start":9878.75,"end":9879.03},{"text":"to","start":9879.03,"end":9879.11},{"text":"the","start":9879.11,"end":9879.19},{"text":"co-chairs.","start":9879.19,"end":9879.83}]}]}],"speaker":{"name":"Mahmoud Myeldin","affiliation":"UN","affiliation_full":"UN","group":null,"function":"Special Envoy on Financing the 2030 Agenda for Sustainable Development"}},{"statement_number":89,"start":9884.07,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=9885","paragraphs":[{"sentences":[{"text":"Thank you very much, Mr. Moderator, for what you've just 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have thus concluded this multi-stakeholder roundtable.","start":9994.91,"end":10000.03,"topics":[],"words":[{"text":"We","start":9994.91,"end":9995.03},{"text":"have","start":9995.03,"end":9995.23},{"text":"thus","start":9995.23,"end":9995.47},{"text":"concluded","start":9995.47,"end":9996.35},{"text":"this","start":9996.59,"end":9996.99},{"text":"multi-stakeholder","start":9997.79,"end":9999.27},{"text":"roundtable.","start":9999.27,"end":10000.03}]},{"text":"The meeting is adjourned.","start":10000.03,"end":10000.99,"topics":[],"words":[{"text":"The","start":10000.03,"end":10000.11},{"text":"meeting","start":10000.11,"end":10000.43},{"text":"is","start":10000.43,"end":10000.51},{"text":"adjourned.","start":10000.51,"end":10000.99}]}]}],"speaker":{"name":"Axel van Trotsenburg","affiliation":"WBG","affiliation_full":"WBG","group":null,"function":"Senior Managing Director"}},{"statement_number":92,"start":10001.51,"pageUrl":"/en/asset/k1l/k1lkmkkbf3?t=10002","paragraphs":[{"sentences":[{"text":"Thank you.","start":10001.51,"end":10010.91,"topics":[],"words":[{"text":"Thank","start":10001.51,"end":10001.63},{"text":"you.","start":10010.83,"end":10010.91}]}]}],"speaker":{"name":null,"affiliation":null,"affiliation_full":null,"group":null,"function":null}}],"topics":[{"key":"sids-financing","label":"Financing for Small Island Developing States","description":"Multiple speakers focused on the special debt and financing vulnerabilities of small island developing states. 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