{"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/ecosoc/2026/13","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/ecosoc/2026/13.txt","guide":"/llms.txt"},"video":{"id":"k1a/k1a863j178","kaltura_id":"1_a863j178","title":"(Opening, Panel 1) Special Meeting on Credit Ratings - Economic and Social Council, 13th meeting, 2026 session","clean_title":"(Opening, Panel 1) Special Meeting on Credit Ratings - Economic and Social Council, 13th meeting, 2026 session","url":"https://webtv.un.org/en/asset/k1a/k1a863j178","date":"2026-03-30T00:00:00.000Z","scheduled_time":"2026-03-30T14:00:00.000Z","status":"finished","duration":"02:19:19","category":"Economic and Social Council","body":"Economic and Social Council","event_code":null,"event_type":null,"session_number":null,"pv_symbol":"E/2026/SR.13","pv_part":1,"slug":"ecosoc/2026/13"},"metadata":{"summary":"The Sevilla Commitment, adopted at the Fourth International Conference on Financing for Development (FFD4), mandates the establishment of a recurring Special Meeting of ECOSOC on credit ratings for dialogue among Member States, credit rating agencies, regulators, standard setters, long-term investors and public institutions publishing independent debt sustainability analysis. ","description":"Opening remarks (including remarks to be delivered by DSG Amina J. Mohammed on behalf of the Secretary‑General)\nHigh-level keynote address\nPanel 1: Credit ratings and the cost of capital\nThe meeting will include updates on the Secretary General's efforts to engage with credit rating agencies, discussion on the use of credit assessments, exchanges on good practices for regulation of credit rating agencies and sharing of perspectives on credit assessment methodologies.\nThe first Special Meeting in 2026 will focus on three themes: (1) Credit ratings and the cost of capital; (2) Ratings and assessments methodologies and time horizons; and (3) Boosting the capacity of developing countries to engage with ratings and assessments.\nThese themes respond directly to paragraph 55(a) of the Sevilla Commitment and seek to establish sustained, structured dialogues under ECOSOC auspices with a view to supporting sustainable development and enhancing the resilience and fairness of the international financial system.","categories":["Meetings & Events","Economic and Social Council","Substantive Sessions","2026 Session"],"geographic_subject":[],"subject_topical":["FINANCING","DEVELOPMENT"],"corporate_name":[],"speaker_affiliation":[],"related_documents":[{"title":"Webpage","url":"https://financing.desa.un.org/events/ecosoc-special-meeting-credit-ratings"},{"title":"Programme","url":"https://financing.desa.un.org/sites/default/files/2026-03/2026 ECOSOC Special Meeting on Credit Ratings_Provisional Programme_23 March.pdf"}]},"transcript":{"transcript_id":"6872dead-3c52-4a72-9a84-4104c550762d","language":"en","data":[{"statement_number":1,"start":0.07,"pageUrl":"/en/ecosoc/2026/13?t=1","paragraphs":[{"sentences":[{"text":"Thank you for having me.","start":0.07,"end":0.81,"topics":[],"words":[{"text":"Thank","start":0.07,"end":0.23},{"text":"you","start":0.23,"end":0.35},{"text":"for","start":0.35,"end":0.51},{"text":"having","start":0.51,"end":0.71},{"text":"me.","start":0.71,"end":0.81}]},{"text":"I think we could start Dear Colleagues, I call to order the 13th meeting of the Economic and Social Council.","start":2.24,"end":10.96,"topics":[],"words":[{"text":"I","start":2.24,"end":2.36},{"text":"think","start":2.36,"end":2.56},{"text":"we","start":2.56,"end":2.76},{"text":"could","start":2.76,"end":3.04},{"text":"start","start":3.28,"end":3.68},{"text":"Dear","start":4.08,"end":4.48},{"text":"Colleagues,","start":4.48,"end":5.04},{"text":"I","start":5.36,"end":5.68},{"text":"call","start":5.68,"end":5.92},{"text":"to","start":5.92,"end":6.24},{"text":"order","start":6.24,"end":6.64},{"text":"the","start":6.64,"end":7.04},{"text":"13th","start":7.68,"end":8.28},{"text":"meeting","start":8.28,"end":8.56},{"text":"of","start":8.56,"end":8.88},{"text":"the","start":8.88,"end":9.12},{"text":"Economic","start":9.12,"end":9.44},{"text":"and","start":9.92,"end":10.24},{"text":"Social","start":10.24,"end":10.56},{"text":"Council.","start":10.56,"end":10.96}]}]},{"sentences":[{"text":"Excellencies, Distinguished Delegates, Madam Deputy Secretary General, I invite the Economic and Social Council to resume its consideration of sub item A of agenda item 11 entitled follow up to the International Conferences on Financing for Development in order to hold a special meeting of the Council on Credit Ratings.","start":13.68,"end":37.19,"topics":[],"words":[{"text":"Excellencies,","start":13.68,"end":14.48},{"text":"Distinguished","start":14.48,"end":15.32},{"text":"Delegates,","start":15.32,"end":16},{"text":"Madam","start":17.92,"end":18.36},{"text":"Deputy","start":18.36,"end":18.68},{"text":"Secretary","start":18.68,"end":19.08},{"text":"General,","start":19.08,"end":19.36},{"text":"I","start":19.36,"end":19.6},{"text":"invite","start":19.6,"end":19.88},{"text":"the","start":19.88,"end":20},{"text":"Economic","start":20,"end":20.24},{"text":"and","start":20.32,"end":20.6},{"text":"Social","start":20.6,"end":20.88},{"text":"Council","start":21.12,"end":21.52},{"text":"to","start":21.6,"end":21.84},{"text":"resume","start":21.84,"end":22.2},{"text":"its","start":22.2,"end":22.4},{"text":"consideration","start":22.4,"end":23.2},{"text":"of","start":23.68,"end":24.04},{"text":"sub","start":24.04,"end":24.36},{"text":"item","start":24.36,"end":24.8},{"text":"A","start":24.8,"end":25.04},{"text":"of","start":25.04,"end":25.28},{"text":"agenda","start":25.28,"end":25.8},{"text":"item","start":25.8,"end":26.2},{"text":"11","start":26.2,"end":26.56},{"text":"entitled","start":27.19,"end":27.75},{"text":"follow","start":27.75,"end":28.07},{"text":"up","start":28.07,"end":28.31},{"text":"to","start":28.31,"end":28.51},{"text":"the","start":28.51,"end":28.67},{"text":"International","start":28.67,"end":28.95},{"text":"Conferences","start":29.19,"end":29.75},{"text":"on","start":29.75,"end":30.11},{"text":"Financing","start":30.11,"end":30.75},{"text":"for","start":30.75,"end":31.03},{"text":"Development","start":31.03,"end":31.35},{"text":"in","start":32.23,"end":32.55},{"text":"order","start":32.55,"end":32.83},{"text":"to","start":32.83,"end":33.07},{"text":"hold","start":33.07,"end":33.27},{"text":"a","start":33.27,"end":33.47},{"text":"special","start":33.47,"end":33.75},{"text":"meeting","start":33.75,"end":34.15},{"text":"of","start":34.15,"end":34.47},{"text":"the","start":34.47,"end":34.67},{"text":"Council","start":34.67,"end":34.95},{"text":"on","start":35.11,"end":35.51},{"text":"Credit","start":35.51,"end":36.15},{"text":"Ratings.","start":36.39,"end":37.19}]}]},{"sentences":[{"text":"Excellencies, Distinguished Delegates, I'll start with my statement.","start":40.31,"end":46.15,"topics":[],"words":[{"text":"Excellencies,","start":40.31,"end":41.11},{"text":"Distinguished","start":42.23,"end":43.19},{"text":"Delegates,","start":43.43,"end":44.11},{"text":"I'll","start":44.11,"end":44.43},{"text":"start","start":44.43,"end":44.63},{"text":"with","start":44.63,"end":44.95},{"text":"my","start":45.35,"end":45.75},{"text":"statement.","start":45.75,"end":46.15}]}]},{"sentences":[{"text":"This meeting is convenient pursuant to the mandate contained in the Sevilla Commitment in which Member States called for a dedicated ECASOC platform to foster dialogue on accurate, objective and long term oriented credit ratings and their role in the international financial 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today's complex and interconnected global economy, this mandate is more relevant than ever.","start":77.76,"end":83.36,"topics":[],"words":[{"text":"In","start":77.76,"end":78.04},{"text":"today's","start":78.04,"end":78.48},{"text":"complex","start":78.48,"end":78.92},{"text":"and","start":78.92,"end":79.16},{"text":"interconnected","start":79.16,"end":80.04},{"text":"global","start":80.04,"end":80.4},{"text":"economy,","start":80.4,"end":80.8},{"text":"this","start":81.12,"end":81.48},{"text":"mandate","start":81.48,"end":81.96},{"text":"is","start":81.96,"end":82.2},{"text":"more","start":82.2,"end":82.44},{"text":"relevant","start":82.44,"end":82.8},{"text":"than","start":82.8,"end":83.04},{"text":"ever.","start":83.04,"end":83.36}]},{"text":"This inclusive space is essential when addressing topics such as credit ratings which sit at the intersection of public policy and financial markets and have significant implications for countries, cost of capital, market access and fiscal 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is not the first time ECA SOK has convened on this issue.","start":102.12,"end":106.12,"topics":[],"words":[{"text":"This","start":102.12,"end":102.4},{"text":"is","start":102.4,"end":102.56},{"text":"not","start":102.56,"end":102.72},{"text":"the","start":102.72,"end":102.88},{"text":"first","start":102.88,"end":103.08},{"text":"time","start":103.08,"end":103.32},{"text":"ECA","start":103.32,"end":103.8},{"text":"SOK","start":103.8,"end":104.08},{"text":"has","start":104.08,"end":104.36},{"text":"convened","start":104.76,"end":105.4},{"text":"on","start":105.4,"end":105.6},{"text":"this","start":105.6,"end":105.8},{"text":"issue.","start":105.8,"end":106.12}]}]},{"sentences":[{"text":"Over a Decade ago in 2014, the council already recognized the importance of credit rating agencies in shaping countries success to finance and the cost of 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meeting builds on that earlier discussion.","start":118.15,"end":121.07,"topics":[],"words":[{"text":"Today's","start":118.15,"end":118.67},{"text":"meeting","start":118.67,"end":118.95},{"text":"builds","start":119.03,"end":119.47},{"text":"on","start":119.47,"end":119.67},{"text":"that","start":119.67,"end":119.95},{"text":"earlier","start":119.95,"end":120.31},{"text":"discussion.","start":120.39,"end":121.07}]},{"text":"While reflecting a rapidly evolving global context.","start":121.07,"end":124.31,"topics":[],"words":[{"text":"While","start":121.07,"end":121.39},{"text":"reflecting","start":121.39,"end":122.07},{"text":"a","start":122.31,"end":122.59},{"text":"rapidly","start":122.59,"end":122.99},{"text":"evolving","start":122.99,"end":123.39},{"text":"global","start":123.39,"end":123.75},{"text":"context.","start":123.75,"end":124.31}]},{"text":"We have structured our dialogue around three key the role of credit ratings in shaping the cost of capital, the methodologies and time horizons used in sovereign assessments and ways to strengthen country level capacity and engagement.","start":125.109,"end":140.34,"topics":[],"words":[{"text":"We","start":125.109,"end":125.389},{"text":"have","start":125.389,"end":125.59},{"text":"structured","start":125.59,"end":126.11},{"text":"our","start":126.11,"end":126.43},{"text":"dialogue","start":126.43,"end":127.03},{"text":"around","start":127.03,"end":127.35},{"text":"three","start":127.59,"end":127.99},{"text":"key","start":127.99,"end":128.39},{"text":"the","start":128.79,"end":129.07},{"text":"role","start":129.07,"end":129.27},{"text":"of","start":129.27,"end":129.51},{"text":"credit","start":129.51,"end":129.95},{"text":"ratings","start":129.95,"end":130.43},{"text":"in","start":130.43,"end":130.59},{"text":"shaping","start":130.59,"end":130.95},{"text":"the","start":130.95,"end":131.15},{"text":"cost","start":131.15,"end":131.39},{"text":"of","start":131.39,"end":131.67},{"text":"capital,","start":131.67,"end":131.99},{"text":"the","start":132.47,"end":132.75},{"text":"methodologies","start":132.75,"end":133.51},{"text":"and","start":133.51,"end":133.87},{"text":"time","start":133.87,"end":134.19},{"text":"horizons","start":134.19,"end":134.79},{"text":"used","start":134.79,"end":134.99},{"text":"in","start":134.99,"end":135.15},{"text":"sovereign","start":135.15,"end":135.59},{"text":"assessments","start":135.59,"end":136.23},{"text":"and","start":136.82,"end":136.98},{"text":"ways","start":136.98,"end":137.34},{"text":"to","start":137.34,"end":137.5},{"text":"strengthen","start":137.5,"end":138.06},{"text":"country","start":138.06,"end":138.38},{"text":"level","start":138.38,"end":138.74},{"text":"capacity","start":138.74,"end":139.38},{"text":"and","start":139.38,"end":139.62},{"text":"engagement.","start":139.62,"end":140.34}]},{"text":"Our discussion also takes place under this year's EGASOC theme Transformative, Equitable, Innovative and Coordinated actions for the 2030 Agenda for Sustainable Development and its Sustainable Development Goals for a Sustainable Future for All.","start":141.06,"end":157.3,"topics":[],"words":[{"text":"Our","start":141.06,"end":141.42},{"text":"discussion","start":141.42,"end":142.14},{"text":"also","start":142.14,"end":142.5},{"text":"takes","start":142.5,"end":142.9},{"text":"place","start":142.9,"end":143.22},{"text":"under","start":143.3,"end":143.7},{"text":"this","start":143.7,"end":143.98},{"text":"year's","start":143.98,"end":144.34},{"text":"EGASOC","start":144.34,"end":144.98},{"text":"theme","start":144.98,"end":145.34},{"text":"Transformative,","start":145.34,"end":146.18},{"text":"Equitable,","start":146.26,"end":146.98},{"text":"Innovative","start":147.38,"end":148.02},{"text":"and","start":148.02,"end":148.34},{"text":"Coordinated","start":148.34,"end":149.18},{"text":"actions","start":149.18,"end":149.7},{"text":"for","start":149.7,"end":149.9},{"text":"the","start":149.9,"end":150.1},{"text":"2030","start":150.1,"end":150.7},{"text":"Agenda","start":150.7,"end":151.18},{"text":"for","start":151.18,"end":151.38},{"text":"Sustainable","start":151.38,"end":152.02},{"text":"Development","start":152.02,"end":152.34},{"text":"and","start":152.9,"end":153.22},{"text":"its","start":153.22,"end":153.5},{"text":"Sustainable","start":153.5,"end":154.14},{"text":"Development","start":154.14,"end":154.5},{"text":"Goals","start":154.74,"end":155.22},{"text":"for","start":155.38,"end":155.7},{"text":"a","start":155.7,"end":155.9},{"text":"Sustainable","start":155.9,"end":156.46},{"text":"Future","start":156.46,"end":156.78},{"text":"for","start":156.78,"end":157.02},{"text":"All.","start":157.02,"end":157.3}]}]},{"sentences":[{"text":"Credit ratings are directly relevant to this agenda.","start":157.86,"end":161.22,"topics":[],"words":[{"text":"Credit","start":157.86,"end":158.38},{"text":"ratings","start":158.38,"end":158.82},{"text":"are","start":158.82,"end":159.02},{"text":"directly","start":159.02,"end":159.54},{"text":"relevant","start":159.54,"end":160.06},{"text":"to","start":160.06,"end":160.34},{"text":"this","start":160.34,"end":160.58},{"text":"agenda.","start":160.58,"end":161.22}]},{"text":"They influence investment decisions, capital flows and ultimately countries ability to finance sustainable 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thank you and look forward to a rich and productive discussion.","start":264.65,"end":269.05,"topics":[],"words":[{"text":"I","start":264.65,"end":264.93},{"text":"thank","start":264.93,"end":265.17},{"text":"you","start":265.17,"end":265.33},{"text":"and","start":265.33,"end":265.57},{"text":"look","start":265.57,"end":265.81},{"text":"forward","start":265.81,"end":266.05},{"text":"to","start":266.05,"end":266.33},{"text":"a","start":266.33,"end":266.53},{"text":"rich","start":266.53,"end":266.85},{"text":"and","start":266.85,"end":267.17},{"text":"productive","start":267.17,"end":267.85},{"text":"discussion.","start":268.33,"end":269.05}]}]},{"sentences":[{"text":"So again we will continue with our 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floor.","start":287.199,"end":289.68,"topics":[],"words":[{"text":"Madam","start":287.199,"end":287.68},{"text":"Secretary","start":287.68,"end":288.16},{"text":"General,","start":288.16,"end":288.48},{"text":"you","start":288.72,"end":289},{"text":"have","start":289,"end":289.16},{"text":"the","start":289.16,"end":289.32},{"text":"floor.","start":289.32,"end":289.68}]}]}],"speaker":{"name":null,"affiliation":"ECOSOC","affiliation_full":"ECOSOC","group":null,"function":"Vice-President"}},{"statement_number":2,"start":291.2,"pageUrl":"/en/ecosoc/2026/13?t=292","paragraphs":[{"sentences":[{"text":"Thank you very much, Excellency.","start":291.2,"end":292.56,"topics":[],"words":[{"text":"Thank","start":291.2,"end":291.56},{"text":"you","start":291.56,"end":291.68},{"text":"very","start":291.68,"end":291.8},{"text":"much,","start":291.8,"end":292.04},{"text":"Excellency.","start":292.04,"end":292.56}]},{"text":"Our Vice President of ecosoc, the Permanent Representative of 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gentlemen.","start":298.2,"end":299.28,"topics":[],"words":[{"text":"Ladies","start":298.2,"end":298.6},{"text":"and","start":298.6,"end":298.76},{"text":"gentlemen.","start":298.76,"end":299.28}]},{"text":"Welcome everyone to this special meeting on credit ratings.","start":299.77,"end":302.49,"topics":[],"words":[{"text":"Welcome","start":299.77,"end":300.09},{"text":"everyone","start":300.09,"end":300.41},{"text":"to","start":300.41,"end":300.69},{"text":"this","start":300.69,"end":300.85},{"text":"special","start":300.85,"end":301.09},{"text":"meeting","start":301.09,"end":301.37},{"text":"on","start":301.37,"end":301.57},{"text":"credit","start":301.57,"end":301.93},{"text":"ratings.","start":301.93,"end":302.49}]},{"text":"Thank you for coming together to focus on what is a global problem that demands a global 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you for being part of this important effort, Excellencies, Ladies and gentlemen.","start":349.62,"end":354.12,"topics":[],"words":[{"text":"Thank","start":349.62,"end":349.94},{"text":"you","start":349.94,"end":350.06},{"text":"for","start":350.06,"end":350.22},{"text":"being","start":350.22,"end":350.46},{"text":"part","start":350.46,"end":350.7},{"text":"of","start":350.7,"end":350.82},{"text":"this","start":350.82,"end":351.02},{"text":"important","start":351.02,"end":351.38},{"text":"effort,","start":351.38,"end":351.94},{"text":"Excellencies,","start":352.44,"end":353},{"text":"Ladies","start":353,"end":353.36},{"text":"and","start":353.36,"end":353.52},{"text":"gentlemen.","start":353.52,"end":354.12}]},{"text":"Adequate and timely finance is the fuel that drives sustainable 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countries on the front line of climate change the are suffering devastating loss and damage while lacking affordable financing to recover from disaster and strengthen resilience.","start":399.95,"end":410.52,"topics":[{"key":"beyond-gdp-vulnerability","label":"Beyond GDP and Vulnerability Indices","description":"Calls to move past GDP-only measures by integrating structural features, natural capital, and vulnerability metrics (e.g., multidimensional vulnerability indices) so risk assessments better reflect development realities, especially for climate‑exposed economies."},{"key":"innovative-finance-guarantees","label":"Innovative Finance and Guarantees","description":"Scaling blended finance, guarantees, climate‑shock clauses, originate‑to‑distribute models, and local‑currency instruments via MDBs and DFIs to mobilize private capital and lower borrowing costs, particularly for vulnerable 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Sevilla, member States also issued a global call to reimagine the credit rating system.","start":510.5,"end":515.3,"topics":[],"words":[{"text":"In","start":510.5,"end":510.78},{"text":"Sevilla,","start":510.78,"end":511.34},{"text":"member","start":511.34,"end":511.58},{"text":"States","start":511.58,"end":511.9},{"text":"also","start":511.9,"end":512.22},{"text":"issued","start":512.22,"end":512.58},{"text":"a","start":512.58,"end":512.7},{"text":"global","start":512.7,"end":512.94},{"text":"call","start":512.94,"end":513.26},{"text":"to","start":513.26,"end":513.5},{"text":"reimagine","start":513.5,"end":514.06},{"text":"the","start":514.06,"end":514.22},{"text":"credit","start":514.22,"end":514.54},{"text":"rating","start":514.54,"end":514.9},{"text":"system.","start":514.9,"end":515.3}]}]},{"sentences":[{"text":"And as you begin your discussions today, I would like to highlight three guiding principles for 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Excellencies, ladies and gentlemen.","start":689.02,"end":691.22,"topics":[],"words":[{"text":"Colleagues,","start":689.02,"end":689.58},{"text":"Excellencies,","start":689.58,"end":690.14},{"text":"ladies","start":690.14,"end":690.46},{"text":"and","start":690.46,"end":690.66},{"text":"gentlemen.","start":690.66,"end":691.22}]},{"text":"Credit ratings are about information, but at the core, deployed the right way, they can also be about contributing to a country's sustainable development and progress.","start":691.22,"end":700.3,"topics":[{"key":"forward-looking-assessments","label":"Forward-Looking, Long-Term Assessments","description":"Advocacy for ratings that better capture reform trajectories, resilience, and long-term growth prospects—including scenario analysis and recognition of development and climate investments as credit‑positive—rather than static, short‑term 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Persaut has over 30 years of experience in finance, public policy and academia.","start":729.82,"end":735.62,"topics":[],"words":[{"text":"Mr.","start":729.82,"end":730.26},{"text":"Persaut","start":730.26,"end":731.14},{"text":"has","start":731.14,"end":731.42},{"text":"over","start":731.42,"end":731.66},{"text":"30","start":731.66,"end":731.98},{"text":"years","start":731.98,"end":732.26},{"text":"of","start":732.26,"end":732.46},{"text":"experience","start":732.46,"end":732.78},{"text":"in","start":732.86,"end":733.18},{"text":"finance,","start":733.18,"end":733.74},{"text":"public","start":733.9,"end":734.26},{"text":"policy","start":734.26,"end":734.62},{"text":"and","start":734.62,"end":734.94},{"text":"academia.","start":734.94,"end":735.62}]},{"text":"And in his role as the Special Climate Envoy to the Prime Minister of Barbados, was an architect of the Bridgetown Initiative on International Financial 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Persaut, you have the floor.","start":746.14,"end":748.06,"topics":[],"words":[{"text":"Mr.","start":746.14,"end":746.54},{"text":"Persaut,","start":746.54,"end":747.3},{"text":"you","start":747.3,"end":747.42},{"text":"have","start":747.42,"end":747.54},{"text":"the","start":747.54,"end":747.7},{"text":"floor.","start":747.7,"end":748.06}]}]}],"speaker":{"name":null,"affiliation":"ECOSOC","affiliation_full":"ECOSOC","group":null,"function":"Vice-President"}},{"statement_number":4,"start":749.66,"pageUrl":"/en/ecosoc/2026/13?t=750","paragraphs":[{"sentences":[{"text":"30 Years. Gosh, I'm old.","start":749.66,"end":751.58,"topics":[],"words":[{"text":"30","start":749.66,"end":750.06},{"text":"years.","start":750.06,"end":750.46},{"text":"Gosh,","start":750.62,"end":751.02},{"text":"I'm","start":751.02,"end":751.3},{"text":"old.","start":751.3,"end":751.58}]},{"text":"Thank you.","start":752.86,"end":753.34,"topics":[],"words":[{"text":"Thank","start":752.86,"end":753.18},{"text":"you.","start":753.18,"end":753.34}]},{"text":"DSG President.","start":753.34,"end":754.3,"topics":[],"words":[{"text":"DSG","start":753.34,"end":753.94},{"text":"President.","start":753.94,"end":754.3}]},{"text":"Good morning, everyone.","start":755.4,"end":756.44,"topics":[],"words":[{"text":"Good","start":755.4,"end":755.64},{"text":"morning,","start":755.64,"end":756.04},{"text":"everyone.","start":756.04,"end":756.44}]}]},{"sentences":[{"text":"It's a great pleasure to be here to share with you some thoughts on this very critical subject of cost of capital and the bearing and relationship with credit rating 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want to offer you today a systemic perspective on the challenge we're facing to give you a framework for thinking about this 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think where there are system failures, and I think what we are witnessing today is a system failure, sometimes problems are actually symptoms of something we need to address and solving the problem itself will not do 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in thinking about a systemic approach, I want to, as an entry point, talk to you about two traditions in economic policy that I've come across in my 30 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first one is that implicitly, explicitly is a belief that markets will function, can provide solutions to our myriad of challenges and that when they don't, it's because of a lack of information, it's a lack of transparency, it's a lack of 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call this the information deficiency school.","start":834.89,"end":837.69,"topics":[],"words":[{"text":"I","start":834.89,"end":835.01},{"text":"call","start":835.01,"end":835.21},{"text":"this","start":835.21,"end":835.45},{"text":"the","start":835.45,"end":835.77},{"text":"information","start":835.77,"end":836.17},{"text":"deficiency","start":836.49,"end":837.37},{"text":"school.","start":837.37,"end":837.69}]},{"text":"And there are those within that school who will also Argue that markets sometimes need nudging, sometimes need better incentives to align themselves with the social 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wish to see whether that's through taxes and subsidies.","start":853.29,"end":856.89,"topics":[],"words":[{"text":"We","start":853.29,"end":853.61},{"text":"wish","start":853.61,"end":853.89},{"text":"to","start":853.89,"end":854.05},{"text":"see","start":854.05,"end":854.29},{"text":"whether","start":854.29,"end":854.57},{"text":"that's","start":854.57,"end":854.93},{"text":"through","start":854.93,"end":855.13},{"text":"taxes","start":855.13,"end":855.73},{"text":"and","start":855.73,"end":856.09},{"text":"subsidies.","start":856.17,"end":856.89}]},{"text":"But by and large, there's the information, the deficiency school, who says that if we see a problem, it's partly because of a lack of transparency, a lack of 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seeing that in the focus on the GEMS database that we, the multilateral development banks are producing in the hope that showing that in fact the micro credit risks of investments is small will change the investment 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we see that in our thinking about credit rating agencies that if only that they had better information, they used the information better, which I think is perhaps even more important, then that will also help to reduce the blockages and obstacles to the flow, the critical flow of capital to development and developing 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they are subject to external regulation, internal regulation.","start":951.86,"end":957.86,"topics":[],"words":[{"text":"And","start":951.86,"end":952.14},{"text":"they","start":952.14,"end":952.3},{"text":"are","start":952.3,"end":952.5},{"text":"subject","start":952.5,"end":952.98},{"text":"to","start":953.94,"end":954.34},{"text":"external","start":954.74,"end":955.54},{"text":"regulation,","start":955.54,"end":956.02},{"text":"internal","start":956.66,"end":957.38},{"text":"regulation.","start":957.38,"end":957.86}]},{"text":"They use credit ratings when they could use other 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now invite the Council to begin its discussion on credit ratings and the cost of the capital.","start":1372.83,"end":1378.75,"topics":[],"words":[{"text":"I","start":1372.83,"end":1372.99},{"text":"now","start":1372.99,"end":1373.19},{"text":"invite","start":1373.19,"end":1373.47},{"text":"the","start":1373.47,"end":1373.71},{"text":"Council","start":1373.71,"end":1374.03},{"text":"to","start":1374.11,"end":1374.47},{"text":"begin","start":1374.47,"end":1374.87},{"text":"its","start":1374.87,"end":1375.15},{"text":"discussion","start":1375.15,"end":1375.79},{"text":"on","start":1375.79,"end":1376.07},{"text":"credit","start":1376.07,"end":1376.59},{"text":"ratings","start":1376.59,"end":1377.15},{"text":"and","start":1377.15,"end":1377.35},{"text":"the","start":1377.35,"end":1377.55},{"text":"cost","start":1377.55,"end":1377.87},{"text":"of","start":1377.95,"end":1378.23},{"text":"the","start":1378.23,"end":1378.43},{"text":"capital.","start":1378.43,"end":1378.75}]},{"text":"The first 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pleased to welcome the distinguished presenters for this discussion.","start":1412.87,"end":1417.27,"topics":[],"words":[{"text":"I'm","start":1412.87,"end":1413.31},{"text":"pleased","start":1413.31,"end":1413.59},{"text":"to","start":1413.59,"end":1413.71},{"text":"welcome","start":1413.71,"end":1414.15},{"text":"the","start":1414.15,"end":1414.39},{"text":"distinguished","start":1414.39,"end":1415.19},{"text":"presenters","start":1415.35,"end":1416.11},{"text":"for","start":1416.11,"end":1416.39},{"text":"this","start":1416.39,"end":1416.63},{"text":"discussion.","start":1416.63,"end":1417.27}]},{"text":"I also welcome Mr. Daniel, Cash reader in Law at Aston University, to moderate the panel 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practice, this is not only a technical question, it has direct implications for how countries access financing, the terms on which they borrow, and ultimately the policy choices available to 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sectors.","start":1567.86,"end":1575.14,"topics":[],"words":[{"text":"That","start":1567.86,"end":1568.14},{"text":"covers","start":1568.14,"end":1568.46},{"text":"more","start":1568.46,"end":1568.62},{"text":"than","start":1568.62,"end":1568.82},{"text":"1","start":1568.82,"end":1569.1},{"text":"million","start":1569.1,"end":1569.46},{"text":"outstanding","start":1569.46,"end":1570.14},{"text":"ratings","start":1570.14,"end":1570.7},{"text":"on","start":1570.7,"end":1570.94},{"text":"entities","start":1570.94,"end":1571.42},{"text":"and","start":1571.42,"end":1571.7},{"text":"securities","start":1571.7,"end":1572.34},{"text":"across","start":1572.98,"end":1573.34},{"text":"a","start":1573.34,"end":1573.66},{"text":"wide","start":1573.66,"end":1574.02},{"text":"range","start":1574.02,"end":1574.38},{"text":"of","start":1574.38,"end":1574.58},{"text":"sectors.","start":1574.58,"end":1575.14}]}]},{"sentences":[{"text":"The question I have for you today, Jim, is that from a credit rating agency perspective, how do you assess the real world transmission mechanism between sovereign rating actions that includes outlooks and rating watches and also borrowing costs, particularly in relation to developing countries as markets may react more sharply to announcements regarding their ratings.","start":1576.43,"end":1602,"topics":[],"words":[{"text":"The","start":1576.43,"end":1576.59},{"text":"question","start":1576.59,"end":1576.91},{"text":"I","start":1577.55,"end":1577.83},{"text":"have","start":1577.83,"end":1577.99},{"text":"for","start":1577.99,"end":1578.15},{"text":"you","start":1578.15,"end":1578.31},{"text":"today,","start":1578.31,"end":1578.55},{"text":"Jim,","start":1578.55,"end":1578.99},{"text":"is","start":1579.23,"end":1579.51},{"text":"that","start":1579.51,"end":1579.71},{"text":"from","start":1579.71,"end":1579.91},{"text":"a","start":1579.91,"end":1580.03},{"text":"credit","start":1580.03,"end":1580.31},{"text":"rating","start":1580.31,"end":1580.63},{"text":"agency","start":1580.63,"end":1581.19},{"text":"perspective,","start":1581.19,"end":1581.87},{"text":"how","start":1582.43,"end":1582.75},{"text":"do","start":1582.75,"end":1582.95},{"text":"you","start":1582.95,"end":1583.19},{"text":"assess","start":1583.19,"end":1583.55},{"text":"the","start":1583.55,"end":1583.79},{"text":"real","start":1583.79,"end":1584.11},{"text":"world","start":1584.19,"end":1584.59},{"text":"transmission","start":1584.59,"end":1585.27},{"text":"mechanism","start":1585.27,"end":1585.87},{"text":"between","start":1586.43,"end":1586.83},{"text":"sovereign","start":1586.83,"end":1587.39},{"text":"rating","start":1587.39,"end":1587.79},{"text":"actions","start":1587.79,"end":1588.43},{"text":"that","start":1588.99,"end":1589.31},{"text":"includes","start":1589.31,"end":1589.83},{"text":"outlooks","start":1589.83,"end":1590.43},{"text":"and","start":1590.43,"end":1590.63},{"text":"rating","start":1590.63,"end":1590.95},{"text":"watches","start":1590.95,"end":1591.629},{"text":"and","start":1592.27,"end":1592.59},{"text":"also","start":1592.59,"end":1592.87},{"text":"borrowing","start":1592.87,"end":1593.47},{"text":"costs,","start":1593.47,"end":1594.03},{"text":"particularly","start":1594.43,"end":1595.23},{"text":"in","start":1595.23,"end":1595.47},{"text":"relation","start":1595.47,"end":1595.83},{"text":"to","start":1595.83,"end":1596.11},{"text":"developing","start":1596.11,"end":1596.71},{"text":"countries","start":1596.71,"end":1597.07},{"text":"as","start":1597.87,"end":1598.19},{"text":"markets","start":1598.19,"end":1598.71},{"text":"may","start":1598.71,"end":1598.87},{"text":"react","start":1598.87,"end":1599.19},{"text":"more","start":1599.19,"end":1599.47},{"text":"sharply","start":1599.47,"end":1600.07},{"text":"to","start":1600.07,"end":1600.35},{"text":"announcements","start":1600.35,"end":1600.95},{"text":"regarding","start":1600.95,"end":1601.43},{"text":"their","start":1601.43,"end":1601.63},{"text":"ratings.","start":1601.63,"end":1602}]},{"text":"Jim, you have the floor.","start":1602.87,"end":1603.91,"topics":[],"words":[{"text":"Jim,","start":1602.87,"end":1603.11},{"text":"you","start":1603.11,"end":1603.31},{"text":"have","start":1603.31,"end":1603.47},{"text":"the","start":1603.47,"end":1603.59},{"text":"floor.","start":1603.59,"end":1603.91}]}]}],"speaker":{"name":"Daniel Cash","affiliation":"Aston University","affiliation_full":"Aston University","group":null,"function":"Moderator"}},{"statement_number":9,"start":1605.43,"pageUrl":"/en/ecosoc/2026/13?t=1606","paragraphs":[{"sentences":[{"text":"Thank you, Daniel. Mr. President, Excellencies, distinguished delegates, ladies and gentlemen.","start":1605.43,"end":1612.87,"topics":[],"words":[{"text":"Thank","start":1605.43,"end":1605.79},{"text":"you,","start":1605.79,"end":1605.91},{"text":"Daniel.","start":1605.91,"end":1606.39},{"text":"Mr.","start":1607.91,"end":1608.31},{"text":"President,","start":1608.31,"end":1608.63},{"text":"Excellencies,","start":1609.03,"end":1609.91},{"text":"distinguished","start":1609.91,"end":1610.71},{"text":"delegates,","start":1610.95,"end":1611.67},{"text":"ladies","start":1611.75,"end":1612.15},{"text":"and","start":1612.15,"end":1612.31},{"text":"gentlemen.","start":1612.31,"end":1612.87}]},{"text":"Thank you for the opportunity to address this room on this special day on credit 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the fourth Financing for Development conference last year at which our president Jan Lepelic presented remarks, SP Global has remained committed to allocating resources towards these 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Calls for clearer, published methodologies, greater disclosure of qualitative weighting, and more objective, consistent criteria."}],"words":[{"text":"So","start":1661.55,"end":1661.83},{"text":"far,","start":1661.83,"end":1662.07},{"text":"that's","start":1662.07,"end":1662.47},{"text":"resulted","start":1662.47,"end":1663.07},{"text":"in","start":1663.07,"end":1663.47},{"text":"three","start":1663.95,"end":1664.31},{"text":"MLIs","start":1664.31,"end":1665.07},{"text":"being","start":1665.07,"end":1665.39},{"text":"upgraded","start":1665.39,"end":1666.11},{"text":"due","start":1666.59,"end":1666.91},{"text":"to","start":1666.91,"end":1667.23},{"text":"stronger","start":1667.23,"end":1667.75},{"text":"capital","start":1667.75,"end":1668.03},{"text":"ratios.","start":1668.11,"end":1668.83}]},{"text":"We estimate that subject to other constraints beyond these rating changes, stronger capital positions could result in an additional 600 to 800 billion in lending 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fiscal space and addressing debt levels remain central barriers to public investments into sustainable development.","start":1682.09,"end":1688.97,"topics":[{"key":"debt-architecture-reform","label":"Debt Architecture and Restructuring Reform","description":"Advancing a development‑oriented debt architecture—including borrowers’ platforms, responsible lending/borrowing principles, fairer treatment of restructurings, and stronger global safety nets—to reduce risk premia and improve orderly access to 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the cost of capital is driven by the supply and demand for credit.","start":1851.05,"end":1855.05,"topics":[],"words":[{"text":"Fundamentally,","start":1851.05,"end":1851.73},{"text":"the","start":1851.73,"end":1851.969},{"text":"cost","start":1851.969,"end":1852.17},{"text":"of","start":1852.17,"end":1852.37},{"text":"capital","start":1852.37,"end":1852.65},{"text":"is","start":1852.65,"end":1852.93},{"text":"driven","start":1852.93,"end":1853.21},{"text":"by","start":1853.21,"end":1853.41},{"text":"the","start":1853.41,"end":1853.57},{"text":"supply","start":1853.57,"end":1853.89},{"text":"and","start":1853.89,"end":1854.05},{"text":"demand","start":1854.05,"end":1854.29},{"text":"for","start":1854.29,"end":1854.57},{"text":"credit.","start":1854.57,"end":1855.05}]},{"text":"Credit ratings primarily focus on the assessment of an entity's ability to make full and timely payments and avoid default.","start":1855.53,"end":1863.2,"topics":[],"words":[{"text":"Credit","start":1855.53,"end":1855.97},{"text":"ratings","start":1855.97,"end":1856.45},{"text":"primarily","start":1856.45,"end":1857.01},{"text":"focus","start":1857.01,"end":1857.37},{"text":"on","start":1857.85,"end":1858.13},{"text":"the","start":1858.13,"end":1858.29},{"text":"assessment","start":1858.29,"end":1858.73},{"text":"of","start":1858.73,"end":1858.89},{"text":"an","start":1858.89,"end":1859.05},{"text":"entity's","start":1859.05,"end":1859.53},{"text":"ability","start":1859.53,"end":1859.85},{"text":"to","start":1859.85,"end":1860.13},{"text":"make","start":1860.13,"end":1860.33},{"text":"full","start":1860.33,"end":1860.61},{"text":"and","start":1860.61,"end":1860.89},{"text":"timely","start":1860.89,"end":1861.25},{"text":"payments","start":1861.25,"end":1861.69},{"text":"and","start":1862.08,"end":1862.24},{"text":"avoid","start":1862.24,"end":1862.6},{"text":"default.","start":1862.6,"end":1863.2}]},{"text":"Those are their purpose.","start":1863.36,"end":1864.48,"topics":[],"words":[{"text":"Those","start":1863.36,"end":1863.64},{"text":"are","start":1863.64,"end":1863.8},{"text":"their","start":1863.8,"end":1864},{"text":"purpose.","start":1864,"end":1864.48}]},{"text":"Other factors which can influence investor decisions include their own views of the strength of an institutional framework and the degree of transparency and predictability of the operating environment.","start":1865.12,"end":1877.28,"topics":[{"key":"information-asymmetry","label":"Information Asymmetry and Data Gaps","description":"Ratings and investor decisions are distorted by outdated, incomplete or uneven country data. 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Calls for clearer, published methodologies, greater disclosure of qualitative weighting, and more objective, consistent 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financing structures can also play a role, which brings me to my third and final point.","start":1908.65,"end":1913.05,"topics":[],"words":[{"text":"But","start":1908.65,"end":1908.97},{"text":"financing","start":1908.97,"end":1909.53},{"text":"structures","start":1909.53,"end":1909.97},{"text":"can","start":1909.97,"end":1910.21},{"text":"also","start":1910.21,"end":1910.45},{"text":"play","start":1910.45,"end":1910.69},{"text":"a","start":1910.69,"end":1910.85},{"text":"role,","start":1910.85,"end":1911.05},{"text":"which","start":1911.05,"end":1911.29},{"text":"brings","start":1911.29,"end":1911.61},{"text":"me","start":1911.61,"end":1911.73},{"text":"to","start":1911.73,"end":1911.89},{"text":"my","start":1911.89,"end":1912.05},{"text":"third","start":1912.05,"end":1912.25},{"text":"and","start":1912.25,"end":1912.45},{"text":"final","start":1912.45,"end":1912.69},{"text":"point.","start":1912.69,"end":1913.05}]},{"text":"Innovation is gradually happening to enable capital mobilization, which we view as necessary considering the size of the financing gap.","start":1913.81,"end":1922.21,"topics":[{"key":"innovative-finance-guarantees","label":"Innovative Finance and Guarantees","description":"Scaling blended finance, guarantees, climate‑shock clauses, originate‑to‑distribute models, and local‑currency instruments via MDBs and DFIs to mobilize private capital and lower borrowing costs, particularly for vulnerable 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transactions remain rare, but we're seeing some reach the market such as the one done by the IFC in September last year.","start":1944.54,"end":1952.3,"topics":[{"key":"innovative-finance-guarantees","label":"Innovative Finance and Guarantees","description":"Scaling blended finance, guarantees, climate‑shock clauses, originate‑to‑distribute models, and local‑currency instruments via MDBs and DFIs to mobilize private capital and lower borrowing costs, particularly for vulnerable 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structures are also emerging, including structured fund financing with blended finance characteristics which provide scale diversity and credit enhancements that address institutional investors needs.","start":1953.18,"end":1966.86,"topics":[{"key":"innovative-finance-guarantees","label":"Innovative Finance and Guarantees","description":"Scaling blended finance, guarantees, climate‑shock clauses, originate‑to‑distribute models, and local‑currency instruments via MDBs and DFIs to mobilize private capital and lower borrowing costs, particularly for vulnerable 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online.","start":2011.129,"end":2013.69,"topics":[],"words":[{"text":"Moving","start":2011.129,"end":2011.53},{"text":"forward,","start":2011.53,"end":2011.85},{"text":"hopefully","start":2012.73,"end":2013.17},{"text":"he's","start":2013.17,"end":2013.45},{"text":"online.","start":2013.45,"end":2013.69}]},{"text":"I'd like to move forward to our next contributor.","start":2013.77,"end":2016.09,"topics":[],"words":[{"text":"I'd","start":2013.77,"end":2014.09},{"text":"like","start":2014.09,"end":2014.17},{"text":"to","start":2014.17,"end":2014.29},{"text":"move","start":2014.29,"end":2014.45},{"text":"forward","start":2014.45,"end":2014.65},{"text":"to","start":2014.65,"end":2014.85},{"text":"our","start":2014.85,"end":2015.05},{"text":"next","start":2015.05,"end":2015.37},{"text":"contributor.","start":2015.37,"end":2016.09}]},{"text":"That is Mr. Luis Molina Chacon.","start":2016.09,"end":2018.73,"topics":[],"words":[{"text":"That","start":2016.09,"end":2016.29},{"text":"is","start":2016.29,"end":2016.53},{"text":"Mr.","start":2016.53,"end":2016.97},{"text":"Luis","start":2017.29,"end":2017.77},{"text":"Molina","start":2017.77,"end":2018.29},{"text":"Chacon.","start":2018.29,"end":2018.73}]},{"text":"He is the Vice Minister of Finance for Costa Rica and hopefully we have them with us.","start":2018.73,"end":2024.96,"topics":[],"words":[{"text":"He","start":2018.73,"end":2018.93},{"text":"is","start":2018.93,"end":2019.09},{"text":"the","start":2019.09,"end":2019.25},{"text":"Vice","start":2019.25,"end":2019.53},{"text":"Minister","start":2019.53,"end":2019.85},{"text":"of","start":2019.93,"end":2020.21},{"text":"Finance","start":2020.21,"end":2020.61},{"text":"for","start":2020.61,"end":2020.77},{"text":"Costa","start":2020.77,"end":2021.13},{"text":"Rica","start":2021.13,"end":2021.53},{"text":"and","start":2023.52,"end":2023.68},{"text":"hopefully","start":2023.68,"end":2024.04},{"text":"we","start":2024.04,"end":2024.2},{"text":"have","start":2024.2,"end":2024.36},{"text":"them","start":2024.36,"end":2024.52},{"text":"with","start":2024.52,"end":2024.68},{"text":"us.","start":2024.68,"end":2024.96}]},{"text":"My question for Mr. Molina Shekhani is turning now to the perspective of a sovereign 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University","group":null,"function":"Moderator"}},{"statement_number":11,"start":2050.57,"pageUrl":"/en/ecosoc/2026/13?t=2051","paragraphs":[{"sentences":[{"text":"Thank you, Chairman. Hello everybody.","start":2050.57,"end":2053.73,"topics":[],"words":[{"text":"Thank","start":2050.57,"end":2050.77},{"text":"you,","start":2050.77,"end":2050.93},{"text":"Chairman.","start":2050.93,"end":2051.45},{"text":"Hello","start":2052.81,"end":2053.25},{"text":"everybody.","start":2053.25,"end":2053.73}]},{"text":"My name is Luis Munina, Deputy Minister of Finance of Costa Rica.","start":2053.73,"end":2057.05,"topics":[],"words":[{"text":"My","start":2053.73,"end":2053.85},{"text":"name","start":2053.85,"end":2053.97},{"text":"is","start":2053.97,"end":2054.13},{"text":"Luis","start":2054.13,"end":2054.37},{"text":"Munina,","start":2054.37,"end":2054.89},{"text":"Deputy","start":2054.89,"end":2055.33},{"text":"Minister","start":2055.33,"end":2055.61},{"text":"of","start":2055.61,"end":2055.81},{"text":"Finance","start":2055.81,"end":2056.09},{"text":"of","start":2056.09,"end":2056.21},{"text":"Costa","start":2056.21,"end":2056.57},{"text":"Rica.","start":2056.57,"end":2057.05}]},{"text":"I'm very happy to be here and share the floor with you.","start":2057.21,"end":2060.65,"topics":[],"words":[{"text":"I'm","start":2057.21,"end":2057.85},{"text":"very","start":2058.25,"end":2058.53},{"text":"happy","start":2058.53,"end":2058.85},{"text":"to","start":2058.85,"end":2058.97},{"text":"be","start":2058.97,"end":2059.13},{"text":"here","start":2059.13,"end":2059.37},{"text":"and","start":2059.37,"end":2059.57},{"text":"share","start":2059.57,"end":2059.73},{"text":"the","start":2059.73,"end":2059.89},{"text":"floor","start":2059.89,"end":2060.21},{"text":"with","start":2060.21,"end":2060.37},{"text":"you.","start":2060.37,"end":2060.65}]},{"text":"Greetings from sunny Costa Rica.","start":2061.77,"end":2063.409,"topics":[],"words":[{"text":"Greetings","start":2061.77,"end":2062.21},{"text":"from","start":2062.21,"end":2062.41},{"text":"sunny","start":2062.41,"end":2062.85},{"text":"Costa","start":2062.85,"end":2063.13},{"text":"Rica.","start":2063.13,"end":2063.409}]}]},{"sentences":[{"text":"We have holidays here, so I took a time from my holidays to be with you on this Monday.","start":2063.409,"end":2070.09,"topics":[],"words":[{"text":"We","start":2063.409,"end":2063.53},{"text":"have","start":2063.53,"end":2063.649},{"text":"holidays","start":2063.649,"end":2064.21},{"text":"here,","start":2064.21,"end":2064.49},{"text":"so","start":2064.81,"end":2065.09},{"text":"I","start":2065.09,"end":2065.37},{"text":"took","start":2065.45,"end":2065.77},{"text":"a","start":2065.77,"end":2065.97},{"text":"time","start":2065.97,"end":2066.17},{"text":"from","start":2066.17,"end":2066.49},{"text":"my","start":2066.97,"end":2067.25},{"text":"holidays","start":2067.25,"end":2067.77},{"text":"to","start":2067.77,"end":2068.09},{"text":"be","start":2068.33,"end":2068.61},{"text":"with","start":2068.61,"end":2068.81},{"text":"you","start":2068.81,"end":2069.13},{"text":"on","start":2069.29,"end":2069.57},{"text":"this","start":2069.57,"end":2069.77},{"text":"Monday.","start":2069.77,"end":2070.09}]},{"text":"From our perspective, I believe that it has been said quite a few times, the information is the key for sovereign issuers like us.","start":2070.89,"end":2083.02,"topics":[{"key":"information-asymmetry","label":"Information Asymmetry and Data Gaps","description":"Ratings and investor decisions are distorted by outdated, incomplete or uneven country data. 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been a country that in the single year we have an improve of three notches.","start":2119.08,"end":2123.4,"topics":[],"words":[{"text":"We've","start":2119.08,"end":2119.44},{"text":"been","start":2119.44,"end":2119.6},{"text":"a","start":2119.6,"end":2119.72},{"text":"country","start":2119.72,"end":2119.96},{"text":"that","start":2119.96,"end":2120.24},{"text":"in","start":2120.24,"end":2120.36},{"text":"the","start":2120.36,"end":2120.48},{"text":"single","start":2120.48,"end":2120.8},{"text":"year","start":2120.8,"end":2121},{"text":"we","start":2121,"end":2121.24},{"text":"have","start":2121.24,"end":2121.56},{"text":"an","start":2121.64,"end":2121.959},{"text":"improve","start":2121.959,"end":2122.28},{"text":"of","start":2122.28,"end":2122.56},{"text":"three","start":2122.56,"end":2122.76},{"text":"notches.","start":2122.76,"end":2123.4}]},{"text":"That's not very common in the history of credit 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beyond gdp, but knowing that we have to go beyond GDP is a really hard question.","start":2185.85,"end":2192.94,"topics":[{"key":"beyond-gdp-vulnerability","label":"Beyond GDP and Vulnerability Indices","description":"Calls to move past GDP-only measures by integrating structural features, natural capital, and vulnerability metrics (e.g., multidimensional vulnerability indices) so risk assessments better reflect development realities, especially for climate‑exposed 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we have to start to making this kind of hard questions because there are a lot of other things that need to be measured in countries, for example, in my country, we have very transparent information about the environmental accounts and how much the nature cost and how much the nature can deliver as an active and as an asset in our country, in our country.","start":2212.58,"end":2235.31,"topics":[{"key":"beyond-gdp-vulnerability","label":"Beyond GDP and Vulnerability Indices","description":"Calls to move past GDP-only measures by integrating structural features, natural capital, and vulnerability metrics (e.g., multidimensional vulnerability indices) so risk assessments better reflect development realities, especially for climate‑exposed economies."},{"key":"information-asymmetry","label":"Information Asymmetry and Data Gaps","description":"Ratings and investor decisions are distorted by outdated, incomplete or uneven country data. 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that can be measured and it has to be.","start":2235.79,"end":2239.79,"topics":[{"key":"beyond-gdp-vulnerability","label":"Beyond GDP and Vulnerability Indices","description":"Calls to move past GDP-only measures by integrating structural features, natural capital, and vulnerability metrics (e.g., multidimensional vulnerability indices) so risk assessments better reflect development realities, especially for climate‑exposed economies."}],"words":[{"text":"And","start":2235.79,"end":2236.19},{"text":"that","start":2236.51,"end":2236.79},{"text":"can","start":2236.79,"end":2236.99},{"text":"be","start":2236.99,"end":2237.19},{"text":"measured","start":2237.19,"end":2237.71},{"text":"and","start":2238.27,"end":2238.67},{"text":"it","start":2238.83,"end":2239.15},{"text":"has","start":2239.15,"end":2239.35},{"text":"to","start":2239.35,"end":2239.55},{"text":"be.","start":2239.55,"end":2239.79}]},{"text":"And we have to figure out some alternative to transmit those natural assets that countries like Costa Rica or tropical countries have to give more value to the assets that we have.","start":2239.79,"end":2253.04,"topics":[{"key":"beyond-gdp-vulnerability","label":"Beyond GDP and Vulnerability Indices","description":"Calls to move past GDP-only measures by integrating structural features, natural capital, and vulnerability metrics (e.g., multidimensional vulnerability indices) so risk assessments better reflect development realities, especially for climate‑exposed 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language needs to be branded somewhere.","start":2272.26,"end":2276.34,"topics":[],"words":[{"text":"This","start":2272.26,"end":2272.66},{"text":"language","start":2273.06,"end":2273.58},{"text":"needs","start":2273.58,"end":2273.86},{"text":"to","start":2273.86,"end":2274.06},{"text":"be","start":2274.06,"end":2274.34},{"text":"branded","start":2275.06,"end":2275.78},{"text":"somewhere.","start":2275.78,"end":2276.34}]},{"text":"I believe that in Sevilla last year we started to see some ideas of how can we measure and how will be the milestones that a country needs to have.","start":2276.66,"end":2286.98,"topics":[{"key":"forward-looking-assessments","label":"Forward-Looking, Long-Term Assessments","description":"Advocacy for ratings that better capture reform trajectories, resilience, and long-term growth prospects—including scenario analysis and recognition of development and climate investments as credit‑positive—rather than static, short‑term 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remember last year in Sevilla, at the beginning, in the first day, everybody was talking about the reform of the multilaterals of the cost of the money.","start":2287.06,"end":2294.74,"topics":[{"key":"innovative-finance-guarantees","label":"Innovative Finance and Guarantees","description":"Scaling blended finance, guarantees, climate‑shock clauses, originate‑to‑distribute models, and local‑currency instruments via MDBs and DFIs to mobilize private capital and lower borrowing costs, particularly for vulnerable 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on the last day, in the closing remarks, it was stressed that three main things that need to be done is raise the revenue of the state to at least 15% of the GDP, having control of expenses and having control of the 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believe those three key milestones in the macroeconomic numbers that a country needs to have needs to be measured somehow.","start":2310.7,"end":2319.34,"topics":[{"key":"information-asymmetry","label":"Information Asymmetry and Data Gaps","description":"Ratings and investor decisions are distorted by outdated, incomplete or uneven country data. 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said before, we need to find new methodologies to see this in the medium and long term and try to consolidate those numbers to the welfare of the people.","start":2336.21,"end":2349.49,"topics":[{"key":"forward-looking-assessments","label":"Forward-Looking, Long-Term Assessments","description":"Advocacy for ratings that better capture reform trajectories, resilience, and long-term growth prospects—including scenario analysis and recognition of development and climate investments as credit‑positive—rather than static, short‑term snapshots."},{"key":"beyond-gdp-vulnerability","label":"Beyond GDP and Vulnerability Indices","description":"Calls to move past GDP-only measures by integrating structural features, natural capital, and vulnerability metrics (e.g., multidimensional vulnerability indices) so risk assessments better reflect development realities, especially for climate‑exposed 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Costa Rica, we expend around 20% of our budget in paying interest and only 10% in pensions.","start":2350.5,"end":2358.74,"topics":[{"key":"debt-architecture-reform","label":"Debt Architecture and Restructuring Reform","description":"Advancing a development‑oriented debt architecture—including borrowers’ platforms, responsible lending/borrowing principles, fairer treatment of restructurings, and stronger global safety nets—to reduce risk premia and improve orderly access to 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populations.","start":2359.06,"end":2365.46,"topics":[],"words":[{"text":"So","start":2359.06,"end":2359.46},{"text":"we","start":2359.46,"end":2359.74},{"text":"spend","start":2359.74,"end":2360.14},{"text":"double","start":2360.14,"end":2360.46},{"text":"of","start":2360.46,"end":2360.74},{"text":"the","start":2360.82,"end":2361.1},{"text":"amount","start":2361.1,"end":2361.3},{"text":"of","start":2361.3,"end":2361.46},{"text":"money","start":2361.46,"end":2361.74},{"text":"in","start":2361.74,"end":2362.02},{"text":"paying","start":2362.02,"end":2362.38},{"text":"interest","start":2362.38,"end":2362.66},{"text":"and","start":2362.66,"end":2362.94},{"text":"in","start":2362.94,"end":2363.14},{"text":"pensions","start":2363.14,"end":2363.62},{"text":"and","start":2363.86,"end":2364.22},{"text":"with","start":2364.22,"end":2364.5},{"text":"aging","start":2364.5,"end":2364.86},{"text":"populations.","start":2364.86,"end":2365.46}]},{"text":"This is a matter that needs to be 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speaking the same language is to deliver new methodologies.","start":2380.38,"end":2384.38,"topics":[{"key":"beyond-gdp-vulnerability","label":"Beyond GDP and Vulnerability Indices","description":"Calls to move past GDP-only measures by integrating structural features, natural capital, and vulnerability metrics (e.g., multidimensional vulnerability indices) so risk assessments better reflect development realities, especially for climate‑exposed economies."}],"words":[{"text":"And","start":2380.38,"end":2380.78},{"text":"speaking","start":2380.78,"end":2381.18},{"text":"the","start":2381.18,"end":2381.38},{"text":"same","start":2381.38,"end":2381.58},{"text":"language","start":2381.58,"end":2382.02},{"text":"is","start":2382.02,"end":2382.38},{"text":"to","start":2382.38,"end":2382.78},{"text":"deliver","start":2382.78,"end":2383.18},{"text":"new","start":2383.26,"end":2383.58},{"text":"methodologies.","start":2383.58,"end":2384.38}]},{"text":"I'll leave it there and be happy to further 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Louise.","start":2393.74,"end":2394.7,"topics":[],"words":[{"text":"Thank","start":2393.74,"end":2394.06},{"text":"you,","start":2394.06,"end":2394.22},{"text":"Louise.","start":2394.22,"end":2394.7}]},{"text":"You're definitely in a nicer place than the rest of us.","start":2395.42,"end":2397.46,"topics":[],"words":[{"text":"You're","start":2395.42,"end":2395.78},{"text":"definitely","start":2395.78,"end":2396.06},{"text":"in","start":2396.06,"end":2396.22},{"text":"a","start":2396.22,"end":2396.3},{"text":"nicer","start":2396.3,"end":2396.66},{"text":"place","start":2396.66,"end":2396.82},{"text":"than","start":2396.82,"end":2396.98},{"text":"the","start":2396.98,"end":2397.1},{"text":"rest","start":2397.1,"end":2397.22},{"text":"of","start":2397.22,"end":2397.34},{"text":"us.","start":2397.34,"end":2397.46}]},{"text":"So this is fantastic.","start":2397.46,"end":2398.46,"topics":[],"words":[{"text":"So","start":2397.46,"end":2397.62},{"text":"this","start":2397.62,"end":2397.74},{"text":"is","start":2397.74,"end":2397.86},{"text":"fantastic.","start":2397.86,"end":2398.46}]},{"text":"Moving forward to my next panelist, I'd like to introduce to you Ms. Ejigayo Tafera.","start":2399.82,"end":2405.43,"topics":[],"words":[{"text":"Moving","start":2399.82,"end":2400.26},{"text":"forward","start":2400.26,"end":2400.62},{"text":"to","start":2400.7,"end":2400.98},{"text":"my","start":2400.98,"end":2401.18},{"text":"next","start":2401.18,"end":2401.38},{"text":"panelist,","start":2401.38,"end":2401.98},{"text":"I'd","start":2402.71,"end":2402.95},{"text":"like","start":2402.95,"end":2403.03},{"text":"to","start":2403.03,"end":2403.15},{"text":"introduce","start":2403.15,"end":2403.55},{"text":"to","start":2403.55,"end":2403.67},{"text":"you","start":2403.67,"end":2403.79},{"text":"Ms.","start":2403.79,"end":2403.99},{"text":"Ejigayo","start":2403.99,"end":2404.71},{"text":"Tafera.","start":2404.71,"end":2405.43}]},{"text":"She's a senior researcher on credit ratings and she's here representing both the African Peer Review Mechanism and the forthcoming African Credit Rating Agency.","start":2405.67,"end":2414.95,"topics":[],"words":[{"text":"She's","start":2405.67,"end":2406.11},{"text":"a","start":2406.11,"end":2406.23},{"text":"senior","start":2406.23,"end":2406.59},{"text":"researcher","start":2406.59,"end":2407.23},{"text":"on","start":2407.23,"end":2407.39},{"text":"credit","start":2407.39,"end":2407.75},{"text":"ratings","start":2407.75,"end":2408.19},{"text":"and","start":2408.19,"end":2408.35},{"text":"she's","start":2408.35,"end":2408.63},{"text":"here","start":2408.63,"end":2408.83},{"text":"representing","start":2408.83,"end":2409.51},{"text":"both","start":2409.59,"end":2409.87},{"text":"the","start":2409.87,"end":2410.03},{"text":"African","start":2410.03,"end":2410.55},{"text":"Peer","start":2410.55,"end":2410.75},{"text":"Review","start":2410.75,"end":2411.03},{"text":"Mechanism","start":2411.03,"end":2411.67},{"text":"and","start":2412.07,"end":2412.35},{"text":"the","start":2412.35,"end":2412.51},{"text":"forthcoming","start":2412.51,"end":2413.11},{"text":"African","start":2413.11,"end":2413.59},{"text":"Credit","start":2413.59,"end":2413.95},{"text":"Rating","start":2413.95,"end":2414.27},{"text":"Agency.","start":2414.27,"end":2414.95}]}]},{"sentences":[{"text":"My question to Educayo is to what extent do current sovereign rating methodologies adequately capture the realities of African and also other developing economies?","start":2415.83,"end":2427.11,"topics":[],"words":[{"text":"My","start":2415.83,"end":2416.15},{"text":"question","start":2416.15,"end":2416.43},{"text":"to","start":2416.43,"end":2416.67},{"text":"Educayo","start":2416.67,"end":2417.39},{"text":"is","start":2417.39,"end":2417.59},{"text":"to","start":2417.59,"end":2417.79},{"text":"what","start":2417.79,"end":2417.99},{"text":"extent","start":2417.99,"end":2418.39},{"text":"do","start":2418.95,"end":2419.27},{"text":"current","start":2419.27,"end":2419.55},{"text":"sovereign","start":2419.55,"end":2419.99},{"text":"rating","start":2419.99,"end":2420.35},{"text":"methodologies","start":2420.35,"end":2421.19},{"text":"adequately","start":2421.35,"end":2421.99},{"text":"capture","start":2421.99,"end":2422.63},{"text":"the","start":2422.79,"end":2423.11},{"text":"realities","start":2423.11,"end":2423.71},{"text":"of","start":2423.71,"end":2424.07},{"text":"African","start":2424.07,"end":2424.79},{"text":"and","start":2424.79,"end":2425.15},{"text":"also","start":2425.15,"end":2425.47},{"text":"other","start":2425.47,"end":2425.79},{"text":"developing","start":2425.79,"end":2426.39},{"text":"economies?","start":2426.47,"end":2427.11}]},{"text":"What additional information or alternative approaches do you think are needed?","start":2428.16,"end":2432.56,"topics":[],"words":[{"text":"What","start":2428.16,"end":2428.32},{"text":"additional","start":2428.32,"end":2428.84},{"text":"information","start":2428.84,"end":2429.2},{"text":"or","start":2429.92,"end":2430.24},{"text":"alternative","start":2430.24,"end":2430.84},{"text":"approaches","start":2430.84,"end":2431.44},{"text":"do","start":2431.44,"end":2431.6},{"text":"you","start":2431.6,"end":2431.72},{"text":"think","start":2431.72,"end":2431.92},{"text":"are","start":2431.92,"end":2432.12},{"text":"needed?","start":2432.12,"end":2432.56}]},{"text":"And how will the new African credit rating agency approach these critical questions?","start":2433.04,"end":2438.4,"topics":[],"words":[{"text":"And","start":2433.04,"end":2433.36},{"text":"how","start":2433.36,"end":2433.6},{"text":"will","start":2433.6,"end":2433.84},{"text":"the","start":2433.84,"end":2434.04},{"text":"new","start":2434.04,"end":2434.24},{"text":"African","start":2434.24,"end":2434.76},{"text":"credit","start":2434.76,"end":2435.08},{"text":"rating","start":2435.08,"end":2435.4},{"text":"agency","start":2435.4,"end":2436.08},{"text":"approach","start":2436.48,"end":2436.88},{"text":"these","start":2436.88,"end":2437.24},{"text":"critical","start":2437.24,"end":2437.8},{"text":"questions?","start":2437.8,"end":2438.4}]},{"text":"Jageyeh, you have the floor.","start":2438.72,"end":2440.08,"topics":[],"words":[{"text":"Jageyeh,","start":2438.72,"end":2439.4},{"text":"you","start":2439.4,"end":2439.52},{"text":"have","start":2439.52,"end":2439.6},{"text":"the","start":2439.6,"end":2439.72},{"text":"floor.","start":2439.72,"end":2440.08}]}]}],"speaker":{"name":"Daniel Cash","affiliation":"Aston University","affiliation_full":"Aston University","group":null,"function":"Moderator"}},{"statement_number":13,"start":2442.48,"pageUrl":"/en/ecosoc/2026/13?t=2443","paragraphs":[{"sentences":[{"text":"Thank you. Thank you, Daniel.","start":2442.48,"end":2444.159,"topics":[],"words":[{"text":"Thank","start":2442.48,"end":2442.8},{"text":"you.","start":2442.8,"end":2443.04},{"text":"Thank","start":2443.2,"end":2443.52},{"text":"you,","start":2443.52,"end":2443.64},{"text":"Daniel.","start":2443.64,"end":2444.159}]},{"text":"And thank you for inviting the African Peer Review Mechanism and the African Union to this August gathering.","start":2444.16,"end":2454.64,"topics":[],"words":[{"text":"And","start":2444.16,"end":2444.56},{"text":"thank","start":2444.8,"end":2445.16},{"text":"you","start":2445.16,"end":2445.36},{"text":"for","start":2445.36,"end":2445.68},{"text":"inviting","start":2446.32,"end":2446.88},{"text":"the","start":2446.96,"end":2447.28},{"text":"African","start":2447.28,"end":2447.84},{"text":"Peer","start":2448,"end":2448.4},{"text":"Review","start":2448.4,"end":2448.68},{"text":"Mechanism","start":2448.68,"end":2449.28},{"text":"and","start":2449.44,"end":2449.84},{"text":"the","start":2450.48,"end":2450.76},{"text":"African","start":2450.76,"end":2451.08},{"text":"Union","start":2451.08,"end":2451.44},{"text":"to","start":2451.44,"end":2451.64},{"text":"this","start":2451.64,"end":2451.92},{"text":"August","start":2452.32,"end":2452.88},{"text":"gathering.","start":2454.08,"end":2454.64}]},{"text":"Mr. President, I have an honor to join this esteemed panel on behalf of the African Peer Review Mechanism, which is the organ of the African Union, established to support African Union member states in the area of good governance, promoting good governance, and one area of work that the African Peer Review Mechanism has been interested by the African Union member states is the issue of supporting Africa member states on the area of credit ratings.","start":2455.04,"end":2485.53,"topics":[{"key":"engagement-capacity-building","label":"Sovereign Engagement and Capacity Building","description":"Many developing countries need stronger debt management offices, data systems, and market communication to engage effectively with CRAs. 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context sensitive analysis methodology must better reflect country specific developments and pathways rather than applying uniform benchmarks.","start":2705.48,"end":2715.24,"topics":[{"key":"regional-rating-agencies","label":"Regional Rating Agencies and Market Diversification","description":"Support for developing complementary regional agencies—especially the African Credit Rating Agency—to add context‑sensitive analysis, increase competition, correct narrative premia, and broaden perspectives alongside global 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I think the whole credit rating Ecosystem is really excited to see what happens with the African credit rating agency and we look forward to it 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trends included looking for ways to transmit non traditional economic indicators, which is obviously of critical importance to the developing 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I also love the intervention from Luis about speaking the same language.","start":2896.6,"end":2901,"topics":[],"words":[{"text":"But","start":2896.6,"end":2896.88},{"text":"I","start":2896.88,"end":2897.04},{"text":"also","start":2897.04,"end":2897.32},{"text":"love","start":2897.64,"end":2897.96},{"text":"the","start":2897.96,"end":2898.16},{"text":"intervention","start":2898.16,"end":2898.76},{"text":"from","start":2898.76,"end":2898.96},{"text":"Luis","start":2898.96,"end":2899.36},{"text":"about","start":2899.36,"end":2899.68},{"text":"speaking","start":2899.68,"end":2900.04},{"text":"the","start":2900.04,"end":2900.24},{"text":"same","start":2900.24,"end":2900.44},{"text":"language.","start":2900.44,"end":2901}]},{"text":"I really do think that's the next stage of development in the credit rating ecosystem is how to frame and develop that 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questions were raised about countries needing to understand better rating approach approaches, but for our debate, the reality is to look at questions about how that looks in practice and also internal dynamics within countries need to be articulated and communicated 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again, the real important question is how does that look in practice?","start":2942.64,"end":2946.4,"topics":[],"words":[{"text":"But","start":2942.64,"end":2942.92},{"text":"again,","start":2942.92,"end":2943.2},{"text":"the","start":2943.2,"end":2943.48},{"text":"real","start":2943.48,"end":2943.68},{"text":"important","start":2943.68,"end":2944},{"text":"question","start":2944,"end":2944.36},{"text":"is","start":2944.36,"end":2944.64},{"text":"how","start":2944.64,"end":2944.88},{"text":"does","start":2944.88,"end":2945.08},{"text":"that","start":2945.08,"end":2945.28},{"text":"look","start":2945.28,"end":2945.56},{"text":"in","start":2945.56,"end":2945.8},{"text":"practice?","start":2945.8,"end":2946.4}]},{"text":"So before I go to the second round of questions to the panelists, I'd like to introduce to you the lead discussant.","start":2947.6,"end":2953.12,"topics":[],"words":[{"text":"So","start":2947.6,"end":2947.84},{"text":"before","start":2947.84,"end":2948},{"text":"I","start":2948,"end":2948.2},{"text":"go","start":2948.2,"end":2948.36},{"text":"to","start":2948.36,"end":2948.48},{"text":"the","start":2948.48,"end":2948.6},{"text":"second","start":2948.6,"end":2948.8},{"text":"round","start":2948.8,"end":2949.04},{"text":"of","start":2949.04,"end":2949.24},{"text":"questions","start":2949.24,"end":2949.72},{"text":"to","start":2949.72,"end":2949.96},{"text":"the","start":2949.96,"end":2950.08},{"text":"panelists,","start":2950.08,"end":2950.48},{"text":"I'd","start":2950.48,"end":2950.76},{"text":"like","start":2950.76,"end":2950.92},{"text":"to","start":2950.92,"end":2951.08},{"text":"introduce","start":2951.08,"end":2951.56},{"text":"to","start":2951.56,"end":2951.72},{"text":"you","start":2951.72,"end":2951.96},{"text":"the","start":2951.96,"end":2952.2},{"text":"lead","start":2952.2,"end":2952.44},{"text":"discussant.","start":2952.44,"end":2953.12}]},{"text":"She is Ms. Penelope Hawkins.","start":2953.6,"end":2955.32,"topics":[],"words":[{"text":"She","start":2953.6,"end":2953.88},{"text":"is","start":2953.88,"end":2954.04},{"text":"Ms.","start":2954.04,"end":2954.24},{"text":"Penelope","start":2954.24,"end":2954.8},{"text":"Hawkins.","start":2954.8,"end":2955.32}]},{"text":"She is the head officer in charge of the Debt and Development Finance Branch at UN Trade and Development 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she directs the research and analysis of the branch, including most recently an analysis of the cost of external capital in developing countries, managing one of UNCTAD's most important technical assistance programs, the Debt Management and Financial Analysis System 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question to Penelope is where do you see the biggest mismatches between how credit risk is assessed and the development financing needs of 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how could the international financial architecture evolve to close that gap?","start":2990.88,"end":2995.72,"topics":[],"words":[{"text":"And","start":2990.88,"end":2991.24},{"text":"how","start":2991.24,"end":2991.48},{"text":"could","start":2991.48,"end":2991.64},{"text":"the","start":2991.64,"end":2991.88},{"text":"international","start":2991.88,"end":2992.24},{"text":"financial","start":2992.56,"end":2992.96},{"text":"architecture","start":2993.04,"end":2993.96},{"text":"evolve","start":2993.96,"end":2994.48},{"text":"to","start":2994.56,"end":2994.88},{"text":"close","start":2994.88,"end":2995.12},{"text":"that","start":2995.12,"end":2995.36},{"text":"gap?","start":2995.36,"end":2995.72}]},{"text":"Penelope, you have the 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2024, close to the US$1.5 trillion in external non resident finance that flowed into developing countries.","start":3017.09,"end":3030.45,"topics":[],"words":[{"text":"In","start":3017.09,"end":3017.41},{"text":"2024,","start":3017.41,"end":3018.45},{"text":"close","start":3020.69,"end":3021.09},{"text":"to","start":3021.09,"end":3021.49},{"text":"the","start":3022.29,"end":3022.69},{"text":"US$1.5","start":3022.93,"end":3023.97},{"text":"trillion","start":3024.05,"end":3024.53},{"text":"in","start":3025.89,"end":3026.209},{"text":"external","start":3026.209,"end":3026.85},{"text":"non","start":3027.09,"end":3027.45},{"text":"resident","start":3027.45,"end":3028.01},{"text":"finance","start":3028.01,"end":3028.57},{"text":"that","start":3028.57,"end":3028.77},{"text":"flowed","start":3028.77,"end":3029.29},{"text":"into","start":3029.29,"end":3029.53},{"text":"developing","start":3029.53,"end":3030.13},{"text":"countries.","start":3030.13,"end":3030.45}]},{"text":"Roughly half of that was in the form of equity instruments.","start":3031.25,"end":3035.57,"topics":[],"words":[{"text":"Roughly","start":3031.25,"end":3031.77},{"text":"half","start":3031.77,"end":3032.05},{"text":"of","start":3032.05,"end":3032.25},{"text":"that","start":3032.25,"end":3032.53},{"text":"was","start":3032.77,"end":3033.09},{"text":"in","start":3033.09,"end":3033.29},{"text":"the","start":3033.29,"end":3033.45},{"text":"form","start":3033.45,"end":3033.73},{"text":"of","start":3034.05,"end":3034.41},{"text":"equity","start":3034.41,"end":3035.01},{"text":"instruments.","start":3035.01,"end":3035.57}]},{"text":"It's also important to recognize that the credit risk assessment as reflected in our sovereign credit ratings is applicable to 62 developing countries.","start":3036.75,"end":3047.63,"topics":[],"words":[{"text":"It's","start":3036.75,"end":3036.99},{"text":"also","start":3036.99,"end":3037.15},{"text":"important","start":3037.15,"end":3037.47},{"text":"to","start":3037.47,"end":3037.75},{"text":"recognize","start":3037.75,"end":3038.43},{"text":"that","start":3038.67,"end":3038.95},{"text":"the","start":3038.95,"end":3039.11},{"text":"credit","start":3039.11,"end":3039.47},{"text":"risk","start":3039.47,"end":3039.75},{"text":"assessment","start":3039.75,"end":3040.43},{"text":"as","start":3040.67,"end":3040.99},{"text":"reflected","start":3040.99,"end":3041.71},{"text":"in","start":3041.71,"end":3041.99},{"text":"our","start":3041.99,"end":3042.19},{"text":"sovereign","start":3042.19,"end":3042.59},{"text":"credit","start":3042.59,"end":3042.95},{"text":"ratings","start":3042.95,"end":3043.55},{"text":"is","start":3043.71,"end":3044.03},{"text":"applicable","start":3044.03,"end":3044.67},{"text":"to","start":3044.91,"end":3045.31},{"text":"62","start":3045.31,"end":3046.11},{"text":"developing","start":3046.59,"end":3047.27},{"text":"countries.","start":3047.27,"end":3047.63}]}]},{"sentences":[{"text":"That's 29 emerging market countries and 33 frontier market economies.","start":3048.11,"end":3054.99,"topics":[],"words":[{"text":"That's","start":3048.11,"end":3048.71},{"text":"29","start":3048.71,"end":3049.502},{"text":"emerging","start":3049.678,"end":3050.47},{"text":"market","start":3050.47,"end":3050.83},{"text":"countries","start":3050.91,"end":3051.31},{"text":"and","start":3051.87,"end":3052.27},{"text":"33","start":3052.27,"end":3052.99},{"text":"frontier","start":3053.39,"end":3054.07},{"text":"market","start":3054.07,"end":3054.39},{"text":"economies.","start":3054.39,"end":3054.99}]},{"text":"These are the countries that are integrated into global capital markets and and issue bonds to private and commercial investors.","start":3056.03,"end":3064.92,"topics":[],"words":[{"text":"These","start":3056.03,"end":3056.35},{"text":"are","start":3056.35,"end":3056.55},{"text":"the","start":3056.55,"end":3056.71},{"text":"countries","start":3056.71,"end":3056.99},{"text":"that","start":3057.31,"end":3057.63},{"text":"are","start":3057.63,"end":3057.87},{"text":"integrated","start":3057.87,"end":3058.59},{"text":"into","start":3058.99,"end":3059.35},{"text":"global","start":3059.35,"end":3059.71},{"text":"capital","start":3059.87,"end":3060.27},{"text":"markets","start":3060.27,"end":3060.91},{"text":"and","start":3061.01,"end":3061.17},{"text":"and","start":3061.32,"end":3061.48},{"text":"issue","start":3061.48,"end":3061.8},{"text":"bonds","start":3061.8,"end":3062.44},{"text":"to","start":3062.68,"end":3063.04},{"text":"private","start":3063.04,"end":3063.4},{"text":"and","start":3063.4,"end":3063.72},{"text":"commercial","start":3063.72,"end":3064.24},{"text":"investors.","start":3064.24,"end":3064.92}]},{"text":"It means that the majority of 118 other developing countries and self governing territories tend to have very low levels of integration and are dependent on official lenders who are typically senior creditors.","start":3065.8,"end":3082.92,"topics":[{"key":"debt-architecture-reform","label":"Debt Architecture and Restructuring Reform","description":"Advancing a development‑oriented debt architecture—including borrowers’ platforms, responsible lending/borrowing principles, fairer treatment of restructurings, and stronger global safety nets—to reduce risk premia and improve orderly access to 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while sovereign credit ratings do influence marketplaces perceptions of default risk, and commercial and private investors take into account their views very seriously, it's clear that something more is at work.","start":3083.96,"end":3100.21,"topics":[],"words":[{"text":"So","start":3083.96,"end":3084.24},{"text":"while","start":3084.24,"end":3084.48},{"text":"sovereign","start":3084.48,"end":3084.92},{"text":"credit","start":3084.92,"end":3085.36},{"text":"ratings","start":3085.36,"end":3085.88},{"text":"do","start":3085.88,"end":3086.2},{"text":"influence","start":3086.2,"end":3086.64},{"text":"marketplaces","start":3086.64,"end":3087.18},{"text":"perceptions","start":3087.33,"end":3087.97},{"text":"of","start":3088.13,"end":3088.53},{"text":"default","start":3089.65,"end":3090.21},{"text":"risk,","start":3090.21,"end":3090.49},{"text":"and","start":3090.49,"end":3090.73},{"text":"commercial","start":3090.73,"end":3091.25},{"text":"and","start":3091.25,"end":3091.53},{"text":"private","start":3091.53,"end":3091.89},{"text":"investors","start":3092.85,"end":3093.61},{"text":"take","start":3093.61,"end":3093.93},{"text":"into","start":3093.93,"end":3094.21},{"text":"account","start":3094.21,"end":3094.53},{"text":"their","start":3094.85,"end":3095.21},{"text":"views","start":3095.21,"end":3095.65},{"text":"very","start":3095.65,"end":3095.89},{"text":"seriously,","start":3095.89,"end":3096.53},{"text":"it's","start":3096.61,"end":3097.17},{"text":"clear","start":3097.41,"end":3097.81},{"text":"that","start":3097.97,"end":3098.33},{"text":"something","start":3098.33,"end":3098.69},{"text":"more","start":3098.77,"end":3099.17},{"text":"is","start":3099.33,"end":3099.65},{"text":"at","start":3099.65,"end":3099.89},{"text":"work.","start":3099.89,"end":3100.21}]},{"text":"Our research found that the yield spreads for developing countries with the same credit ratings at the same point in time can differ very 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they can also differ for different developing countries in different developing regions.","start":3111.65,"end":3117.32,"topics":[],"words":[{"text":"And","start":3111.65,"end":3111.93},{"text":"they","start":3111.93,"end":3112.09},{"text":"can","start":3112.09,"end":3112.29},{"text":"also","start":3112.29,"end":3112.57},{"text":"differ","start":3112.57,"end":3112.93},{"text":"for","start":3113.72,"end":3113.88},{"text":"different","start":3113.88,"end":3114.2},{"text":"developing","start":3114.36,"end":3115},{"text":"countries","start":3115,"end":3115.32},{"text":"in","start":3115.48,"end":3115.76},{"text":"different","start":3115.76,"end":3116.04},{"text":"developing","start":3116.12,"end":3116.72},{"text":"regions.","start":3116.72,"end":3117.32}]},{"text":"It is very clear, it's indisputable in fact that developing countries face higher risk premia.","start":3118.44,"end":3125.08,"topics":[],"words":[{"text":"It","start":3118.44,"end":3118.72},{"text":"is","start":3118.72,"end":3118.92},{"text":"very","start":3118.92,"end":3119.2},{"text":"clear,","start":3119.2,"end":3119.56},{"text":"it's","start":3120.04,"end":3120.48},{"text":"indisputable","start":3120.48,"end":3121.24},{"text":"in","start":3121.24,"end":3121.52},{"text":"fact","start":3121.52,"end":3121.8},{"text":"that","start":3122.04,"end":3122.36},{"text":"developing","start":3122.36,"end":3122.96},{"text":"countries","start":3122.96,"end":3123.32},{"text":"face","start":3123.4,"end":3123.8},{"text":"higher","start":3123.8,"end":3124.16},{"text":"risk","start":3124.16,"end":3124.48},{"text":"premia.","start":3124.48,"end":3125.08}]},{"text":"And we found that over the past decade, developing countries on average have paid more than twice the interest rates faced by developed economies economies on their bond 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African countries, this premium has been even higher, reaching up to three times benchmark rates.","start":3142.65,"end":3150.57,"topics":[],"words":[{"text":"For","start":3142.65,"end":3143.01},{"text":"African","start":3143.01,"end":3143.61},{"text":"countries,","start":3143.61,"end":3143.93},{"text":"this","start":3144.25,"end":3144.61},{"text":"premium","start":3144.61,"end":3145.17},{"text":"has","start":3145.17,"end":3145.45},{"text":"been","start":3145.45,"end":3145.77},{"text":"even","start":3145.77,"end":3146.13},{"text":"higher,","start":3146.13,"end":3146.49},{"text":"reaching","start":3147.29,"end":3147.77},{"text":"up","start":3147.77,"end":3147.97},{"text":"to","start":3147.97,"end":3148.17},{"text":"three","start":3148.17,"end":3148.49},{"text":"times","start":3148.49,"end":3148.89},{"text":"benchmark","start":3149.29,"end":3150.01},{"text":"rates.","start":3150.01,"end":3150.57}]},{"text":"So if we are to close the roughly 4.3 trillion financing gap, then both external and domestic sources of financing need to increase by around a third of their current 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this requires looking beyond a narrow focus on sovereign ratings.","start":3165.06,"end":3170.02,"topics":[{"key":"sovereign-ceiling-spillovers","label":"Sovereign Ceiling and Private Sector Spillovers","description":"Recognition that sovereign ratings often cap corporate and financial sector ratings, constraining private investment. Several interventions urge revisiting sovereign ceiling practices to avoid unnecessary spillovers and better reflect firm‑specific credit strength."}],"words":[{"text":"Addressing","start":3165.06,"end":3165.5},{"text":"this","start":3165.5,"end":3165.74},{"text":"requires","start":3165.74,"end":3166.34},{"text":"looking","start":3166.34,"end":3166.66},{"text":"beyond","start":3166.66,"end":3167.22},{"text":"a","start":3167.54,"end":3167.86},{"text":"narrow","start":3167.86,"end":3168.3},{"text":"focus","start":3168.3,"end":3168.66},{"text":"on","start":3168.66,"end":3168.94},{"text":"sovereign","start":3168.94,"end":3169.38},{"text":"ratings.","start":3169.38,"end":3170.02}]},{"text":"And it's of course also important that we do not reinforce the regulatory licensing power that the credit rating agencies already 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what can be done?","start":3181.14,"end":3182.42,"topics":[],"words":[{"text":"So","start":3181.14,"end":3181.42},{"text":"what","start":3181.42,"end":3181.66},{"text":"can","start":3181.66,"end":3181.94},{"text":"be","start":3181.94,"end":3182.14},{"text":"done?","start":3182.14,"end":3182.42}]},{"text":"We believe it's important for multilateral and regional development banks to provide more concessional finance grants, guarantees and local currency loans.","start":3183.38,"end":3194.27,"topics":[{"key":"innovative-finance-guarantees","label":"Innovative Finance and Guarantees","description":"Scaling blended finance, guarantees, climate‑shock clauses, originate‑to‑distribute models, and local‑currency instruments via MDBs and DFIs to mobilize private capital and lower borrowing costs, particularly for vulnerable 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if they do so, they need to clearly define the development purposes with matching risk appetites and regular recapitalization.","start":3194.67,"end":3204.83,"topics":[{"key":"innovative-finance-guarantees","label":"Innovative Finance and Guarantees","description":"Scaling blended finance, guarantees, climate‑shock clauses, originate‑to‑distribute models, and local‑currency instruments via MDBs and DFIs to mobilize private capital and lower borrowing costs, particularly for vulnerable economies."},{"key":"debt-architecture-reform","label":"Debt Architecture and Restructuring Reform","description":"Advancing a development‑oriented debt architecture—including borrowers’ platforms, responsible lending/borrowing principles, fairer treatment of restructurings, and stronger global safety nets—to reduce risk premia and improve orderly access to 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if we could start with James, give it to you.","start":3344.1,"end":3346.99,"topics":[],"words":[{"text":"So","start":3344.1,"end":3344.38},{"text":"if","start":3344.38,"end":3344.5},{"text":"we","start":3344.5,"end":3344.62},{"text":"could","start":3344.62,"end":3344.86},{"text":"start","start":3344.86,"end":3345.14},{"text":"with","start":3345.14,"end":3345.34},{"text":"James,","start":3345.34,"end":3345.7},{"text":"give","start":3346.43,"end":3346.51},{"text":"it","start":3346.51,"end":3346.59},{"text":"to","start":3346.59,"end":3346.71},{"text":"you.","start":3346.71,"end":3346.99}]}]},{"sentences":[{"text":"Happy to repeat.","start":3356.27,"end":3357.11,"topics":[],"words":[{"text":"Happy","start":3356.27,"end":3356.67},{"text":"to","start":3356.67,"end":3356.79},{"text":"repeat.","start":3356.79,"end":3357.11}]},{"text":"So the question is, within the current system, where does the relationship between sovereign borrowers and credit rating agencies work least well in practice, and what is one practical change that would make the biggest 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Cash","affiliation":"Aston University","affiliation_full":"Aston University","group":null,"function":"Moderator"}},{"statement_number":17,"start":3372.6,"pageUrl":"/en/ecosoc/2026/13?t=3373","paragraphs":[{"sentences":[{"text":"Great, thank you.","start":3372.6,"end":3373.32,"topics":[],"words":[{"text":"Great,","start":3372.6,"end":3372.76},{"text":"thank","start":3372.76,"end":3373.04},{"text":"you.","start":3373.04,"end":3373.32}]}]},{"sentences":[{"text":"I would start with information.","start":3375.48,"end":3376.92,"topics":[{"key":"information-asymmetry","label":"Information Asymmetry and Data Gaps","description":"Ratings and investor decisions are distorted by outdated, incomplete or uneven country data. Multiple speakers urged improving data quality, availability and formats, expanding country-level disclosure, and strengthening statistical systems to reduce uncertainty and conservative assumptions."}],"words":[{"text":"I","start":3375.48,"end":3375.76},{"text":"would","start":3375.76,"end":3375.96},{"text":"start","start":3375.96,"end":3376.2},{"text":"with","start":3376.2,"end":3376.52},{"text":"information.","start":3376.52,"end":3376.92}]},{"text":"I know information does not solve everything, but the more information we have, the more comfortable our analysts can be with a lack of information that just increases uncertainty.","start":3377.08,"end":3391.48,"topics":[{"key":"information-asymmetry","label":"Information Asymmetry and Data Gaps","description":"Ratings and investor decisions are distorted by outdated, incomplete or uneven country data. 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If we still have Luis online.","start":3480.49,"end":3483.05,"topics":[],"words":[{"text":"Thank","start":3480.49,"end":3480.81},{"text":"you,","start":3480.81,"end":3480.97},{"text":"Jim.","start":3480.97,"end":3481.37},{"text":"If","start":3481.53,"end":3481.85},{"text":"we","start":3481.85,"end":3482.05},{"text":"still","start":3482.05,"end":3482.21},{"text":"have","start":3482.21,"end":3482.37},{"text":"Luis","start":3482.37,"end":3482.73},{"text":"online.","start":3482.73,"end":3483.05}]},{"text":"So the same question to Luis is, where does the relationship between borrowers and agencies work least well in practice?","start":3483.61,"end":3490.53,"topics":[],"words":[{"text":"So","start":3483.61,"end":3483.89},{"text":"the","start":3483.89,"end":3484.05},{"text":"same","start":3484.05,"end":3484.25},{"text":"question","start":3484.25,"end":3484.53},{"text":"to","start":3484.53,"end":3484.77},{"text":"Luis","start":3484.77,"end":3485.09},{"text":"is,","start":3485.09,"end":3485.29},{"text":"where","start":3485.29,"end":3485.49},{"text":"does","start":3485.49,"end":3485.65},{"text":"the","start":3485.65,"end":3485.81},{"text":"relationship","start":3485.81,"end":3486.41},{"text":"between","start":3486.97,"end":3487.37},{"text":"borrowers","start":3487.85,"end":3488.45},{"text":"and","start":3488.45,"end":3488.65},{"text":"agencies","start":3488.65,"end":3489.25},{"text":"work","start":3489.25,"end":3489.53},{"text":"least","start":3489.53,"end":3489.77},{"text":"well","start":3489.77,"end":3489.97},{"text":"in","start":3489.97,"end":3490.13},{"text":"practice?","start":3490.13,"end":3490.53}]},{"text":"And what is one practical change that would make the biggest difference?","start":3490.53,"end":3493.93,"topics":[],"words":[{"text":"And","start":3490.53,"end":3490.77},{"text":"what","start":3490.77,"end":3490.93},{"text":"is","start":3490.93,"end":3491.09},{"text":"one","start":3491.09,"end":3491.29},{"text":"practical","start":3491.29,"end":3491.81},{"text":"change","start":3491.81,"end":3492.17},{"text":"that","start":3492.49,"end":3492.73},{"text":"would","start":3492.73,"end":3492.85},{"text":"make","start":3492.85,"end":3493.01},{"text":"the","start":3493.01,"end":3493.13},{"text":"biggest","start":3493.13,"end":3493.489},{"text":"difference?","start":3493.489,"end":3493.93}]},{"text":"Luis, you have the floor.","start":3494.25,"end":3495.53,"topics":[],"words":[{"text":"Luis,","start":3494.25,"end":3494.73},{"text":"you","start":3494.73,"end":3494.93},{"text":"have","start":3494.93,"end":3495.05},{"text":"the","start":3495.05,"end":3495.17},{"text":"floor.","start":3495.17,"end":3495.53}]}]}],"speaker":{"name":"Daniel Cash","affiliation":"Aston University","affiliation_full":"Aston University","group":null,"function":"Moderator"}},{"statement_number":19,"start":3496.65,"pageUrl":"/en/ecosoc/2026/13?t=3497","paragraphs":[{"sentences":[{"text":"Yes. I'll continue with the idea of James about information.","start":3496.65,"end":3501.13,"topics":[],"words":[{"text":"Yes.","start":3496.65,"end":3497.01},{"text":"I'll","start":3497.01,"end":3497.25},{"text":"continue","start":3497.25,"end":3497.53},{"text":"with","start":3497.53,"end":3497.81},{"text":"the","start":3497.81,"end":3497.97},{"text":"idea","start":3497.97,"end":3498.37},{"text":"of","start":3498.37,"end":3498.73},{"text":"James","start":3499.29,"end":3499.77},{"text":"about","start":3499.77,"end":3500.17},{"text":"information.","start":3500.73,"end":3501.13}]},{"text":"Information is the key in this, in this matter.","start":3502.01,"end":3504.32,"topics":[],"words":[{"text":"Information","start":3502.01,"end":3502.41},{"text":"is","start":3502.41,"end":3502.69},{"text":"the","start":3502.69,"end":3502.85},{"text":"key","start":3502.85,"end":3503.05},{"text":"in","start":3503.05,"end":3503.21},{"text":"this,","start":3503.21,"end":3503.45},{"text":"in","start":3503.84,"end":3503.96},{"text":"this","start":3503.96,"end":3504.12},{"text":"matter.","start":3504.12,"end":3504.32}]},{"text":"Mr. Pursol said it at the beginning.","start":3504.32,"end":3506.08,"topics":[],"words":[{"text":"Mr.","start":3504.32,"end":3504.64},{"text":"Pursol","start":3504.64,"end":3505.2},{"text":"said","start":3505.2,"end":3505.32},{"text":"it","start":3505.32,"end":3505.48},{"text":"at","start":3505.48,"end":3505.6},{"text":"the","start":3505.6,"end":3505.68},{"text":"beginning.","start":3505.68,"end":3506.08}]},{"text":"The asymmetries of information in this matter are the key because there are information that the government has, there's information that the investor has.","start":3507.12,"end":3517.68,"topics":[{"key":"information-asymmetry","label":"Information Asymmetry and Data Gaps","description":"Ratings and investor decisions are distorted by outdated, incomplete or uneven country data. Multiple speakers urged improving data quality, availability and formats, expanding country-level disclosure, and strengthening statistical systems to reduce uncertainty and conservative assumptions."}],"words":[{"text":"The","start":3507.12,"end":3507.4},{"text":"asymmetries","start":3507.4,"end":3507.92},{"text":"of","start":3507.92,"end":3508.12},{"text":"information","start":3508.12,"end":3508.4},{"text":"in","start":3508.48,"end":3508.76},{"text":"this","start":3508.76,"end":3508.96},{"text":"matter","start":3508.96,"end":3509.28},{"text":"are","start":3509.68,"end":3510},{"text":"the","start":3510,"end":3510.24},{"text":"key","start":3510.24,"end":3510.56},{"text":"because","start":3511.52,"end":3511.92},{"text":"there","start":3512,"end":3512.28},{"text":"are","start":3512.28,"end":3512.44},{"text":"information","start":3512.44,"end":3512.72},{"text":"that","start":3512.72,"end":3513},{"text":"the","start":3513,"end":3513.12},{"text":"government","start":3513.12,"end":3513.36},{"text":"has,","start":3513.44,"end":3513.84},{"text":"there's","start":3514.32,"end":3514.76},{"text":"information","start":3514.76,"end":3515.04},{"text":"that","start":3515.28,"end":3515.68},{"text":"the","start":3516.56,"end":3516.84},{"text":"investor","start":3516.84,"end":3517.36},{"text":"has.","start":3517.36,"end":3517.68}]}]},{"sentences":[{"text":"And let's remember something, please.","start":3518.24,"end":3520.48,"topics":[],"words":[{"text":"And","start":3518.24,"end":3518.56},{"text":"let's","start":3518.56,"end":3518.92},{"text":"remember","start":3518.92,"end":3519.36},{"text":"something,","start":3519.36,"end":3519.76},{"text":"please.","start":3520.08,"end":3520.48}]},{"text":"There always has to be profit.","start":3521.12,"end":3523.28,"topics":[],"words":[{"text":"There","start":3521.12,"end":3521.52},{"text":"always","start":3521.52,"end":3521.92},{"text":"has","start":3522,"end":3522.32},{"text":"to","start":3522.32,"end":3522.52},{"text":"be","start":3522.52,"end":3522.72},{"text":"profit.","start":3522.72,"end":3523.28}]},{"text":"The investor need to see some profit because it's their private money.","start":3523.6,"end":3527.52,"topics":[],"words":[{"text":"The","start":3523.6,"end":3523.92},{"text":"investor","start":3523.92,"end":3524.48},{"text":"need","start":3524.48,"end":3524.72},{"text":"to","start":3524.72,"end":3524.92},{"text":"see","start":3524.92,"end":3525.16},{"text":"some","start":3525.16,"end":3525.44},{"text":"profit","start":3525.44,"end":3525.92},{"text":"because","start":3525.92,"end":3526.2},{"text":"it's","start":3526.2,"end":3526.52},{"text":"their","start":3526.52,"end":3526.76},{"text":"private","start":3526.76,"end":3527.12},{"text":"money.","start":3527.12,"end":3527.52}]},{"text":"And the credit agencies are the most important part in, in the, in this, in this puzzle because they are the ones who give the information to the investor.","start":3528.16,"end":3537.6,"topics":[{"key":"information-asymmetry","label":"Information Asymmetry and Data Gaps","description":"Ratings and investor decisions are distorted by outdated, incomplete or uneven country data. 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I believe on the quantitative side, he's very transparent about what the model said.","start":3697.13,"end":3702.09,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. 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Penelope, my apologies for giving you just a moment to respond.","start":3849.65,"end":3853.61,"topics":[],"words":[{"text":"Edgy.","start":3849.65,"end":3850.25},{"text":"Penelope,","start":3850.65,"end":3851.33},{"text":"my","start":3851.33,"end":3851.49},{"text":"apologies","start":3851.49,"end":3851.85},{"text":"for","start":3851.85,"end":3852.05},{"text":"giving","start":3852.05,"end":3852.25},{"text":"you","start":3852.25,"end":3852.37},{"text":"just","start":3852.37,"end":3852.53},{"text":"a","start":3852.53,"end":3852.69},{"text":"moment","start":3852.69,"end":3852.93},{"text":"to","start":3852.93,"end":3853.13},{"text":"respond.","start":3853.13,"end":3853.61}]}]},{"sentences":[{"text":"But the same question for you about a practical change that you feel might make a biggest difference.","start":3853.77,"end":3858.57,"topics":[],"words":[{"text":"But","start":3853.77,"end":3854.17},{"text":"the","start":3854.57,"end":3854.85},{"text":"same","start":3854.85,"end":3855.05},{"text":"question","start":3855.05,"end":3855.29},{"text":"for","start":3855.29,"end":3855.49},{"text":"you","start":3855.49,"end":3855.65},{"text":"about","start":3855.65,"end":3855.89},{"text":"a","start":3855.89,"end":3856.13},{"text":"practical","start":3856.13,"end":3856.53},{"text":"change","start":3856.53,"end":3856.85},{"text":"that","start":3856.85,"end":3857.05},{"text":"you","start":3857.05,"end":3857.21},{"text":"feel","start":3857.21,"end":3857.45},{"text":"might","start":3857.45,"end":3857.65},{"text":"make","start":3857.65,"end":3857.81},{"text":"a","start":3857.81,"end":3857.93},{"text":"biggest","start":3857.93,"end":3858.21},{"text":"difference.","start":3858.21,"end":3858.57}]},{"text":"Thank you.","start":3859.22,"end":3859.7,"topics":[],"words":[{"text":"Thank","start":3859.22,"end":3859.42},{"text":"you.","start":3859.42,"end":3859.7}]}]}],"speaker":{"name":"Daniel Cash","affiliation":"Aston University","affiliation_full":"Aston University","group":null,"function":"Moderator"}},{"statement_number":23,"start":3867.38,"pageUrl":"/en/ecosoc/2026/13?t=3868","paragraphs":[{"sentences":[{"text":"The first, I think, is that when we talk of transparency, we often put the onus on the countries.","start":3867.38,"end":3875.62,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. 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you, Mr. President, Excellencies, Distinguished delegates.","start":4038.37,"end":4042.7,"topics":[],"words":[{"text":"Thank","start":4038.37,"end":4038.69},{"text":"you,","start":4038.69,"end":4038.81},{"text":"Mr.","start":4038.81,"end":4039.13},{"text":"President,","start":4039.13,"end":4039.49},{"text":"Excellencies,","start":4040.94,"end":4041.5},{"text":"Distinguished","start":4041.5,"end":4042.18},{"text":"delegates.","start":4042.18,"end":4042.7}]},{"text":"I'm honored to deliver this statement on behalf of the G77 and 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thank the panelists for their insightful contributions to this interactive Dialogue.","start":4059.26,"end":4065.02,"topics":[],"words":[{"text":"And","start":4059.26,"end":4059.62},{"text":"thank","start":4059.62,"end":4059.94},{"text":"the","start":4059.94,"end":4060.1},{"text":"panelists","start":4060.1,"end":4060.62},{"text":"for","start":4060.62,"end":4060.94},{"text":"their","start":4060.94,"end":4061.26},{"text":"insightful","start":4061.26,"end":4062.14},{"text":"contributions","start":4062.14,"end":4062.78},{"text":"to","start":4062.86,"end":4063.14},{"text":"this","start":4063.14,"end":4063.38},{"text":"interactive","start":4063.38,"end":4064.14},{"text":"Dialogue.","start":4064.14,"end":4065.02}]},{"text":"For the G77, sovereign credit ratings are not merely technical 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development.","start":4072.01,"end":4074.65,"topics":[],"words":[{"text":"They","start":4072.01,"end":4072.29},{"text":"are","start":4072.29,"end":4072.53},{"text":"systemic","start":4072.53,"end":4073.25},{"text":"determinants","start":4073.25,"end":4074.05},{"text":"of","start":4074.05,"end":4074.33},{"text":"development.","start":4074.33,"end":4074.65}]},{"text":"And rather than helping to address great challenges such as debit, climate change, unilaterally coercive measures and trade barriers, they actually exacerbate their impact.","start":4075.45,"end":4086.97,"topics":[{"key":"procyclicality-cliff-effects","label":"Pro‑cyclicality and Cliff Effects","description":"Ratings actions during crises can amplify market stress—triggering downgrades, higher spreads, capital outflows, and sovereign‑to‑corporate ‘cliff’ effects. 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we insist that reform be genuine and substantive rather than cosmetic.","start":4282.39,"end":4289.15,"topics":[],"words":[{"text":"However,","start":4282.39,"end":4282.79},{"text":"we","start":4283.19,"end":4283.51},{"text":"insist","start":4283.51,"end":4284.07},{"text":"that","start":4284.15,"end":4284.51},{"text":"reform","start":4284.51,"end":4285.11},{"text":"be","start":4285.19,"end":4285.55},{"text":"genuine","start":4285.55,"end":4286.15},{"text":"and","start":4286.47,"end":4286.79},{"text":"substantive","start":4286.79,"end":4287.59},{"text":"rather","start":4287.91,"end":4288.27},{"text":"than","start":4288.27,"end":4288.47},{"text":"cosmetic.","start":4288.47,"end":4289.15}]},{"text":"Methodology reviews must involve meaningful stakeholder input, including from developing country governments and the transition to longer time horizons must reflect a fundamental shift in how risk is conceptualized rather than a mere rebranding of 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look forward to both the Sevilla commitment and this special meeting resulting in tangible progress.","start":4306.82,"end":4312.78,"topics":[],"words":[{"text":"We","start":4306.82,"end":4306.94},{"text":"look","start":4306.94,"end":4307.14},{"text":"forward","start":4307.14,"end":4307.42},{"text":"to","start":4307.42,"end":4307.7},{"text":"both","start":4307.7,"end":4308.02},{"text":"the","start":4308.18,"end":4308.5},{"text":"Sevilla","start":4308.5,"end":4309.1},{"text":"commitment","start":4309.1,"end":4309.54},{"text":"and","start":4309.54,"end":4309.82},{"text":"this","start":4309.82,"end":4310.1},{"text":"special","start":4310.1,"end":4310.42},{"text":"meeting","start":4310.42,"end":4310.82},{"text":"resulting","start":4310.82,"end":4311.38},{"text":"in","start":4311.38,"end":4311.62},{"text":"tangible","start":4311.62,"end":4312.26},{"text":"progress.","start":4312.26,"end":4312.78}]},{"text":"I thank 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President, distinguished colleagues, I have the honor to discuss deliver this statement on behalf of the Afghan 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convening of this ECOSOC special meeting on credit ratings as mandated in the civilian commitment and commands the continual efforts to strengthen dialogue between Member States, credit rating agencies and other stakeholders in the international financing system for Africa.","start":4336.69,"end":4353.97,"topics":[{"key":"engagement-capacity-building","label":"Sovereign Engagement and Capacity Building","description":"Many developing countries need stronger debt management offices, data systems, and market communication to engage effectively with CRAs. Proposals include more frequent, in‑country CRA engagement, technical assistance, and clearer feedback on rating sensitivities and data expectations."}],"words":[{"text":"The","start":4336.69,"end":4337.01},{"text":"Afghan","start":4337.01,"end":4337.53},{"text":"Group","start":4337.53,"end":4337.69},{"text":"welcomes","start":4337.69,"end":4338.13},{"text":"the","start":4338.13,"end":4338.21},{"text":"convening","start":4338.21,"end":4338.61},{"text":"of","start":4338.61,"end":4338.69},{"text":"this","start":4338.69,"end":4338.85},{"text":"ECOSOC","start":4338.85,"end":4339.53},{"text":"special","start":4339.53,"end":4339.77},{"text":"meeting","start":4339.77,"end":4340.09},{"text":"on","start":4340.09,"end":4340.37},{"text":"credit","start":4340.37,"end":4340.81},{"text":"ratings","start":4340.81,"end":4341.41},{"text":"as","start":4341.49,"end":4341.77},{"text":"mandated","start":4341.77,"end":4342.17},{"text":"in","start":4342.17,"end":4342.29},{"text":"the","start":4342.29,"end":4342.41},{"text":"civilian","start":4342.41,"end":4342.97},{"text":"commitment","start":4342.97,"end":4343.49},{"text":"and","start":4343.81,"end":4344.13},{"text":"commands","start":4344.13,"end":4344.61},{"text":"the","start":4344.61,"end":4344.73},{"text":"continual","start":4344.73,"end":4345.17},{"text":"efforts","start":4345.17,"end":4345.49},{"text":"to","start":4345.49,"end":4345.69},{"text":"strengthen","start":4345.69,"end":4346.09},{"text":"dialogue","start":4346.09,"end":4346.57},{"text":"between","start":4346.57,"end":4346.81},{"text":"Member","start":4346.81,"end":4347.13},{"text":"States,","start":4347.13,"end":4347.49},{"text":"credit","start":4347.65,"end":4348.05},{"text":"rating","start":4348.05,"end":4348.45},{"text":"agencies","start":4348.77,"end":4349.49},{"text":"and","start":4349.49,"end":4349.809},{"text":"other","start":4349.809,"end":4350.05},{"text":"stakeholders","start":4350.05,"end":4350.57},{"text":"in","start":4350.57,"end":4350.73},{"text":"the","start":4350.73,"end":4350.89},{"text":"international","start":4350.89,"end":4351.17},{"text":"financing","start":4351.41,"end":4352.01},{"text":"system","start":4352.01,"end":4352.37},{"text":"for","start":4353.33,"end":4353.65},{"text":"Africa.","start":4353.65,"end":4353.97}]},{"text":"This discussion is of systemic importance.","start":4354.29,"end":4356.93,"topics":[],"words":[{"text":"This","start":4354.29,"end":4354.65},{"text":"discussion","start":4354.65,"end":4355.21},{"text":"is","start":4355.21,"end":4355.37},{"text":"of","start":4355.37,"end":4355.61},{"text":"systemic","start":4355.61,"end":4356.25},{"text":"importance.","start":4356.25,"end":4356.93}]}]},{"sentences":[{"text":"Credit ratings play a decisive role in shaping access to finance, influencing borrowing costs and determining the scale and direction of investment flows.","start":4357.49,"end":4366.88,"topics":[],"words":[{"text":"Credit","start":4357.49,"end":4357.89},{"text":"ratings","start":4357.89,"end":4358.41},{"text":"play","start":4358.41,"end":4358.69},{"text":"a","start":4359.09,"end":4359.37},{"text":"decisive","start":4359.37,"end":4359.85},{"text":"role","start":4359.85,"end":4360.05},{"text":"in","start":4360.05,"end":4360.25},{"text":"shaping","start":4360.25,"end":4360.57},{"text":"access","start":4360.57,"end":4360.85},{"text":"to","start":4360.85,"end":4361.13},{"text":"finance,","start":4361.13,"end":4361.61},{"text":"influencing","start":4361.84,"end":4362.36},{"text":"borrowing","start":4362.36,"end":4362.76},{"text":"costs","start":4362.76,"end":4363.12},{"text":"and","start":4363.12,"end":4363.32},{"text":"determining","start":4363.32,"end":4363.92},{"text":"the","start":4363.92,"end":4364.12},{"text":"scale","start":4364.12,"end":4364.48},{"text":"and","start":4364.56,"end":4364.88},{"text":"direction","start":4364.88,"end":4365.4},{"text":"of","start":4365.4,"end":4365.68},{"text":"investment","start":4365.68,"end":4366},{"text":"flows.","start":4366.16,"end":4366.88}]},{"text":"And for many African countries, these ratings continue to contribute to excessively high cost of capital, limiting fissile space and constraint on ability to invest in sustainable development.","start":4367.28,"end":4379.6,"topics":[{"key":"procyclicality-cliff-effects","label":"Pro‑cyclicality and Cliff Effects","description":"Ratings actions during crises can amplify market stress—triggering downgrades, higher spreads, capital outflows, and sovereign‑to‑corporate ‘cliff’ effects. Proposals seek to reduce pro‑cyclicality, lengthen horizons, and avoid abrupt thresholds that unduly restrict market access."}],"words":[{"text":"And","start":4367.28,"end":4367.56},{"text":"for","start":4367.56,"end":4367.76},{"text":"many","start":4367.76,"end":4368},{"text":"African","start":4368,"end":4368.48},{"text":"countries,","start":4368.48,"end":4368.8},{"text":"these","start":4368.96,"end":4369.28},{"text":"ratings","start":4369.28,"end":4369.88},{"text":"continue","start":4369.88,"end":4370.16},{"text":"to","start":4370.16,"end":4370.44},{"text":"contribute","start":4370.44,"end":4370.88},{"text":"to","start":4370.88,"end":4371.2},{"text":"excessively","start":4371.2,"end":4371.92},{"text":"high","start":4371.92,"end":4372.28},{"text":"cost","start":4372.28,"end":4372.6},{"text":"of","start":4372.6,"end":4372.84},{"text":"capital,","start":4372.84,"end":4373.12},{"text":"limiting","start":4373.76,"end":4374.32},{"text":"fissile","start":4375.52,"end":4376.04},{"text":"space","start":4376.04,"end":4376.32},{"text":"and","start":4376.32,"end":4376.68},{"text":"constraint","start":4376.68,"end":4377.32},{"text":"on","start":4377.32,"end":4377.64},{"text":"ability","start":4377.64,"end":4378.04},{"text":"to","start":4378.04,"end":4378.28},{"text":"invest","start":4378.28,"end":4378.52},{"text":"in","start":4378.52,"end":4378.76},{"text":"sustainable","start":4378.76,"end":4379.28},{"text":"development.","start":4379.28,"end":4379.6}]},{"text":"In response to guiding questions before us, the Afghan group wished to highlight three key considerations.","start":4381.12,"end":4387.52,"topics":[],"words":[{"text":"In","start":4381.12,"end":4381.44},{"text":"response","start":4381.44,"end":4381.88},{"text":"to","start":4381.88,"end":4382.04},{"text":"guiding","start":4382.04,"end":4382.48},{"text":"questions","start":4382.48,"end":4382.96},{"text":"before","start":4382.96,"end":4383.24},{"text":"us,","start":4383.24,"end":4383.52},{"text":"the","start":4383.52,"end":4383.76},{"text":"Afghan","start":4383.76,"end":4384.28},{"text":"group","start":4384.28,"end":4384.56},{"text":"wished","start":4384.56,"end":4384.96},{"text":"to","start":4384.96,"end":4385.08},{"text":"highlight","start":4385.08,"end":4385.48},{"text":"three","start":4385.48,"end":4385.72},{"text":"key","start":4385.72,"end":4386.08},{"text":"considerations.","start":4386.72,"end":4387.52}]},{"text":"First, while credit rating agencies provide important information to markets, their methodology do not always fully reflect the economic fundamentals, growth potential and reform trajectories of developing countries.","start":4388.44,"end":4403,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. Calls for clearer, published methodologies, greater disclosure of qualitative weighting, and more objective, consistent criteria."},{"key":"forward-looking-assessments","label":"Forward-Looking, Long-Term Assessments","description":"Advocacy for ratings that better capture reform trajectories, resilience, and long-term growth prospects—including scenario analysis and recognition of development and climate investments as credit‑positive—rather than static, short‑term snapshots."}],"words":[{"text":"First,","start":4388.44,"end":4388.68},{"text":"while","start":4389.16,"end":4389.48},{"text":"credit","start":4389.48,"end":4389.92},{"text":"rating","start":4389.92,"end":4390.28},{"text":"agencies","start":4390.52,"end":4391.16},{"text":"provide","start":4391.16,"end":4391.56},{"text":"important","start":4391.56,"end":4391.96},{"text":"information","start":4392.2,"end":4392.6},{"text":"to","start":4392.76,"end":4393.08},{"text":"markets,","start":4393.08,"end":4393.72},{"text":"their","start":4393.72,"end":4394.04},{"text":"methodology","start":4394.04,"end":4394.6},{"text":"do","start":4394.92,"end":4395.2},{"text":"not","start":4395.2,"end":4395.4},{"text":"always","start":4395.4,"end":4395.72},{"text":"fully","start":4395.96,"end":4396.4},{"text":"reflect","start":4396.4,"end":4396.76},{"text":"the","start":4396.76,"end":4396.96},{"text":"economic","start":4396.96,"end":4397.24},{"text":"fundamentals,","start":4397.4,"end":4398.2},{"text":"growth","start":4398.76,"end":4399.16},{"text":"potential","start":4399.16,"end":4399.72},{"text":"and","start":4399.72,"end":4400.04},{"text":"reform","start":4400.04,"end":4400.52},{"text":"trajectories","start":4400.52,"end":4401.32},{"text":"of","start":4401.88,"end":4402.2},{"text":"developing","start":4402.2,"end":4402.68},{"text":"countries.","start":4402.68,"end":4403}]},{"text":"The reliance of subject elements, including perceptions of political risks and the willingness to pay, may introduce biases that do not directly capture the country's specific realities.","start":4404.04,"end":4416.66,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. Calls for clearer, published methodologies, greater disclosure of qualitative weighting, and more objective, consistent criteria."}],"words":[{"text":"The","start":4404.04,"end":4404.36},{"text":"reliance","start":4404.36,"end":4404.84},{"text":"of","start":4404.84,"end":4405.08},{"text":"subject","start":4405.08,"end":4405.52},{"text":"elements,","start":4405.52,"end":4406.04},{"text":"including","start":4406.12,"end":4406.52},{"text":"perceptions","start":4406.76,"end":4407.52},{"text":"of","start":4407.52,"end":4407.8},{"text":"political","start":4407.8,"end":4408.12},{"text":"risks","start":4408.28,"end":4408.84},{"text":"and","start":4408.84,"end":4409.04},{"text":"the","start":4409.04,"end":4409.24},{"text":"willingness","start":4409.24,"end":4409.72},{"text":"to","start":4409.72,"end":4409.96},{"text":"pay,","start":4409.96,"end":4410.28},{"text":"may","start":4410.52,"end":4410.84},{"text":"introduce","start":4410.84,"end":4411.44},{"text":"biases","start":4411.44,"end":4412.36},{"text":"that","start":4412.36,"end":4412.68},{"text":"do","start":4412.68,"end":4412.88},{"text":"not","start":4412.88,"end":4413.08},{"text":"directly","start":4413.08,"end":4413.63},{"text":"capture","start":4414.66,"end":4415.06},{"text":"the","start":4415.06,"end":4415.26},{"text":"country's","start":4415.26,"end":4415.66},{"text":"specific","start":4415.66,"end":4416.02},{"text":"realities.","start":4416.02,"end":4416.66}]}]},{"sentences":[{"text":"Moreover, pro cyclic nature of rating actions can exacerbate financing vulnerabilities.","start":4417.38,"end":4422.82,"topics":[{"key":"procyclicality-cliff-effects","label":"Pro‑cyclicality and Cliff Effects","description":"Ratings actions during crises can amplify market stress—triggering downgrades, higher spreads, capital outflows, and sovereign‑to‑corporate ‘cliff’ effects. Proposals seek to reduce pro‑cyclicality, lengthen horizons, and avoid abrupt thresholds that unduly restrict market access."}],"words":[{"text":"Moreover,","start":4417.38,"end":4418.02},{"text":"pro","start":4418.5,"end":4418.82},{"text":"cyclic","start":4418.82,"end":4419.34},{"text":"nature","start":4419.34,"end":4419.66},{"text":"of","start":4419.66,"end":4419.86},{"text":"rating","start":4419.86,"end":4420.22},{"text":"actions","start":4420.22,"end":4420.74},{"text":"can","start":4420.74,"end":4420.98},{"text":"exacerbate","start":4420.98,"end":4421.74},{"text":"financing","start":4421.74,"end":4422.22},{"text":"vulnerabilities.","start":4422.22,"end":4422.82}]},{"text":"Downgrades in times of stress tend to amplify markets reactions, increasing borrowing costs precisely when countries require greater access to affordable finance.","start":4423.38,"end":4434.34,"topics":[{"key":"procyclicality-cliff-effects","label":"Pro‑cyclicality and Cliff Effects","description":"Ratings actions during crises can amplify market stress—triggering downgrades, higher spreads, capital outflows, and sovereign‑to‑corporate ‘cliff’ effects. 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Calls for clearer, published methodologies, greater disclosure of qualitative weighting, and more objective, consistent criteria."},{"key":"debt-architecture-reform","label":"Debt Architecture and Restructuring Reform","description":"Advancing a development‑oriented debt architecture—including borrowers’ platforms, responsible lending/borrowing principles, fairer treatment of restructurings, and stronger global safety nets—to reduce risk premia and improve orderly access to finance."}],"words":[{"text":"Moving","start":4459.61,"end":4460.01},{"text":"beyond","start":4460.01,"end":4460.49},{"text":"an","start":4460.49,"end":4460.81},{"text":"excessive","start":4460.81,"end":4461.37},{"text":"reliance","start":4461.37,"end":4461.97},{"text":"on","start":4461.97,"end":4462.25},{"text":"short","start":4462.25,"end":4462.49},{"text":"terms","start":4462.49,"end":4462.81},{"text":"macroeconomic","start":4462.81,"end":4463.77},{"text":"indicators,","start":4463.85,"end":4464.49},{"text":"we","start":4465.62,"end":4465.74},{"text":"also","start":4465.74,"end":4465.94},{"text":"stress","start":4465.94,"end":4466.34},{"text":"the","start":4466.34,"end":4466.54},{"text":"importance","start":4466.54,"end":4467.06},{"text":"of","start":4467.06,"end":4467.38},{"text":"ensuring","start":4467.38,"end":4467.82},{"text":"a","start":4467.82,"end":4468.06},{"text":"fair","start":4468.06,"end":4468.26},{"text":"and","start":4468.26,"end":4468.54},{"text":"balanced","start":4468.54,"end":4469.1},{"text":"treatment","start":4469.1,"end":4469.5},{"text":"of","start":4469.5,"end":4469.86},{"text":"sovereigning","start":4470.26,"end":4470.9},{"text":"debts","start":4470.9,"end":4471.26},{"text":"restructuring","start":4471.26,"end":4471.94},{"text":"in","start":4472.34,"end":4472.62},{"text":"order","start":4472.62,"end":4472.86},{"text":"to","start":4472.86,"end":4473.1},{"text":"avoid","start":4473.1,"end":4473.46},{"text":"the","start":4474.34,"end":4474.66},{"text":"timely","start":4474.66,"end":4475.1},{"text":"and","start":4475.1,"end":4475.3},{"text":"orderly","start":4475.3,"end":4475.74},{"text":"resolutions","start":4475.74,"end":4476.22},{"text":"on","start":4476.22,"end":4476.5},{"text":"debt","start":4476.5,"end":4476.74},{"text":"distress.","start":4476.74,"end":4477.22}]},{"text":"Third, capacity constraints remain a critical challenge.","start":4477.78,"end":4481.859,"topics":[{"key":"engagement-capacity-building","label":"Sovereign Engagement and Capacity Building","description":"Many developing countries need stronger debt management offices, data systems, and market communication to engage effectively with CRAs. 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conclude, we reiterate that the issues under discussion today are closely linked to the broader reform of the 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directly influence not only sovereign borrowing costs but also private sector financing, foreign investment flows and overall economic confidence.","start":4632.97,"end":4643.21,"topics":[{"key":"sovereign-ceiling-spillovers","label":"Sovereign Ceiling and Private Sector Spillovers","description":"Recognition that sovereign ratings often cap corporate and financial sector ratings, constraining private investment. 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Proposals include more frequent, in‑country CRA engagement, technical assistance, and clearer feedback on rating sensitivities and data 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steadily deteriorated.","start":4662.28,"end":4666.6,"topics":[],"words":[{"text":"For","start":4662.28,"end":4662.56},{"text":"those","start":4662.56,"end":4662.76},{"text":"that","start":4662.76,"end":4662.96},{"text":"are","start":4662.96,"end":4663.12},{"text":"rated,","start":4663.12,"end":4663.72},{"text":"the","start":4663.96,"end":4664.28},{"text":"outcomes","start":4664.28,"end":4664.8},{"text":"have","start":4664.8,"end":4665.04},{"text":"steadily","start":4665.04,"end":4665.64},{"text":"deteriorated.","start":4665.64,"end":4666.6}]},{"text":"Between 2000 and 2022, the average credit rating for SIDS declined from 9.94 to 6.87, a drop of over 3 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decline is significantly sharper than those observed in other developing countries.","start":4679.25,"end":4684.69,"topics":[],"words":[{"text":"This","start":4679.25,"end":4679.57},{"text":"decline","start":4679.57,"end":4680.09},{"text":"is","start":4680.09,"end":4680.45},{"text":"significantly","start":4681.09,"end":4681.89},{"text":"sharper","start":4681.89,"end":4682.29},{"text":"than","start":4682.29,"end":4682.57},{"text":"those","start":4682.57,"end":4682.89},{"text":"observed","start":4682.89,"end":4683.41},{"text":"in","start":4683.41,"end":4683.61},{"text":"other","start":4683.61,"end":4683.81},{"text":"developing","start":4683.81,"end":4684.37},{"text":"countries.","start":4684.37,"end":4684.69}]},{"text":"This trend is not driven by weak policy frameworks.","start":4686.05,"end":4689.49,"topics":[],"words":[{"text":"This","start":4686.05,"end":4686.37},{"text":"trend","start":4686.37,"end":4686.69},{"text":"is","start":4686.69,"end":4686.93},{"text":"not","start":4686.93,"end":4687.17},{"text":"driven","start":4687.17,"end":4687.53},{"text":"by","start":4687.53,"end":4687.81},{"text":"weak","start":4687.81,"end":4688.17},{"text":"policy","start":4688.17,"end":4688.53},{"text":"frameworks.","start":4688.69,"end":4689.49}]}]},{"sentences":[{"text":"Rather, it is closely linked to the intensifying impacts of climate change which is not of our own making.","start":4690.05,"end":4697.25,"topics":[{"key":"beyond-gdp-vulnerability","label":"Beyond GDP and Vulnerability Indices","description":"Calls to move past GDP-only measures by integrating structural features, natural capital, and vulnerability metrics (e.g., multidimensional vulnerability indices) so risk assessments better reflect development realities, especially for 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economic shocks translate directly into worsening fiscal and debt indicators which are key inputs into credit ratings.","start":4698.21,"end":4710.66,"topics":[{"key":"beyond-gdp-vulnerability","label":"Beyond GDP and Vulnerability Indices","description":"Calls to move past GDP-only measures by integrating structural features, natural capital, and vulnerability metrics (e.g., multidimensional vulnerability indices) so risk assessments better reflect development realities, especially for climate‑exposed economies."},{"key":"procyclicality-cliff-effects","label":"Pro‑cyclicality and Cliff Effects","description":"Ratings actions during crises can amplify market stress—triggering downgrades, higher spreads, capital outflows, and sovereign‑to‑corporate ‘cliff’ effects. 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Proposals seek to reduce pro‑cyclicality, lengthen horizons, and avoid abrupt thresholds that unduly restrict market access."}],"words":[{"text":"Climate","start":4746.54,"end":4746.98},{"text":"shocks","start":4746.98,"end":4747.5},{"text":"drive","start":4747.5,"end":4747.98},{"text":"downgrades,","start":4748.14,"end":4749.02},{"text":"downgrades","start":4749.26,"end":4750.1},{"text":"increase","start":4750.1,"end":4750.46},{"text":"borrowing","start":4750.62,"end":4751.26},{"text":"costs","start":4751.26,"end":4751.82},{"text":"and","start":4752.39,"end":4752.55},{"text":"higher","start":4752.55,"end":4752.87},{"text":"costs","start":4752.95,"end":4753.59},{"text":"constraint","start":4753.83,"end":4754.55},{"text":"investment","start":4754.55,"end":4754.95},{"text":"in","start":4755.27,"end":4755.59},{"text":"resilience.","start":4755.59,"end":4756.15}]},{"text":"To break this cycle, AOC calls for the following first, credit rating agencies must better distinguish between structural vulnerability and a policy performance.","start":4757.35,"end":4769.35,"topics":[{"key":"beyond-gdp-vulnerability","label":"Beyond GDP and Vulnerability Indices","description":"Calls to move past GDP-only measures by integrating structural features, natural capital, and vulnerability metrics (e.g., multidimensional vulnerability indices) so risk assessments better reflect development realities, especially for climate‑exposed economies."},{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. 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at the outset, CARICOM aligns itself with the statement delivered by the distinguished representatives of Uruguay on behalf of the G77 and China and Palau on behalf of 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discussion today is timely as we move to translate the commitments made in Sevilla into concrete actions.","start":4931.52,"end":4937.44,"topics":[],"words":[{"text":"Our","start":4931.52,"end":4931.84},{"text":"discussion","start":4931.84,"end":4932.28},{"text":"today","start":4932.28,"end":4932.48},{"text":"is","start":4932.48,"end":4932.72},{"text":"timely","start":4932.72,"end":4933.12},{"text":"as","start":4933.12,"end":4933.36},{"text":"we","start":4933.36,"end":4933.56},{"text":"move","start":4933.56,"end":4933.84},{"text":"to","start":4933.84,"end":4934.12},{"text":"translate","start":4934.12,"end":4934.6},{"text":"the","start":4934.6,"end":4934.76},{"text":"commitments","start":4934.76,"end":4935.12},{"text":"made","start":4935.12,"end":4935.32},{"text":"in","start":4935.32,"end":4935.48},{"text":"Sevilla","start":4935.48,"end":4936.04},{"text":"into","start":4936.04,"end":4936.36},{"text":"concrete","start":4936.36,"end":4936.88},{"text":"actions.","start":4936.88,"end":4937.44}]},{"text":"The current credit rating system, which plays a central role in countries abilities to access international finance, has not met the needs of some of the most vulnerable.","start":4938.09,"end":4947.93,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. 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Between 2020 22, the average credit rating of 13 rated SIDS fell from 9.94 to 6.87, a decline of over 3 points, while developed countries saw little change.","start":4987.1,"end":5005.19,"topics":[],"words":[{"text":"Chair","start":4987.1,"end":4987.5},{"text":"Between","start":4987.66,"end":4988.06},{"text":"2020","start":4988.62,"end":4989.848},{"text":"22,","start":4990.121,"end":4991.35},{"text":"the","start":4991.59,"end":4991.87},{"text":"average","start":4991.87,"end":4992.23},{"text":"credit","start":4992.23,"end":4992.59},{"text":"rating","start":4992.59,"end":4992.87},{"text":"of","start":4992.87,"end":4993.19},{"text":"13","start":4993.19,"end":4993.59},{"text":"rated","start":4994.31,"end":4994.87},{"text":"SIDS","start":4994.87,"end":4995.27},{"text":"fell","start":4995.75,"end":4996.15},{"text":"from","start":4996.15,"end":4996.39},{"text":"9.94","start":4996.39,"end":4997.75},{"text":"to","start":4997.99,"end":4998.31},{"text":"6.87,","start":4998.31,"end":4999.59},{"text":"a","start":5000.07,"end":5000.35},{"text":"decline","start":5000.35,"end":5000.71},{"text":"of","start":5000.71,"end":5000.91},{"text":"over","start":5000.91,"end":5001.19},{"text":"3","start":5001.19,"end":5001.59},{"text":"points,","start":5001.75,"end":5002.15},{"text":"while","start":5002.79,"end":5003.15},{"text":"developed","start":5003.15,"end":5003.75},{"text":"countries","start":5003.75,"end":5004.07},{"text":"saw","start":5004.15,"end":5004.51},{"text":"little","start":5004.51,"end":5004.83},{"text":"change.","start":5004.83,"end":5005.19}]},{"text":"14 Of the 20 countries with the highest disaster losses relative to GDP are SIDS, with weather related damages reaching US US 153 billion between 1970 and 2020 over 11 times average annual GDP.","start":5006.23,"end":5026.08,"topics":[{"key":"beyond-gdp-vulnerability","label":"Beyond GDP and Vulnerability Indices","description":"Calls to move past GDP-only measures by integrating structural features, natural capital, and vulnerability metrics (e.g., multidimensional vulnerability indices) so risk assessments better reflect development realities, especially for climate‑exposed 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debt burdens have exploded in many SIDS, rising from an average of 6.5% of GDP in the 2000s to a substantial 35.9% in the 2000s for the 18 SIDS with available data.","start":5026.8,"end":5043.12,"topics":[{"key":"information-asymmetry","label":"Information Asymmetry and Data Gaps","description":"Ratings and investor decisions are distorted by outdated, incomplete or uneven country data. Multiple speakers urged improving data quality, availability and formats, expanding country-level disclosure, and strengthening statistical systems to reduce uncertainty and conservative assumptions."}],"words":[{"text":"Private","start":5026.8,"end":5027.2},{"text":"debt","start":5027.28,"end":5027.68},{"text":"burdens","start":5027.68,"end":5028.24},{"text":"have","start":5028.24,"end":5028.48},{"text":"exploded","start":5028.48,"end":5029.32},{"text":"in","start":5029.32,"end":5029.6},{"text":"many","start":5029.6,"end":5029.84},{"text":"SIDS,","start":5029.84,"end":5030.24},{"text":"rising","start":5030.64,"end":5031.12},{"text":"from","start":5031.12,"end":5031.32},{"text":"an","start":5031.32,"end":5031.559},{"text":"average","start":5031.559,"end":5031.879},{"text":"of","start":5031.879,"end":5032.16},{"text":"6.5%","start":5032.24,"end":5033.44},{"text":"of","start":5033.44,"end":5033.64},{"text":"GDP","start":5033.64,"end":5034.24},{"text":"in","start":5034.48,"end":5034.76},{"text":"the","start":5034.76,"end":5034.92},{"text":"2000s","start":5034.92,"end":5035.6},{"text":"to","start":5035.6,"end":5035.8},{"text":"a","start":5035.8,"end":5035.96},{"text":"substantial","start":5035.96,"end":5036.72},{"text":"35.9%","start":5037.28,"end":5038.96},{"text":"in","start":5038.96,"end":5039.24},{"text":"the","start":5039.24,"end":5039.4},{"text":"2000s","start":5039.4,"end":5040.16},{"text":"for","start":5040.64,"end":5040.92},{"text":"the","start":5040.92,"end":5041.16},{"text":"18","start":5041.16,"end":5041.52},{"text":"SIDS","start":5041.6,"end":5042.08},{"text":"with","start":5042.08,"end":5042.4},{"text":"available","start":5042.4,"end":5042.72},{"text":"data.","start":5042.72,"end":5043.12}]},{"text":"Chair this analysis does not yet capture the severe environmental events of 2025 and 2026.","start":5044.61,"end":5052.77,"topics":[{"key":"information-asymmetry","label":"Information Asymmetry and Data Gaps","description":"Ratings and investor decisions are distorted by outdated, incomplete or uneven country data. Multiple speakers urged improving data quality, availability and formats, expanding country-level disclosure, and strengthening statistical systems to reduce uncertainty and conservative assumptions."}],"words":[{"text":"Chair","start":5044.61,"end":5044.85},{"text":"this","start":5045.25,"end":5045.57},{"text":"analysis","start":5045.57,"end":5046.29},{"text":"does","start":5047.41,"end":5047.73},{"text":"not","start":5047.73,"end":5048.05},{"text":"yet","start":5048.05,"end":5048.37},{"text":"capture","start":5048.37,"end":5048.77},{"text":"the","start":5048.77,"end":5048.97},{"text":"severe","start":5048.97,"end":5049.45},{"text":"environmental","start":5049.45,"end":5050.09},{"text":"events","start":5050.09,"end":5050.49},{"text":"of","start":5050.49,"end":5050.69},{"text":"2025","start":5050.69,"end":5051.53},{"text":"and","start":5051.53,"end":5051.81},{"text":"2026.","start":5051.81,"end":5052.77}]},{"text":"At this point, Chair let me express our continued solidarity with the people of Jamaica following the devastation of Hurricane Melissa, another stark reminder of the external shocks that continue to undermine the region's financial stability and development prospects.","start":5053.57,"end":5070.42,"topics":[],"words":[{"text":"At","start":5053.57,"end":5053.85},{"text":"this","start":5053.85,"end":5054.05},{"text":"point,","start":5054.05,"end":5054.33},{"text":"Chair","start":5054.33,"end":5054.69},{"text":"let","start":5055.09,"end":5055.41},{"text":"me","start":5055.41,"end":5055.61},{"text":"express","start":5055.61,"end":5055.89},{"text":"our","start":5055.89,"end":5056.25},{"text":"continued","start":5056.25,"end":5056.85},{"text":"solidarity","start":5056.85,"end":5057.49},{"text":"with","start":5057.49,"end":5057.69},{"text":"the","start":5057.69,"end":5057.81},{"text":"people","start":5057.81,"end":5057.97},{"text":"of","start":5057.97,"end":5058.17},{"text":"Jamaica","start":5058.17,"end":5058.85},{"text":"following","start":5059.09,"end":5059.489},{"text":"the","start":5059.489,"end":5059.77},{"text":"devastation","start":5059.77,"end":5060.25},{"text":"of","start":5060.25,"end":5060.41},{"text":"Hurricane","start":5060.41,"end":5060.85},{"text":"Melissa,","start":5060.85,"end":5061.57},{"text":"another","start":5061.89,"end":5062.29},{"text":"stark","start":5062.37,"end":5062.93},{"text":"reminder","start":5062.93,"end":5063.37},{"text":"of","start":5063.37,"end":5063.49},{"text":"the","start":5063.49,"end":5063.61},{"text":"external","start":5063.61,"end":5064.17},{"text":"shocks","start":5064.17,"end":5064.73},{"text":"that","start":5064.73,"end":5065.01},{"text":"continue","start":5065.01,"end":5065.33},{"text":"to","start":5065.41,"end":5065.65},{"text":"undermine","start":5065.65,"end":5066.29},{"text":"the","start":5066.61,"end":5066.93},{"text":"region's","start":5066.93,"end":5067.53},{"text":"financial","start":5067.53,"end":5067.89},{"text":"stability","start":5067.97,"end":5068.45},{"text":"and","start":5069.1,"end":5069.22},{"text":"development","start":5069.22,"end":5069.5},{"text":"prospects.","start":5069.66,"end":5070.42}]}]},{"sentences":[{"text":"And I'm grateful to my colleague from EOSIS who mentioned Hurricane Ivan in Grenada, another good example.","start":5070.42,"end":5076.38,"topics":[],"words":[{"text":"And","start":5070.42,"end":5070.66},{"text":"I'm","start":5070.66,"end":5070.9},{"text":"grateful","start":5070.9,"end":5071.22},{"text":"to","start":5071.22,"end":5071.38},{"text":"my","start":5071.38,"end":5071.54},{"text":"colleague","start":5071.54,"end":5071.9},{"text":"from","start":5071.9,"end":5072.14},{"text":"EOSIS","start":5072.14,"end":5072.74},{"text":"who","start":5072.74,"end":5072.9},{"text":"mentioned","start":5072.9,"end":5073.34},{"text":"Hurricane","start":5073.34,"end":5073.78},{"text":"Ivan","start":5073.78,"end":5074.26},{"text":"in","start":5074.26,"end":5074.38},{"text":"Grenada,","start":5074.38,"end":5075.02},{"text":"another","start":5075.18,"end":5075.54},{"text":"good","start":5075.54,"end":5075.82},{"text":"example.","start":5075.82,"end":5076.38}]},{"text":"In the Caribbean Community, frequent extreme weather events can erase years of progress, reinforcing cycles of debt.","start":5077.18,"end":5085.02,"topics":[{"key":"beyond-gdp-vulnerability","label":"Beyond GDP and Vulnerability Indices","description":"Calls to move past GDP-only measures by integrating structural features, natural capital, and vulnerability metrics (e.g., multidimensional vulnerability indices) so risk assessments better reflect development realities, especially for climate‑exposed economies."}],"words":[{"text":"In","start":5077.18,"end":5077.46},{"text":"the","start":5077.46,"end":5077.62},{"text":"Caribbean","start":5077.62,"end":5078.06},{"text":"Community,","start":5078.06,"end":5078.38},{"text":"frequent","start":5078.86,"end":5079.54},{"text":"extreme","start":5079.54,"end":5080.06},{"text":"weather","start":5080.06,"end":5080.34},{"text":"events","start":5080.34,"end":5080.74},{"text":"can","start":5080.74,"end":5080.94},{"text":"erase","start":5080.94,"end":5081.38},{"text":"years","start":5081.38,"end":5081.7},{"text":"of","start":5081.7,"end":5081.98},{"text":"progress,","start":5081.98,"end":5082.54},{"text":"reinforcing","start":5083.26,"end":5084.06},{"text":"cycles","start":5084.06,"end":5084.5},{"text":"of","start":5084.5,"end":5084.66},{"text":"debt.","start":5084.66,"end":5085.02}]},{"text":"Despite strong commitments to fiscal discipline, current methodologies therefore do not fully capture our realities.","start":5085.26,"end":5094.22,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. Calls for clearer, published methodologies, greater disclosure of qualitative weighting, and more objective, consistent criteria."},{"key":"forward-looking-assessments","label":"Forward-Looking, Long-Term Assessments","description":"Advocacy for ratings that better capture reform trajectories, resilience, and long-term growth prospects—including scenario analysis and recognition of development and climate investments as credit‑positive—rather than static, short‑term snapshots."}],"words":[{"text":"Despite","start":5085.26,"end":5085.66},{"text":"strong","start":5085.9,"end":5086.3},{"text":"commitments","start":5086.7,"end":5087.42},{"text":"to","start":5087.42,"end":5087.7},{"text":"fiscal","start":5087.7,"end":5088.14},{"text":"discipline,","start":5088.14,"end":5088.7},{"text":"current","start":5089.42,"end":5089.82},{"text":"methodologies","start":5090.3,"end":5091.18},{"text":"therefore","start":5091.26,"end":5091.82},{"text":"do","start":5091.82,"end":5092.06},{"text":"not","start":5092.06,"end":5092.3},{"text":"fully","start":5092.3,"end":5092.66},{"text":"capture","start":5092.66,"end":5093.06},{"text":"our","start":5093.06,"end":5093.42},{"text":"realities.","start":5093.5,"end":5094.22}]},{"text":"We reiterate the need to incorporate the Multidimensional Vulnerability Index as a complementary measure to enable a more accurate and forward looking assessment of risk and to support the vulnerability aligned financing and concessionality, including for CARICOM and high income SIDS excellencies for small and vulnerable economies.","start":5095.11,"end":5117.03,"topics":[{"key":"beyond-gdp-vulnerability","label":"Beyond GDP and Vulnerability Indices","description":"Calls to move past GDP-only measures by integrating structural features, natural capital, and vulnerability metrics (e.g., multidimensional vulnerability indices) so risk assessments better reflect development realities, especially for climate‑exposed economies."},{"key":"forward-looking-assessments","label":"Forward-Looking, Long-Term Assessments","description":"Advocacy for ratings that better capture reform trajectories, resilience, and long-term growth prospects—including scenario analysis and recognition of development and climate investments as credit‑positive—rather than static, short‑term 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development depends on investments in climate resilience, infrastructure diversification and institutional reform efforts that may raise debt in the short term but strengthen long term growth and reduce fiscal shocks.","start":5117.27,"end":5131.51,"topics":[{"key":"forward-looking-assessments","label":"Forward-Looking, Long-Term Assessments","description":"Advocacy for ratings that better capture reform trajectories, resilience, and long-term growth prospects—including scenario analysis and recognition of development and climate investments as credit‑positive—rather than static, short‑term 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the Caribbean, significant renewable energy potential and high returns on investment underscore this opportunity.","start":5131.99,"end":5138.23,"topics":[],"words":[{"text":"In","start":5131.99,"end":5132.27},{"text":"the","start":5132.27,"end":5132.47},{"text":"Caribbean,","start":5132.47,"end":5133.11},{"text":"significant","start":5133.51,"end":5133.91},{"text":"renewable","start":5134.07,"end":5134.63},{"text":"energy","start":5134.63,"end":5134.95},{"text":"potential","start":5134.95,"end":5135.43},{"text":"and","start":5135.43,"end":5135.63},{"text":"high","start":5135.63,"end":5135.83},{"text":"returns","start":5135.83,"end":5136.27},{"text":"on","start":5136.27,"end":5136.43},{"text":"investment","start":5136.43,"end":5136.71},{"text":"underscore","start":5136.789,"end":5137.43},{"text":"this","start":5137.43,"end":5137.63},{"text":"opportunity.","start":5137.63,"end":5138.23}]},{"text":"Yet short term assessments often penalize such spending.","start":5138.63,"end":5143.03,"topics":[{"key":"forward-looking-assessments","label":"Forward-Looking, Long-Term Assessments","description":"Advocacy for ratings that better capture reform trajectories, resilience, and long-term growth prospects—including scenario analysis and recognition of development and climate investments as credit‑positive—rather than static, short‑term snapshots."}],"words":[{"text":"Yet","start":5138.63,"end":5139.03},{"text":"short","start":5139.03,"end":5139.35},{"text":"term","start":5139.35,"end":5139.63},{"text":"assessments","start":5139.63,"end":5140.31},{"text":"often","start":5140.31,"end":5140.71},{"text":"penalize","start":5140.71,"end":5141.51},{"text":"such","start":5141.91,"end":5142.31},{"text":"spending.","start":5142.39,"end":5143.03}]},{"text":"Credit rating agencies should therefore adopt more forward looking approaches that recognize resilience and adaptation investments as credit positive.","start":5143.59,"end":5153.6,"topics":[{"key":"forward-looking-assessments","label":"Forward-Looking, Long-Term Assessments","description":"Advocacy for ratings that better capture reform trajectories, resilience, and long-term growth prospects—including scenario analysis and recognition of development and climate investments as credit‑positive—rather than static, short‑term snapshots."}],"words":[{"text":"Credit","start":5143.59,"end":5144.07},{"text":"rating","start":5144.07,"end":5144.39},{"text":"agencies","start":5144.39,"end":5144.95},{"text":"should","start":5144.95,"end":5145.23},{"text":"therefore","start":5145.23,"end":5145.63},{"text":"adopt","start":5145.63,"end":5146.31},{"text":"more","start":5147.2,"end":5147.4},{"text":"forward","start":5147.4,"end":5147.72},{"text":"looking","start":5147.72,"end":5148.04},{"text":"approaches","start":5148.04,"end":5148.6},{"text":"that","start":5148.6,"end":5148.8},{"text":"recognize","start":5148.8,"end":5149.32},{"text":"resilience","start":5149.32,"end":5150},{"text":"and","start":5150,"end":5150.28},{"text":"adaptation","start":5150.28,"end":5150.96},{"text":"investments","start":5151.68,"end":5152.44},{"text":"as","start":5152.44,"end":5152.64},{"text":"credit","start":5152.64,"end":5153.04},{"text":"positive.","start":5153.04,"end":5153.6}]},{"text":"At the same time, scaling innovative financing instruments such as parametric insurance, green and blue bonds and disaster linked debt relief mechanisms can further support stability and sustainable growth.","start":5154.08,"end":5168.24,"topics":[{"key":"innovative-finance-guarantees","label":"Innovative Finance and Guarantees","description":"Scaling blended finance, guarantees, climate‑shock clauses, originate‑to‑distribute models, and local‑currency instruments via MDBs and DFIs to mobilize private capital and lower borrowing costs, particularly for vulnerable 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Mr. President, many developing countries still face capacity constraints in engaging effectively with credit rating agencies affecting how their risk is assessed and priced.","start":5169.12,"end":5180.14,"topics":[{"key":"engagement-capacity-building","label":"Sovereign Engagement and Capacity Building","description":"Many developing countries need stronger debt management offices, data systems, and market communication to engage effectively with CRAs. 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Multiple speakers urged improving data quality, availability and formats, expanding country-level disclosure, and strengthening statistical systems to reduce uncertainty and conservative assumptions."},{"key":"engagement-capacity-building","label":"Sovereign Engagement and Capacity Building","description":"Many developing countries need stronger debt management offices, data systems, and market communication to engage effectively with CRAs. Proposals include more frequent, in‑country CRA engagement, technical assistance, and clearer feedback on rating sensitivities and data expectations."}],"words":[{"text":"Addressing","start":5180.62,"end":5181.42},{"text":"this","start":5181.66,"end":5182.06},{"text":"requires","start":5182.22,"end":5182.86},{"text":"stronger","start":5182.86,"end":5183.3},{"text":"data","start":5183.3,"end":5183.58},{"text":"transparencies","start":5183.82,"end":5184.74},{"text":"and","start":5184.74,"end":5185.02},{"text":"institutional","start":5185.02,"end":5185.74},{"text":"framework","start":5185.74,"end":5186.14},{"text":"for","start":5186.14,"end":5186.34},{"text":"debt","start":5186.34,"end":5186.58},{"text":"management,","start":5186.58,"end":5186.86},{"text":"fiscal","start":5188.22,"end":5188.7},{"text":"analysis","start":5188.7,"end":5189.22},{"text":"and","start":5189.22,"end":5189.38},{"text":"macroeconomic","start":5189.38,"end":5190.3},{"text":"forecasting.","start":5190.38,"end":5191.26}]},{"text":"CUICA Member States have made steady progress in these areas and continue to strengthen real time analysis and decision making.","start":5191.5,"end":5197.98,"topics":[{"key":"engagement-capacity-building","label":"Sovereign Engagement and Capacity Building","description":"Many developing countries need stronger debt management offices, data systems, and market communication to engage effectively with CRAs. Proposals include more frequent, in‑country CRA engagement, technical assistance, and clearer feedback on rating sensitivities and data expectations."}],"words":[{"text":"CUICA","start":5191.5,"end":5192.18},{"text":"Member","start":5192.18,"end":5192.34},{"text":"States","start":5192.34,"end":5192.619},{"text":"have","start":5192.619,"end":5192.899},{"text":"made","start":5192.899,"end":5193.1},{"text":"steady","start":5193.1,"end":5193.46},{"text":"progress","start":5193.46,"end":5193.74},{"text":"in","start":5193.74,"end":5193.86},{"text":"these","start":5193.86,"end":5194.06},{"text":"areas","start":5194.06,"end":5194.3},{"text":"and","start":5194.3,"end":5194.54},{"text":"continue","start":5194.54,"end":5194.86},{"text":"to","start":5194.86,"end":5195.14},{"text":"strengthen","start":5195.14,"end":5195.58},{"text":"real","start":5195.58,"end":5195.82},{"text":"time","start":5195.82,"end":5196.06},{"text":"analysis","start":5196.06,"end":5196.7},{"text":"and","start":5196.94,"end":5197.22},{"text":"decision","start":5197.22,"end":5197.5},{"text":"making.","start":5197.58,"end":5197.98}]},{"text":"In this context, expanded capacity building, particularly through south, south and Triangular cooperation, remains essential to build technical expertise and institutional resilience.","start":5198.38,"end":5208.92,"topics":[{"key":"engagement-capacity-building","label":"Sovereign Engagement and Capacity Building","description":"Many developing countries need stronger debt management offices, data systems, and market communication to engage effectively with CRAs. 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and Tobago","group":"CARICOM","function":"Permanent Representative"}},{"statement_number":33,"start":5212.84,"pageUrl":"/en/ecosoc/2026/13?t=5213","paragraphs":[{"sentences":[{"text":"I thank the distinguished Permanent representative of Trindat and Tobago.","start":5212.84,"end":5217.16,"topics":[],"words":[{"text":"I","start":5212.84,"end":5213.12},{"text":"thank","start":5213.12,"end":5213.36},{"text":"the","start":5213.36,"end":5213.52},{"text":"distinguished","start":5213.52,"end":5214.08},{"text":"Permanent","start":5214.08,"end":5214.52},{"text":"representative","start":5214.52,"end":5215.16},{"text":"of","start":5215.16,"end":5215.48},{"text":"Trindat","start":5215.48,"end":5216.12},{"text":"and","start":5216.12,"end":5216.32},{"text":"Tobago.","start":5216.32,"end":5217.16}]},{"text":"I now give the floor to the distinguished representative of Virginia Guildersleeve International Fund, to be followed by Algeria and France.","start":5217.56,"end":5225.8,"topics":[],"words":[{"text":"I","start":5217.56,"end":5217.96},{"text":"now","start":5218.12,"end":5218.48},{"text":"give","start":5218.48,"end":5218.72},{"text":"the","start":5218.72,"end":5218.88},{"text":"floor","start":5218.88,"end":5219.12},{"text":"to","start":5219.12,"end":5219.28},{"text":"the","start":5219.28,"end":5219.44},{"text":"distinguished","start":5219.44,"end":5220},{"text":"representative","start":5220,"end":5220.64},{"text":"of","start":5220.64,"end":5220.92},{"text":"Virginia","start":5220.92,"end":5221.56},{"text":"Guildersleeve","start":5221.64,"end":5222.52},{"text":"International","start":5222.52,"end":5222.84},{"text":"Fund,","start":5223.24,"end":5223.6},{"text":"to","start":5223.6,"end":5223.84},{"text":"be","start":5223.84,"end":5224},{"text":"followed","start":5224,"end":5224.36},{"text":"by","start":5224.36,"end":5224.6},{"text":"Algeria","start":5224.6,"end":5225.24},{"text":"and","start":5225.24,"end":5225.44},{"text":"France.","start":5225.44,"end":5225.8}]}]}],"speaker":{"name":null,"affiliation":"ECOSOC","affiliation_full":"ECOSOC","group":null,"function":"Vice-President"}},{"statement_number":34,"start":5232.77,"pageUrl":"/en/ecosoc/2026/13?t=5233","paragraphs":[{"sentences":[{"text":"I represent the Virginia Guildersleeve International Fund and chair the NGO Committee on Financing for Development in New York, a substitute committee of the conference of NGOs.","start":5232.77,"end":5241.93,"topics":[],"words":[{"text":"I","start":5232.77,"end":5232.93},{"text":"represent","start":5232.93,"end":5233.25},{"text":"the","start":5233.57,"end":5233.89},{"text":"Virginia","start":5233.89,"end":5234.33},{"text":"Guildersleeve","start":5234.33,"end":5234.97},{"text":"International","start":5234.97,"end":5235.25},{"text":"Fund","start":5235.33,"end":5235.65},{"text":"and","start":5235.65,"end":5235.85},{"text":"chair","start":5235.85,"end":5236.05},{"text":"the","start":5236.05,"end":5236.21},{"text":"NGO","start":5236.21,"end":5236.53},{"text":"Committee","start":5236.61,"end":5236.97},{"text":"on","start":5236.97,"end":5237.21},{"text":"Financing","start":5237.21,"end":5237.69},{"text":"for","start":5237.69,"end":5237.93},{"text":"Development","start":5237.93,"end":5238.29},{"text":"in","start":5238.29,"end":5238.57},{"text":"New","start":5238.57,"end":5238.73},{"text":"York,","start":5238.73,"end":5239.01},{"text":"a","start":5239.25,"end":5239.53},{"text":"substitute","start":5239.53,"end":5240.13},{"text":"committee","start":5240.13,"end":5240.45},{"text":"of","start":5240.45,"end":5240.69},{"text":"the","start":5240.69,"end":5240.81},{"text":"conference","start":5240.81,"end":5241.21},{"text":"of","start":5241.21,"end":5241.37},{"text":"NGOs.","start":5241.37,"end":5241.93}]},{"text":"I share this statement on behalf of both entities.","start":5241.93,"end":5244.53,"topics":[],"words":[{"text":"I","start":5241.93,"end":5242.17},{"text":"share","start":5242.17,"end":5242.37},{"text":"this","start":5242.37,"end":5242.61},{"text":"statement","start":5242.61,"end":5242.93},{"text":"on","start":5243.01,"end":5243.29},{"text":"behalf","start":5243.29,"end":5243.61},{"text":"of","start":5243.61,"end":5243.77},{"text":"both","start":5243.77,"end":5244.01},{"text":"entities.","start":5244.01,"end":5244.53}]},{"text":"Credit ratings play an important role in shaping countries access to finance with significant implications of fiscal space and development pathways, particularly for countries facing high debt burdens alongside climate vulnerability.","start":5245.41,"end":5258.51,"topics":[{"key":"beyond-gdp-vulnerability","label":"Beyond GDP and Vulnerability Indices","description":"Calls to move past GDP-only measures by integrating structural features, natural capital, and vulnerability metrics (e.g., multidimensional vulnerability indices) so risk assessments better reflect development realities, especially for climate‑exposed 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external or climate related shocks occur, shifts in perceived risk can increase borrowing costs and constrain access to finance, in turn limiting the ability to invest in recovery, resilience and long term priorities.","start":5259.23,"end":5271.71,"topics":[{"key":"procyclicality-cliff-effects","label":"Pro‑cyclicality and Cliff Effects","description":"Ratings actions during crises can amplify market stress—triggering downgrades, higher spreads, capital outflows, and sovereign‑to‑corporate ‘cliff’ effects. 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representative of Algeria, to be followed by France and China.","start":5381.02,"end":5387.66,"topics":[],"words":[{"text":"I","start":5381.02,"end":5381.34},{"text":"now","start":5381.34,"end":5381.58},{"text":"give","start":5381.58,"end":5381.78},{"text":"the","start":5381.78,"end":5381.94},{"text":"floor","start":5381.94,"end":5382.18},{"text":"to","start":5382.18,"end":5382.3},{"text":"the","start":5382.3,"end":5382.42},{"text":"distinguished","start":5382.42,"end":5383.02},{"text":"representative","start":5383.02,"end":5383.66},{"text":"of","start":5383.66,"end":5384.06},{"text":"Algeria,","start":5384.22,"end":5385.02},{"text":"to","start":5385.18,"end":5385.5},{"text":"be","start":5385.5,"end":5385.7},{"text":"followed","start":5385.7,"end":5386.18},{"text":"by","start":5386.18,"end":5386.5},{"text":"France","start":5386.5,"end":5386.94},{"text":"and","start":5387.02,"end":5387.34},{"text":"China.","start":5387.34,"end":5387.66}]}]}],"speaker":{"name":null,"affiliation":"ECOSOC","affiliation_full":"ECOSOC","group":null,"function":"Vice-President"}},{"statement_number":36,"start":5390.25,"pageUrl":"/en/ecosoc/2026/13?t=5391","paragraphs":[{"sentences":[{"text":"Thank you Mr. President.","start":5390.25,"end":5391.21,"topics":[],"words":[{"text":"Thank","start":5390.25,"end":5390.45},{"text":"you","start":5390.45,"end":5390.61},{"text":"Mr.","start":5390.61,"end":5390.89},{"text":"President.","start":5390.89,"end":5391.21}]},{"text":"Allow me first of all to thank you for convening this timely and highly important meeting.","start":5392.17,"end":5396.89,"topics":[],"words":[{"text":"Allow","start":5392.17,"end":5392.49},{"text":"me","start":5392.49,"end":5392.73},{"text":"first","start":5392.73,"end":5392.93},{"text":"of","start":5392.93,"end":5393.09},{"text":"all","start":5393.09,"end":5393.33},{"text":"to","start":5393.33,"end":5393.57},{"text":"thank","start":5393.57,"end":5393.77},{"text":"you","start":5393.77,"end":5393.89},{"text":"for","start":5393.89,"end":5394.05},{"text":"convening","start":5394.05,"end":5394.57},{"text":"this","start":5394.57,"end":5394.81},{"text":"timely","start":5394.81,"end":5395.21},{"text":"and","start":5395.21,"end":5395.49},{"text":"highly","start":5395.49,"end":5395.89},{"text":"important","start":5395.89,"end":5396.25},{"text":"meeting.","start":5396.49,"end":5396.89}]},{"text":"Algeria aligns itself with the statements made by Uruguay on behalf of G77 and China and by Angola on behalf of the African 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President, I would like today to make three points.","start":5406.41,"end":5409.53,"topics":[],"words":[{"text":"Mr.","start":5406.41,"end":5406.85},{"text":"President,","start":5406.85,"end":5407.17},{"text":"I","start":5407.17,"end":5407.37},{"text":"would","start":5407.37,"end":5407.53},{"text":"like","start":5407.53,"end":5407.77},{"text":"today","start":5407.77,"end":5408.05},{"text":"to","start":5408.05,"end":5408.29},{"text":"make","start":5408.29,"end":5408.57},{"text":"three","start":5408.73,"end":5409.13},{"text":"points.","start":5409.13,"end":5409.53}]},{"text":"First, credit ratings are not mere 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Zambia.","start":5539.14,"end":5543.7,"topics":[],"words":[{"text":"I","start":5539.14,"end":5539.42},{"text":"now","start":5539.42,"end":5539.62},{"text":"give","start":5539.62,"end":5539.78},{"text":"the","start":5539.78,"end":5539.9},{"text":"floor","start":5539.9,"end":5540.22},{"text":"to","start":5540.22,"end":5540.38},{"text":"the","start":5540.38,"end":5540.54},{"text":"representative","start":5540.54,"end":5541.1},{"text":"of","start":5541.1,"end":5541.46},{"text":"France,","start":5541.46,"end":5541.94},{"text":"followed","start":5542.02,"end":5542.46},{"text":"by","start":5542.46,"end":5542.62},{"text":"China","start":5542.62,"end":5542.86},{"text":"and","start":5542.86,"end":5543.1},{"text":"Zambia.","start":5543.1,"end":5543.7}]}]}],"speaker":{"name":null,"affiliation":"ECOSOC","affiliation_full":"ECOSOC","group":null,"function":"Vice-President"}},{"statement_number":38,"start":5545.23,"pageUrl":"/en/ecosoc/2026/13?t=5546","paragraphs":[{"sentences":[{"text":"Thank you, Mr. Vice Chair.","start":5545.23,"end":5548.59,"topics":[],"words":[{"text":"Thank","start":5545.23,"end":5545.47},{"text":"you,","start":5545.47,"end":5545.79},{"text":"Mr.","start":5546.19,"end":5546.67},{"text":"Vice","start":5546.75,"end":5547.23},{"text":"Chair.","start":5548.19,"end":5548.59}]},{"text":"Your Excellencies.","start":5549.23,"end":5550.11,"topics":[],"words":[{"text":"Your","start":5549.23,"end":5549.55},{"text":"Excellencies.","start":5549.55,"end":5550.11}]},{"text":"We live in an interconnected world where crises have a global impact.","start":5550.11,"end":5557.31,"topics":[],"words":[{"text":"We","start":5550.11,"end":5550.31},{"text":"live","start":5550.31,"end":5550.47},{"text":"in","start":5550.47,"end":5550.63},{"text":"an","start":5550.63,"end":5550.87},{"text":"interconnected","start":5550.87,"end":5551.71},{"text":"world","start":5551.71,"end":5552.03},{"text":"where","start":5552.11,"end":5552.51},{"text":"crises","start":5553.95,"end":5554.43},{"text":"have","start":5555.87,"end":5556.23},{"text":"a","start":5556.23,"end":5556.51},{"text":"global","start":5556.51,"end":5556.83},{"text":"impact.","start":5556.91,"end":5557.31}]},{"text":"Just recently, the war in the Middle east has had an impact on the borrowing costs of countries in the region, but also in developed economies.","start":5557.39,"end":5564.67,"topics":[{"key":"procyclicality-cliff-effects","label":"Pro‑cyclicality and Cliff Effects","description":"Ratings actions during crises can amplify market stress—triggering downgrades, higher 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these countries have an unequal access to liquidity.","start":5565.07,"end":5571.33,"topics":[{"key":"debt-architecture-reform","label":"Debt Architecture and Restructuring Reform","description":"Advancing a development‑oriented debt architecture—including borrowers’ platforms, responsible lending/borrowing principles, fairer treatment of restructurings, and stronger global safety nets—to reduce risk premia and improve orderly access to finance."}],"words":[{"text":"However,","start":5565.07,"end":5565.47},{"text":"these","start":5566.91,"end":5567.27},{"text":"countries","start":5567.27,"end":5567.63},{"text":"have","start":5567.79,"end":5568.11},{"text":"an","start":5568.11,"end":5568.39},{"text":"unequal","start":5568.39,"end":5569.15},{"text":"access","start":5569.39,"end":5569.79},{"text":"to","start":5570.03,"end":5570.43},{"text":"liquidity.","start":5570.83,"end":5571.33}]},{"text":"France is playing a key role in trying to correct these 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COVID the initiative of suspending debt servicing of the Paris club and the G20 was a necessary response to the need for financing for health care and social expenditures generated by the senator crisis.","start":5574.64,"end":5588.68,"topics":[{"key":"debt-architecture-reform","label":"Debt Architecture and Restructuring Reform","description":"Advancing a development‑oriented debt architecture—including borrowers’ platforms, responsible lending/borrowing principles, fairer treatment of restructurings, and stronger global safety nets—to reduce risk premia and improve orderly access to 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May 2020 and December 2021, the initiative made it possible to suspend some US$12.9 billion of debt servicing for 48 developing countries.","start":5588.68,"end":5598.68,"topics":[{"key":"debt-architecture-reform","label":"Debt Architecture and Restructuring Reform","description":"Advancing a development‑oriented debt architecture—including borrowers’ platforms, responsible lending/borrowing principles, fairer treatment of restructurings, and stronger global safety nets—to reduce risk premia and improve orderly access to 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countries of this initiative saw their borrowing costs drop.","start":5599.51,"end":5604.87,"topics":[{"key":"debt-architecture-reform","label":"Debt Architecture and Restructuring Reform","description":"Advancing a development‑oriented debt architecture—including borrowers’ platforms, responsible lending/borrowing principles, fairer treatment of restructurings, and stronger global safety nets—to reduce risk premia and improve orderly access to finance."}],"words":[{"text":"Beneficiary","start":5599.51,"end":5600.07},{"text":"countries","start":5600.07,"end":5600.35},{"text":"of","start":5600.35,"end":5600.59},{"text":"this","start":5600.59,"end":5600.79},{"text":"initiative","start":5600.79,"end":5601.43},{"text":"saw","start":5601.59,"end":5601.91},{"text":"their","start":5601.91,"end":5602.23},{"text":"borrowing","start":5602.39,"end":5602.95},{"text":"costs","start":5602.95,"end":5603.43},{"text":"drop.","start":5604.39,"end":5604.87}]}]},{"sentences":[{"text":"We also support suspension debt clauses in case of climate shocks.","start":5605.19,"end":5612.95,"topics":[{"key":"innovative-finance-guarantees","label":"Innovative Finance and Guarantees","description":"Scaling blended finance, guarantees, climate‑shock clauses, originate‑to‑distribute models, and local‑currency instruments via MDBs and DFIs to mobilize private capital and lower borrowing costs, particularly for vulnerable economies."},{"key":"debt-architecture-reform","label":"Debt Architecture and Restructuring Reform","description":"Advancing a development‑oriented debt architecture—including borrowers’ platforms, responsible lending/borrowing principles, fairer treatment of restructurings, and stronger global safety nets—to reduce risk premia and improve orderly access to 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France is funding the trust funds of the IMF and the World bank and fully supports three pillars to help developing countries in facing their liquidity problems.","start":5654.5,"end":5668.98,"topics":[{"key":"innovative-finance-guarantees","label":"Innovative Finance and Guarantees","description":"Scaling blended finance, guarantees, climate‑shock clauses, originate‑to‑distribute models, and local‑currency instruments via MDBs and DFIs to mobilize private capital and lower borrowing costs, particularly for vulnerable economies."},{"key":"debt-architecture-reform","label":"Debt Architecture and Restructuring Reform","description":"Advancing a development‑oriented debt architecture—including borrowers’ platforms, responsible lending/borrowing principles, fairer treatment of restructurings, and stronger global safety nets—to reduce risk premia and improve orderly access to 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France, enhancing transparency of the debt is essential so that citizens are informed and understand the economic situation and financial situation of the country and make informed decisions.","start":5680.94,"end":5692.62,"topics":[{"key":"information-asymmetry","label":"Information Asymmetry and Data Gaps","description":"Ratings and investor decisions are distorted by outdated, incomplete or uneven country data. 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an inclusive forum which brings together developing countries Debtors from creditors from the Paris club at the G20 as well as experts from the Academia.","start":5713.55,"end":5722.95,"topics":[],"words":[{"text":"It's","start":5713.55,"end":5713.83},{"text":"an","start":5713.83,"end":5713.95},{"text":"inclusive","start":5713.95,"end":5714.39},{"text":"forum","start":5714.39,"end":5714.87},{"text":"which","start":5714.87,"end":5715.19},{"text":"brings","start":5715.19,"end":5715.47},{"text":"together","start":5715.47,"end":5715.75},{"text":"developing","start":5715.91,"end":5716.51},{"text":"countries","start":5716.51,"end":5716.87},{"text":"Debtors","start":5717.51,"end":5718.07},{"text":"from","start":5718.07,"end":5718.39},{"text":"creditors","start":5718.79,"end":5719.51},{"text":"from","start":5719.51,"end":5719.63},{"text":"the","start":5719.63,"end":5719.79},{"text":"Paris","start":5719.79,"end":5720.11},{"text":"club","start":5720.11,"end":5720.31},{"text":"at","start":5720.31,"end":5720.47},{"text":"the","start":5720.47,"end":5720.59},{"text":"G20","start":5720.59,"end":5721.11},{"text":"as","start":5721.11,"end":5721.31},{"text":"well","start":5721.31,"end":5721.43},{"text":"as","start":5721.43,"end":5721.59},{"text":"experts","start":5721.59,"end":5721.99},{"text":"from","start":5721.99,"end":5722.19},{"text":"the","start":5722.19,"end":5722.35},{"text":"Academia.","start":5722.35,"end":5722.95}]}]},{"sentences":[{"text":"Thank you very much.","start":5722.95,"end":5723.67,"topics":[],"words":[{"text":"Thank","start":5722.95,"end":5723.19},{"text":"you","start":5723.19,"end":5723.27},{"text":"very","start":5723.27,"end":5723.39},{"text":"much.","start":5723.39,"end":5723.67}]}]}],"speaker":{"name":null,"affiliation":"FRA","affiliation_full":"France","group":null,"function":"Representative"}},{"statement_number":39,"start":5725.19,"pageUrl":"/en/ecosoc/2026/13?t=5726","paragraphs":[{"sentences":[{"text":"I now give the floor to the distinguished representative of China to be followed by Zambia and 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you, President.","start":5733.99,"end":5734.79,"topics":[],"words":[{"text":"Thank","start":5733.99,"end":5734.35},{"text":"you,","start":5734.35,"end":5734.51},{"text":"President.","start":5734.51,"end":5734.79}]},{"text":"We express our appreciation to ECOSOC for organizing this meeting.","start":5735.66,"end":5739.5,"topics":[],"words":[{"text":"We","start":5735.66,"end":5735.82},{"text":"express","start":5735.82,"end":5736.14},{"text":"our","start":5736.22,"end":5736.54},{"text":"appreciation","start":5736.54,"end":5737.22},{"text":"to","start":5737.22,"end":5737.42},{"text":"ECOSOC","start":5737.42,"end":5738.22},{"text":"for","start":5738.22,"end":5738.42},{"text":"organizing","start":5738.42,"end":5738.9},{"text":"this","start":5738.9,"end":5739.14},{"text":"meeting.","start":5739.14,"end":5739.5}]},{"text":"China supports Uruguay on behalf of G77 China and the Non Alliance Movement Credit ratings play an important role in the functioning of international financial markets.","start":5739.74,"end":5752.06,"topics":[],"words":[{"text":"China","start":5739.74,"end":5740.14},{"text":"supports","start":5740.14,"end":5740.86},{"text":"Uruguay","start":5740.86,"end":5741.66},{"text":"on","start":5741.98,"end":5742.26},{"text":"behalf","start":5742.26,"end":5742.58},{"text":"of","start":5742.58,"end":5742.86},{"text":"G77","start":5743.02,"end":5743.86},{"text":"China","start":5743.86,"end":5744.22},{"text":"and","start":5745.5,"end":5745.78},{"text":"the","start":5745.78,"end":5745.94},{"text":"Non","start":5745.94,"end":5746.18},{"text":"Alliance","start":5746.18,"end":5746.74},{"text":"Movement","start":5746.74,"end":5747.26},{"text":"Credit","start":5747.42,"end":5747.94},{"text":"ratings","start":5747.94,"end":5748.38},{"text":"play","start":5748.38,"end":5748.58},{"text":"an","start":5748.58,"end":5748.74},{"text":"important","start":5748.74,"end":5749.02},{"text":"role","start":5749.1,"end":5749.42},{"text":"in","start":5749.42,"end":5749.62},{"text":"the","start":5749.62,"end":5749.78},{"text":"functioning","start":5749.78,"end":5750.26},{"text":"of","start":5750.26,"end":5750.42},{"text":"international","start":5750.42,"end":5750.7},{"text":"financial","start":5750.86,"end":5751.26},{"text":"markets.","start":5751.339,"end":5752.06}]},{"text":"An impartial and reasonable credit rating system is essential for developing countries to access financing for development and to advance the 2030 Agenda for Sustainable development.","start":5752.14,"end":5761.74,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. 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Calls for clearer, published methodologies, greater disclosure of qualitative weighting, and more objective, consistent criteria."}],"words":[{"text":"The","start":5762.5,"end":5762.66},{"text":"current","start":5762.66,"end":5762.98},{"text":"system","start":5763.06,"end":5763.46},{"text":"still","start":5763.54,"end":5763.86},{"text":"contains","start":5763.86,"end":5764.38},{"text":"practices","start":5764.38,"end":5764.98},{"text":"that","start":5765.22,"end":5765.5},{"text":"are","start":5765.5,"end":5765.7},{"text":"neither","start":5765.7,"end":5765.98},{"text":"impartial","start":5765.98,"end":5766.54},{"text":"nor","start":5766.54,"end":5766.74},{"text":"responsible.","start":5766.74,"end":5767.38}]}]},{"sentences":[{"text":"Its failure to objectively reflect the economic outlook of developing countries has become a major impediment to their access to financing and they suffer from high cost of financing on credit ratings and the cost of capital.","start":5768.34,"end":5780.26,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. 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thank you President.","start":5814.51,"end":5815.47,"topics":[],"words":[{"text":"I","start":5814.51,"end":5814.79},{"text":"thank","start":5814.79,"end":5814.99},{"text":"you","start":5814.99,"end":5815.15},{"text":"President.","start":5815.15,"end":5815.47}]}]}],"speaker":{"name":null,"affiliation":"CHN","affiliation_full":"China","group":null,"function":"Representative"}},{"statement_number":41,"start":5817.28,"pageUrl":"/en/ecosoc/2026/13?t=5818","paragraphs":[{"sentences":[{"text":"I thank the distinguished representative of China.","start":5817.28,"end":5819.84,"topics":[],"words":[{"text":"I","start":5817.28,"end":5817.4},{"text":"thank","start":5817.4,"end":5817.64},{"text":"the","start":5817.64,"end":5817.8},{"text":"distinguished","start":5817.8,"end":5818.52},{"text":"representative","start":5818.52,"end":5819.2},{"text":"of","start":5819.2,"end":5819.52},{"text":"China.","start":5819.52,"end":5819.84}]},{"text":"I now give the floor to the distinguished representative of Zambia to be followed by Canada and Agora citizens changing 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wish to thank the President of the Economic and Social Council for convening this special meeting on credit rating which was mandated in the Sevilla commitment.","start":5851.44,"end":5860.88,"topics":[],"words":[{"text":"I","start":5851.44,"end":5851.72},{"text":"wish","start":5851.72,"end":5851.96},{"text":"to","start":5851.96,"end":5852.12},{"text":"thank","start":5852.12,"end":5852.36},{"text":"the","start":5852.36,"end":5852.52},{"text":"President","start":5852.52,"end":5852.8},{"text":"of","start":5852.8,"end":5853.08},{"text":"the","start":5853.08,"end":5853.32},{"text":"Economic","start":5853.32,"end":5853.68},{"text":"and","start":5853.68,"end":5854},{"text":"Social","start":5854,"end":5854.32},{"text":"Council","start":5854.4,"end":5854.8},{"text":"for","start":5855.12,"end":5855.4},{"text":"convening","start":5855.4,"end":5855.96},{"text":"this","start":5855.96,"end":5856.16},{"text":"special","start":5856.16,"end":5856.44},{"text":"meeting","start":5856.44,"end":5856.76},{"text":"on","start":5856.76,"end":5857},{"text":"credit","start":5857,"end":5857.32},{"text":"rating","start":5857.32,"end":5857.76},{"text":"which","start":5858.16,"end":5858.56},{"text":"was","start":5858.56,"end":5858.88},{"text":"mandated","start":5858.88,"end":5859.4},{"text":"in","start":5859.4,"end":5859.64},{"text":"the","start":5859.64,"end":5859.8},{"text":"Sevilla","start":5859.8,"end":5860.32},{"text":"commitment.","start":5860.32,"end":5860.88}]},{"text":"This meeting taking place eight months after 4th International Conference on Financing for Development is a demonstration of the commitment to sustain momentum towards implementation of the severe 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work and rating of credit rating agencies invariably affect capital flows, particularly in two developing countries as investors take ratings into the risk profiling of investment destinations.","start":5874.85,"end":5892.21,"topics":[{"key":"procyclicality-cliff-effects","label":"Pro‑cyclicality and Cliff Effects","description":"Ratings actions during crises can amplify market stress—triggering downgrades, higher spreads, capital outflows, and sovereign‑to‑corporate ‘cliff’ effects. 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Proposals include more frequent, in‑country CRA engagement, technical assistance, and clearer feedback on rating sensitivities and data expectations."},{"key":"forward-looking-assessments","label":"Forward-Looking, Long-Term Assessments","description":"Advocacy for ratings that better capture reform trajectories, resilience, and long-term growth prospects—including scenario analysis and recognition of development and climate investments as credit‑positive—rather than static, short‑term snapshots."}],"words":[{"text":"Early","start":5977.86,"end":5978.22},{"text":"communication","start":5978.22,"end":5979.06},{"text":"of","start":5979.14,"end":5979.46},{"text":"liability","start":5979.46,"end":5980.06},{"text":"management,","start":5980.06,"end":5980.42},{"text":"fiscal","start":5980.9,"end":5981.42},{"text":"adjustment","start":5981.42,"end":5982.1},{"text":"and","start":5982.26,"end":5982.58},{"text":"reform","start":5982.58,"end":5983.1},{"text":"trajectories","start":5983.1,"end":5983.86},{"text":"can","start":5983.94,"end":5984.26},{"text":"materially","start":5984.26,"end":5984.82},{"text":"influence","start":5984.9,"end":5985.62},{"text":"how","start":5985.86,"end":5986.18},{"text":"rating","start":5986.18,"end":5986.54},{"text":"agencies","start":5986.54,"end":5987.14},{"text":"assess","start":5987.619,"end":5988.18},{"text":"credit","start":5988.58,"end":5989.22},{"text":"events.","start":5989.3,"end":5990.02}]},{"text":"Thirdly, there is scope for credit rating agencies to play a more constructive advisory role, especially in frontier and developing markets by clearly communicating key rating sensitivities, reform thresholds and data expectations.","start":5991.14,"end":6008.19,"topics":[{"key":"engagement-capacity-building","label":"Sovereign Engagement and Capacity Building","description":"Many developing countries need stronger debt management offices, data systems, and market communication to engage effectively with CRAs. 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emergence of African and regional rating credit rating institutions, including the Africa Credit Rating Agency, offers an opportunity.","start":6008.83,"end":6020.91,"topics":[{"key":"regional-rating-agencies","label":"Regional Rating Agencies and Market Diversification","description":"Support for developing complementary regional agencies—especially the African Credit Rating Agency—to add context‑sensitive analysis, increase competition, correct narrative premia, and broaden perspectives alongside global CRAs."}],"words":[{"text":"The","start":6008.83,"end":6009.11},{"text":"emergence","start":6009.11,"end":6009.63},{"text":"of","start":6009.63,"end":6009.87},{"text":"African","start":6009.87,"end":6010.43},{"text":"and","start":6010.43,"end":6010.75},{"text":"regional","start":6010.75,"end":6011.23},{"text":"rating","start":6011.23,"end":6011.63},{"text":"credit","start":6012.03,"end":6012.51},{"text":"rating","start":6012.51,"end":6012.87},{"text":"institutions,","start":6012.87,"end":6013.47},{"text":"including","start":6013.47,"end":6013.87},{"text":"the","start":6013.87,"end":6014.27},{"text":"Africa","start":6016.43,"end":6016.83},{"text":"Credit","start":6017.23,"end":6017.87},{"text":"Rating","start":6018.19,"end":6018.67},{"text":"Agency,","start":6018.67,"end":6019.39},{"text":"offers","start":6019.55,"end":6020.11},{"text":"an","start":6020.11,"end":6020.27},{"text":"opportunity.","start":6020.27,"end":6020.91}]}]}],"speaker":{"name":null,"affiliation":"ZMB","affiliation_full":"Zambia","group":null,"function":"Representative"}},{"statement_number":43,"start":6025.88,"pageUrl":"/en/ecosoc/2026/13?t=6026","paragraphs":[{"sentences":[{"text":"I thank the distinguished Representative of Zambia.","start":6025.88,"end":6028.68,"topics":[],"words":[{"text":"I","start":6025.88,"end":6026},{"text":"thank","start":6026,"end":6026.24},{"text":"the","start":6026.24,"end":6026.4},{"text":"distinguished","start":6026.4,"end":6027},{"text":"Representative","start":6027,"end":6027.64},{"text":"of","start":6027.72,"end":6028.04},{"text":"Zambia.","start":6028.04,"end":6028.68}]},{"text":"I now give the floor to the distinguished representative of Canada, to be followed by AGORA citizens, Changing Mexico and 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very fact that this dialogue is taking place is meaningful as it reflects a concrete success of FFD4 implementation and a shared acknowledgement that credit ratings play a meaningful role in shaping countries access to finance, borrowing costs, fiscal flexibility and prospects for sustainable development.","start":6050.21,"end":6067.49,"topics":[{"key":"procyclicality-cliff-effects","label":"Pro‑cyclicality and Cliff Effects","description":"Ratings actions during crises can amplify market stress—triggering downgrades, higher spreads, capital outflows, and sovereign‑to‑corporate ‘cliff’ effects. 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Calls for clearer, published methodologies, greater disclosure of qualitative weighting, and more objective, consistent criteria."}],"words":[{"text":"This","start":6083.82,"end":6084.14},{"text":"exchange","start":6084.14,"end":6084.62},{"text":"can","start":6084.62,"end":6084.86},{"text":"help","start":6084.86,"end":6085.1},{"text":"ensure","start":6085.1,"end":6085.42},{"text":"that","start":6085.98,"end":6086.3},{"text":"credit","start":6086.3,"end":6086.74},{"text":"assessments","start":6086.74,"end":6087.34},{"text":"are","start":6087.34,"end":6087.58},{"text":"well","start":6087.58,"end":6087.82},{"text":"informed,","start":6087.82,"end":6088.46},{"text":"credible","start":6088.7,"end":6089.18},{"text":"and","start":6089.18,"end":6089.42},{"text":"grounded","start":6089.42,"end":6089.86},{"text":"in","start":6089.86,"end":6090.02},{"text":"methodological","start":6090.02,"end":6090.7},{"text":"rigor","start":6090.7,"end":6091.06},{"text":"and","start":6091.06,"end":6091.22},{"text":"integrity.","start":6091.22,"end":6091.82}]},{"text":"In this respect, we would like to underscore the importance of high quality, timely and transparent data in informing credit assessments.","start":6092.3,"end":6099.34,"topics":[{"key":"information-asymmetry","label":"Information Asymmetry and Data Gaps","description":"Ratings and investor decisions are distorted by outdated, incomplete or uneven country data. 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Multiple speakers urged improving data quality, availability and formats, expanding country-level disclosure, and strengthening statistical systems to reduce uncertainty and conservative assumptions."},{"key":"forward-looking-assessments","label":"Forward-Looking, Long-Term Assessments","description":"Advocacy for ratings that better capture reform trajectories, resilience, and long-term growth prospects—including scenario analysis and recognition of development and climate investments as credit‑positive—rather than static, short‑term snapshots."},{"key":"engagement-capacity-building","label":"Sovereign Engagement and Capacity Building","description":"Many developing countries need stronger debt management offices, data systems, and market communication to engage effectively with CRAs. 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Colleagues, Credit ratings play key role in the international financial system.","start":6573.23,"end":6580.78,"topics":[],"words":[{"text":"Thank","start":6573.23,"end":6573.59},{"text":"you,","start":6573.59,"end":6573.87},{"text":"Chairman.","start":6574.43,"end":6575.07},{"text":"Colleagues,","start":6575.23,"end":6575.95},{"text":"Credit","start":6576.51,"end":6577.11},{"text":"ratings","start":6577.11,"end":6577.87},{"text":"play","start":6577.95,"end":6578.35},{"text":"key","start":6578.35,"end":6578.67},{"text":"role","start":6578.67,"end":6578.91},{"text":"in","start":6578.91,"end":6579.11},{"text":"the","start":6579.11,"end":6579.27},{"text":"international","start":6579.42,"end":6579.66},{"text":"financial","start":6579.82,"end":6580.22},{"text":"system.","start":6580.38,"end":6580.78}]},{"text":"Their valuations play a decisive role on the cost of borrowing and the investment attractiveness of 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expect that the the launch of the African agency will be an important step towards demonopolisation and to attracting investment to Africa.","start":6603.9,"end":6613.79,"topics":[{"key":"regional-rating-agencies","label":"Regional Rating Agencies and Market Diversification","description":"Support for developing complementary regional agencies—especially the African Credit Rating Agency—to add context‑sensitive analysis, increase competition, correct narrative premia, and broaden perspectives alongside global 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me congratulate Mr. Perso from the IADB and Ms. Hawkins from UNCTAD for their brilliant interventions on the fundamental causes of this kind of vicious circle in credit rating related to the biases and flaws of the international financial system.","start":6764.089,"end":6781.929,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. 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initiatives such as the African Union's African Credit Rates Agency, which can promote more accurate context aware assessments.","start":6877.16,"end":6889.48,"topics":[{"key":"regional-rating-agencies","label":"Regional Rating Agencies and Market Diversification","description":"Support for developing complementary regional agencies—especially the African Credit Rating Agency—to add context‑sensitive analysis, increase competition, correct narrative premia, and broaden perspectives alongside global 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welcome the representative of the Africa here who made interesting comments on how this initiative will complement the existing network of agencies.","start":6889.88,"end":6903.12,"topics":[],"words":[{"text":"I","start":6889.88,"end":6890.16},{"text":"welcome","start":6890.16,"end":6890.48},{"text":"the","start":6890.48,"end":6890.72},{"text":"representative","start":6890.72,"end":6891.4},{"text":"of","start":6891.48,"end":6891.88},{"text":"the","start":6894.24,"end":6894.4},{"text":"Africa","start":6894.4,"end":6894.72},{"text":"here","start":6895.36,"end":6895.76},{"text":"who","start":6896.24,"end":6896.52},{"text":"made","start":6896.52,"end":6896.76},{"text":"interesting","start":6896.76,"end":6897.28},{"text":"comments","start":6897.28,"end":6897.6},{"text":"on","start":6897.6,"end":6897.88},{"text":"how","start":6897.88,"end":6898.08},{"text":"this","start":6898.08,"end":6898.36},{"text":"initiative","start":6898.36,"end":6899.12},{"text":"will","start":6899.6,"end":6900},{"text":"complement","start":6900,"end":6900.72},{"text":"the","start":6900.72,"end":6900.96},{"text":"existing","start":6900.96,"end":6901.56},{"text":"network","start":6901.56,"end":6901.92},{"text":"of","start":6902,"end":6902.36},{"text":"agencies.","start":6902.36,"end":6903.12}]},{"text":"Finally, a case also could be made for the development of a public and multilateral rating agency which would offer a benchmark to compare with private ratings.","start":6904.4,"end":6915.28,"topics":[{"key":"regional-rating-agencies","label":"Regional Rating Agencies and Market Diversification","description":"Support for developing complementary regional agencies—especially the African Credit Rating Agency—to add context‑sensitive analysis, increase competition, correct narrative premia, and broaden perspectives alongside global 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thank the distinguished representative of Brazil.","start":6919.37,"end":6922.01,"topics":[],"words":[{"text":"I","start":6919.37,"end":6919.49},{"text":"thank","start":6919.49,"end":6919.69},{"text":"the","start":6919.69,"end":6919.81},{"text":"distinguished","start":6919.81,"end":6920.41},{"text":"representative","start":6920.41,"end":6921.05},{"text":"of","start":6921.05,"end":6921.41},{"text":"Brazil.","start":6921.41,"end":6922.01}]},{"text":"I now give the floor to the distinguished representative of Peru to be followed by Zimbabwe and Maldives.","start":6922.01,"end":6928.25,"topics":[],"words":[{"text":"I","start":6922.01,"end":6922.25},{"text":"now","start":6922.25,"end":6922.57},{"text":"give","start":6923.05,"end":6923.37},{"text":"the","start":6923.37,"end":6923.57},{"text":"floor","start":6923.57,"end":6923.89},{"text":"to","start":6923.89,"end":6924.05},{"text":"the","start":6924.05,"end":6924.17},{"text":"distinguished","start":6924.17,"end":6924.73},{"text":"representative","start":6924.73,"end":6925.29},{"text":"of","start":6925.37,"end":6925.65},{"text":"Peru","start":6925.65,"end":6926.09},{"text":"to","start":6926.09,"end":6926.25},{"text":"be","start":6926.25,"end":6926.37},{"text":"followed","start":6926.37,"end":6926.69},{"text":"by","start":6926.69,"end":6926.85},{"text":"Zimbabwe","start":6926.85,"end":6927.45},{"text":"and","start":6927.45,"end":6927.69},{"text":"Maldives.","start":6927.69,"end":6928.25}]}]}],"speaker":{"name":null,"affiliation":"ECOSOC","affiliation_full":"ECOSOC","group":null,"function":"Vice-President"}},{"statement_number":54,"start":6933.05,"pageUrl":"/en/ecosoc/2026/13?t=6934","paragraphs":[{"sentences":[{"text":"Chair, thank you very much for giving me the floor.","start":6933.05,"end":6935.61,"topics":[],"words":[{"text":"Chair,","start":6933.05,"end":6933.45},{"text":"thank","start":6933.45,"end":6933.77},{"text":"you","start":6933.77,"end":6933.89},{"text":"very","start":6933.89,"end":6934.05},{"text":"much","start":6934.05,"end":6934.25},{"text":"for","start":6934.25,"end":6934.49},{"text":"giving","start":6934.49,"end":6934.77},{"text":"me","start":6934.77,"end":6934.97},{"text":"the","start":6934.97,"end":6935.17},{"text":"floor.","start":6935.17,"end":6935.61}]},{"text":"Peru appreciates the convening of this forum for dialogue on a topic that is central to the international financial architecture and to the development prospects of developing countries.","start":6936.09,"end":6947.61,"topics":[],"words":[{"text":"Peru","start":6936.09,"end":6936.73},{"text":"appreciates","start":6936.81,"end":6937.53},{"text":"the","start":6937.53,"end":6937.69},{"text":"convening","start":6937.69,"end":6938.21},{"text":"of","start":6938.21,"end":6938.41},{"text":"this","start":6938.41,"end":6938.69},{"text":"forum","start":6938.69,"end":6939.09},{"text":"for","start":6939.09,"end":6939.25},{"text":"dialogue","start":6939.25,"end":6939.81},{"text":"on","start":6939.81,"end":6939.97},{"text":"a","start":6939.97,"end":6940.17},{"text":"topic","start":6940.17,"end":6940.61},{"text":"that","start":6940.61,"end":6940.85},{"text":"is","start":6940.85,"end":6941.05},{"text":"central","start":6941.05,"end":6941.37},{"text":"to","start":6941.45,"end":6941.69},{"text":"the","start":6941.69,"end":6941.81},{"text":"international","start":6941.81,"end":6942.09},{"text":"financial","start":6942.33,"end":6942.73},{"text":"architecture","start":6942.73,"end":6943.45},{"text":"and","start":6943.93,"end":6944.09},{"text":"to","start":6944.09,"end":6944.29},{"text":"the","start":6944.29,"end":6944.45},{"text":"development","start":6944.45,"end":6944.73},{"text":"prospects","start":6944.89,"end":6945.53},{"text":"of","start":6945.53,"end":6945.85},{"text":"developing","start":6946.73,"end":6947.29},{"text":"countries.","start":6947.29,"end":6947.61}]},{"text":"Credit ratings undoubtedly play an important role in reducing information asymmetries in financial markets.","start":6949.05,"end":6956.33,"topics":[{"key":"information-asymmetry","label":"Information Asymmetry and Data Gaps","description":"Ratings and investor decisions are distorted by outdated, incomplete or uneven country data. Multiple speakers urged improving data quality, availability and formats, expanding country-level disclosure, and strengthening statistical systems to reduce uncertainty and conservative assumptions."}],"words":[{"text":"Credit","start":6949.05,"end":6949.57},{"text":"ratings","start":6949.57,"end":6950.17},{"text":"undoubtedly","start":6950.17,"end":6951.13},{"text":"play","start":6951.29,"end":6951.69},{"text":"an","start":6951.77,"end":6952.05},{"text":"important","start":6952.05,"end":6952.33},{"text":"role","start":6952.49,"end":6952.85},{"text":"in","start":6952.85,"end":6953.13},{"text":"reducing","start":6953.13,"end":6953.65},{"text":"information","start":6953.65,"end":6954.01},{"text":"asymmetries","start":6954.33,"end":6955.05},{"text":"in","start":6955.05,"end":6955.25},{"text":"financial","start":6955.25,"end":6955.53},{"text":"markets.","start":6955.69,"end":6956.33}]},{"text":"However, their impact on the cost of capital for developing countries is profound and in many cases disproportionate.","start":6956.89,"end":6964.09,"topics":[{"key":"sovereign-ceiling-spillovers","label":"Sovereign Ceiling and Private Sector Spillovers","description":"Recognition that sovereign ratings often cap corporate and financial sector ratings, constraining private investment. 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trapped in the so called middle income trap, thus highlighting the persistent asymmetries in the international financial architecture.","start":7006.66,"end":7020.1,"topics":[{"key":"debt-architecture-reform","label":"Debt Architecture and Restructuring Reform","description":"Advancing a development‑oriented debt architecture—including borrowers’ platforms, responsible lending/borrowing principles, fairer treatment of restructurings, and stronger global safety nets—to reduce risk premia and improve orderly access to 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this context, it is essential that we move towards more transparent objective and Long term oriented rating methodologies.","start":7020.9,"end":7031.07,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. 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but also the structural capacities, resilience and growth potential of our economies, as well as external shocks, including climate change.","start":7031.79,"end":7045.39,"topics":[{"key":"forward-looking-assessments","label":"Forward-Looking, Long-Term Assessments","description":"Advocacy for ratings that better capture reform trajectories, resilience, and long-term growth prospects—including scenario analysis and recognition of development and climate investments as credit‑positive—rather than static, short‑term snapshots."},{"key":"beyond-gdp-vulnerability","label":"Beyond GDP and Vulnerability Indices","description":"Calls to move past GDP-only measures by integrating structural features, natural capital, and vulnerability metrics (e.g., multidimensional vulnerability indices) so risk assessments better reflect development realities, especially for climate‑exposed 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line with the severe commitment, we need to promote a more balanced treatment of debt restructuring processes.","start":7046.11,"end":7053.8,"topics":[{"key":"debt-architecture-reform","label":"Debt Architecture and Restructuring Reform","description":"Advancing a development‑oriented debt architecture—including borrowers’ platforms, responsible lending/borrowing principles, fairer treatment of restructurings, and stronger global safety nets—to reduce risk premia and improve orderly access to 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order to facilitate more sustainable and predictable access to financing.","start":7054.12,"end":7066.36,"topics":[{"key":"debt-architecture-reform","label":"Debt Architecture and Restructuring Reform","description":"Advancing a development‑oriented debt architecture—including borrowers’ platforms, responsible lending/borrowing principles, fairer treatment of restructurings, and stronger global safety nets—to reduce risk premia and improve orderly access to 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appreciates this forum and considers it a valuable opportunity to strengthen dialogue among member states and relevant stakeholders with a view to advancing towards a more inclusive financial architecture that is capable of providing timely solutions.","start":7069.08,"end":7084.89,"topics":[{"key":"debt-architecture-reform","label":"Debt Architecture and Restructuring Reform","description":"Advancing a development‑oriented debt architecture—including borrowers’ platforms, responsible lending/borrowing principles, fairer treatment of restructurings, and stronger global safety nets—to reduce risk premia and improve orderly access to finance."}],"words":[{"text":"Peru","start":7069.08,"end":7069.68},{"text":"appreciates","start":7069.68,"end":7070.36},{"text":"this","start":7070.36,"end":7070.6},{"text":"forum","start":7070.6,"end":7070.96},{"text":"and","start":7070.96,"end":7071.16},{"text":"considers","start":7071.16,"end":7071.56},{"text":"it","start":7071.56,"end":7071.72},{"text":"a","start":7071.72,"end":7071.88},{"text":"valuable","start":7071.88,"end":7072.2},{"text":"opportunity","start":7072.2,"end":7072.96},{"text":"to","start":7072.96,"end":7073.2},{"text":"strengthen","start":7073.2,"end":7073.64},{"text":"dialogue","start":7073.64,"end":7074.28},{"text":"among","start":7074.53,"end":7074.73},{"text":"member","start":7074.73,"end":7075.05},{"text":"states","start":7075.05,"end":7075.41},{"text":"and","start":7075.65,"end":7076.01},{"text":"relevant","start":7076.01,"end":7076.57},{"text":"stakeholders","start":7076.57,"end":7077.33},{"text":"with","start":7077.49,"end":7077.77},{"text":"a","start":7077.77,"end":7077.89},{"text":"view","start":7077.89,"end":7078.05},{"text":"to","start":7078.05,"end":7078.25},{"text":"advancing","start":7078.25,"end":7078.81},{"text":"towards","start":7078.81,"end":7079.25},{"text":"a","start":7079.25,"end":7079.45},{"text":"more","start":7079.45,"end":7079.65},{"text":"inclusive","start":7079.65,"end":7080.37},{"text":"financial","start":7080.61,"end":7081.01},{"text":"architecture","start":7081.25,"end":7082.05},{"text":"that","start":7082.05,"end":7082.33},{"text":"is","start":7082.33,"end":7082.65},{"text":"capable","start":7082.65,"end":7083.17},{"text":"of","start":7083.17,"end":7083.37},{"text":"providing","start":7083.37,"end":7083.81},{"text":"timely","start":7083.89,"end":7084.45},{"text":"solutions.","start":7084.45,"end":7084.89}]},{"text":"Thank you very much, the distinguished representative of Peru.","start":7084.89,"end":7089.61,"topics":[],"words":[{"text":"Thank","start":7084.89,"end":7085.21},{"text":"you","start":7085.21,"end":7085.37},{"text":"very","start":7085.37,"end":7085.53},{"text":"much,","start":7085.53,"end":7085.81},{"text":"the","start":7087.17,"end":7087.45},{"text":"distinguished","start":7087.45,"end":7088.01},{"text":"representative","start":7088.01,"end":7088.69},{"text":"of","start":7088.69,"end":7089.05},{"text":"Peru.","start":7089.05,"end":7089.61}]},{"text":"I now give the floor to the distinguished representative of Zimbabwe, to be followed by Maldives and South Africa.","start":7089.61,"end":7095.33,"topics":[],"words":[{"text":"I","start":7089.61,"end":7089.85},{"text":"now","start":7089.85,"end":7090.01},{"text":"give","start":7090.01,"end":7090.249},{"text":"the","start":7090.249,"end":7090.45},{"text":"floor","start":7090.45,"end":7090.65},{"text":"to","start":7090.65,"end":7090.77},{"text":"the","start":7090.77,"end":7090.89},{"text":"distinguished","start":7090.89,"end":7091.45},{"text":"representative","start":7091.45,"end":7092.05},{"text":"of","start":7092.05,"end":7092.37},{"text":"Zimbabwe,","start":7092.37,"end":7093.05},{"text":"to","start":7093.05,"end":7093.25},{"text":"be","start":7093.25,"end":7093.37},{"text":"followed","start":7093.37,"end":7093.69},{"text":"by","start":7093.69,"end":7093.89},{"text":"Maldives","start":7093.89,"end":7094.41},{"text":"and","start":7094.41,"end":7094.69},{"text":"South","start":7094.69,"end":7094.97},{"text":"Africa.","start":7094.97,"end":7095.33}]}]}],"speaker":{"name":null,"affiliation":"PER","affiliation_full":"Peru","group":null,"function":"Representative"}},{"statement_number":55,"start":7097.97,"pageUrl":"/en/ecosoc/2026/13?t=7098","paragraphs":[{"sentences":[{"text":"Thank you, Mr. President.","start":7097.97,"end":7099.25,"topics":[],"words":[{"text":"Thank","start":7097.97,"end":7098.33},{"text":"you,","start":7098.33,"end":7098.57},{"text":"Mr.","start":7098.57,"end":7098.93},{"text":"President.","start":7098.93,"end":7099.25}]},{"text":"We welcome the convening of this timely discussion and appreciate the insights shared by the panelists.","start":7100.14,"end":7105.34,"topics":[],"words":[{"text":"We","start":7100.14,"end":7100.3},{"text":"welcome","start":7100.3,"end":7100.66},{"text":"the","start":7100.66,"end":7100.82},{"text":"convening","start":7100.82,"end":7101.3},{"text":"of","start":7101.3,"end":7101.46},{"text":"this","start":7101.46,"end":7101.62},{"text":"timely","start":7101.62,"end":7102.06},{"text":"discussion","start":7102.06,"end":7102.54},{"text":"and","start":7102.54,"end":7102.82},{"text":"appreciate","start":7102.82,"end":7103.42},{"text":"the","start":7103.42,"end":7103.62},{"text":"insights","start":7103.62,"end":7104.18},{"text":"shared","start":7104.18,"end":7104.54},{"text":"by","start":7104.54,"end":7104.66},{"text":"the","start":7104.66,"end":7104.82},{"text":"panelists.","start":7104.82,"end":7105.34}]},{"text":"My delegation aligns itself with the statements delivered on behalf of the G77 in China and the African Group.","start":7105.82,"end":7111.9,"topics":[],"words":[{"text":"My","start":7105.82,"end":7106.1},{"text":"delegation","start":7106.1,"end":7106.62},{"text":"aligns","start":7106.62,"end":7107.1},{"text":"itself","start":7107.1,"end":7107.38},{"text":"with","start":7107.38,"end":7107.54},{"text":"the","start":7107.54,"end":7107.7},{"text":"statements","start":7107.7,"end":7108.18},{"text":"delivered","start":7108.18,"end":7108.58},{"text":"on","start":7108.58,"end":7108.74},{"text":"behalf","start":7108.74,"end":7108.98},{"text":"of","start":7108.98,"end":7109.1},{"text":"the","start":7109.1,"end":7109.22},{"text":"G77","start":7109.22,"end":7109.98},{"text":"in","start":7109.98,"end":7110.18},{"text":"China","start":7110.18,"end":7110.46},{"text":"and","start":7110.7,"end":7110.98},{"text":"the","start":7110.98,"end":7111.14},{"text":"African","start":7111.14,"end":7111.58},{"text":"Group.","start":7111.58,"end":7111.9}]},{"text":"Credit ratings are a central determinant of access to finance and are an important variable in the cost of capital for developing countries.","start":7112.78,"end":7120.3,"topics":[{"key":"sovereign-ceiling-spillovers","label":"Sovereign Ceiling and Private Sector Spillovers","description":"Recognition that sovereign ratings often cap corporate and financial sector ratings, constraining private investment. Several interventions urge revisiting sovereign ceiling practices to avoid unnecessary spillovers and better reflect firm‑specific credit strength."}],"words":[{"text":"Credit","start":7112.78,"end":7113.3},{"text":"ratings","start":7113.3,"end":7113.78},{"text":"are","start":7113.78,"end":7113.94},{"text":"a","start":7113.94,"end":7114.1},{"text":"central","start":7114.1,"end":7114.34},{"text":"determinant","start":7114.34,"end":7114.98},{"text":"of","start":7114.98,"end":7115.18},{"text":"access","start":7115.18,"end":7115.46},{"text":"to","start":7115.46,"end":7115.779},{"text":"finance","start":7115.779,"end":7116.46},{"text":"and","start":7116.46,"end":7116.74},{"text":"are","start":7116.74,"end":7116.9},{"text":"an","start":7116.9,"end":7117.06},{"text":"important","start":7117.06,"end":7117.34},{"text":"variable","start":7117.58,"end":7118.06},{"text":"in","start":7118.06,"end":7118.26},{"text":"the","start":7118.26,"end":7118.42},{"text":"cost","start":7118.42,"end":7118.62},{"text":"of","start":7118.62,"end":7118.82},{"text":"capital","start":7118.82,"end":7119.1},{"text":"for","start":7119.1,"end":7119.42},{"text":"developing","start":7119.42,"end":7119.94},{"text":"countries.","start":7119.94,"end":7120.3}]},{"text":"They shape not only sovereign borrowing costs, but also private sector financing through sovereign ceilings.","start":7120.86,"end":7127.03,"topics":[{"key":"sovereign-ceiling-spillovers","label":"Sovereign Ceiling and Private Sector Spillovers","description":"Recognition that sovereign ratings often cap corporate and financial sector ratings, constraining private investment. Several interventions urge revisiting sovereign ceiling practices to avoid unnecessary spillovers and better reflect firm‑specific credit strength."}],"words":[{"text":"They","start":7120.86,"end":7121.18},{"text":"shape","start":7121.18,"end":7121.5},{"text":"not","start":7121.5,"end":7121.7},{"text":"only","start":7121.7,"end":7121.9},{"text":"sovereign","start":7121.9,"end":7122.3},{"text":"borrowing","start":7122.3,"end":7122.78},{"text":"costs,","start":7122.78,"end":7123.34},{"text":"but","start":7123.34,"end":7123.62},{"text":"also","start":7123.62,"end":7123.9},{"text":"private","start":7123.98,"end":7124.38},{"text":"sector","start":7124.38,"end":7124.78},{"text":"financing","start":7124.78,"end":7125.42},{"text":"through","start":7125.83,"end":7125.99},{"text":"sovereign","start":7125.99,"end":7126.39},{"text":"ceilings.","start":7126.39,"end":7127.03}]}]},{"sentences":[{"text":"In practice, this has created a persistent structural challenge.","start":7127.43,"end":7131.11,"topics":[],"words":[{"text":"In","start":7127.43,"end":7127.75},{"text":"practice,","start":7127.75,"end":7128.31},{"text":"this","start":7128.31,"end":7128.63},{"text":"has","start":7128.63,"end":7128.83},{"text":"created","start":7128.83,"end":7129.27},{"text":"a","start":7129.27,"end":7129.47},{"text":"persistent","start":7129.47,"end":7129.99},{"text":"structural","start":7129.99,"end":7130.51},{"text":"challenge.","start":7130.51,"end":7131.11}]},{"text":"Developing countries often face borrowing costs that are on average three to five times higher than those of advanced economies, even where fundamentals may not fully justify such spreads.","start":7131.51,"end":7143.67,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. Calls for clearer, published methodologies, greater disclosure of qualitative weighting, and more objective, consistent criteria."}],"words":[{"text":"Developing","start":7131.51,"end":7132.15},{"text":"countries","start":7132.15,"end":7132.47},{"text":"often","start":7132.55,"end":7132.91},{"text":"face","start":7132.91,"end":7133.27},{"text":"borrowing","start":7133.27,"end":7133.79},{"text":"costs","start":7133.79,"end":7134.19},{"text":"that","start":7134.19,"end":7134.39},{"text":"are","start":7134.39,"end":7134.71},{"text":"on","start":7134.95,"end":7135.27},{"text":"average","start":7135.27,"end":7135.75},{"text":"three","start":7136.07,"end":7136.39},{"text":"to","start":7136.39,"end":7136.59},{"text":"five","start":7136.59,"end":7136.83},{"text":"times","start":7136.83,"end":7137.15},{"text":"higher","start":7137.15,"end":7137.43},{"text":"than","start":7137.43,"end":7137.67},{"text":"those","start":7137.67,"end":7137.91},{"text":"of","start":7137.91,"end":7138.15},{"text":"advanced","start":7138.15,"end":7138.59},{"text":"economies,","start":7138.59,"end":7139.11},{"text":"even","start":7139.51,"end":7139.83},{"text":"where","start":7139.83,"end":7140.15},{"text":"fundamentals","start":7140.15,"end":7140.91},{"text":"may","start":7140.91,"end":7141.15},{"text":"not","start":7141.15,"end":7141.35},{"text":"fully","start":7141.35,"end":7141.789},{"text":"justify","start":7141.789,"end":7142.31},{"text":"such","start":7142.63,"end":7142.99},{"text":"spreads.","start":7142.99,"end":7143.67}]},{"text":"For Africa, the implications are stark, with losses of over $70 billion annually due to biased or overly conservative assessments, critical resources that could otherwise support sustainable development.","start":7144.23,"end":7157.62,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. Calls for clearer, published methodologies, greater disclosure of qualitative weighting, and more objective, consistent criteria."}],"words":[{"text":"For","start":7144.23,"end":7144.55},{"text":"Africa,","start":7144.55,"end":7144.87},{"text":"the","start":7145.19,"end":7145.47},{"text":"implications","start":7145.47,"end":7146.03},{"text":"are","start":7146.03,"end":7146.27},{"text":"stark,","start":7146.27,"end":7146.79},{"text":"with","start":7147.03,"end":7147.35},{"text":"losses","start":7147.35,"end":7147.83},{"text":"of","start":7147.83,"end":7148.11},{"text":"over","start":7148.11,"end":7148.47},{"text":"$70","start":7148.71,"end":7149.11},{"text":"billion","start":7149.11,"end":7149.51},{"text":"annually","start":7149.99,"end":7150.47},{"text":"due","start":7150.71,"end":7150.99},{"text":"to","start":7150.99,"end":7151.19},{"text":"biased","start":7151.19,"end":7151.75},{"text":"or","start":7151.75,"end":7151.95},{"text":"overly","start":7151.95,"end":7152.35},{"text":"conservative","start":7152.35,"end":7152.95},{"text":"assessments,","start":7152.95,"end":7153.47},{"text":"critical","start":7154.26,"end":7154.62},{"text":"resources","start":7154.62,"end":7155.14},{"text":"that","start":7155.14,"end":7155.38},{"text":"could","start":7155.38,"end":7155.62},{"text":"otherwise","start":7155.62,"end":7156.1},{"text":"support","start":7156.1,"end":7156.42},{"text":"sustainable","start":7156.58,"end":7157.26},{"text":"development.","start":7157.26,"end":7157.62}]},{"text":"This raises a key concern.","start":7158.66,"end":7160.02,"topics":[],"words":[{"text":"This","start":7158.66,"end":7158.98},{"text":"raises","start":7158.98,"end":7159.3},{"text":"a","start":7159.3,"end":7159.5},{"text":"key","start":7159.5,"end":7159.7},{"text":"concern.","start":7159.7,"end":7160.02}]},{"text":"Methodologies that are overly influenced by short term indicators or subjective risk assessments can amplify pro cyclic trends and reinforce constraints on development finance.","start":7160.66,"end":7172.34,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. Calls for clearer, published methodologies, greater disclosure of qualitative weighting, and more objective, consistent criteria."},{"key":"procyclicality-cliff-effects","label":"Pro‑cyclicality and Cliff Effects","description":"Ratings actions during crises can amplify market stress—triggering downgrades, higher spreads, capital outflows, and sovereign‑to‑corporate ‘cliff’ effects. Proposals seek to reduce pro‑cyclicality, lengthen horizons, and avoid abrupt thresholds that unduly restrict market access."}],"words":[{"text":"Methodologies","start":7160.66,"end":7161.54},{"text":"that","start":7161.54,"end":7161.82},{"text":"are","start":7161.82,"end":7161.98},{"text":"overly","start":7161.98,"end":7162.38},{"text":"influenced","start":7162.38,"end":7162.82},{"text":"by","start":7162.82,"end":7163.06},{"text":"short","start":7163.06,"end":7163.3},{"text":"term","start":7163.3,"end":7163.62},{"text":"indicators","start":7163.62,"end":7164.34},{"text":"or","start":7164.58,"end":7164.94},{"text":"subjective","start":7164.94,"end":7165.62},{"text":"risk","start":7165.62,"end":7165.94},{"text":"assessments","start":7166.02,"end":7166.82},{"text":"can","start":7167.06,"end":7167.38},{"text":"amplify","start":7167.38,"end":7167.78},{"text":"pro","start":7167.86,"end":7168.18},{"text":"cyclic","start":7168.18,"end":7168.66},{"text":"trends","start":7168.66,"end":7169.22},{"text":"and","start":7169.3,"end":7169.619},{"text":"reinforce","start":7169.619,"end":7170.22},{"text":"constraints","start":7170.22,"end":7170.86},{"text":"on","start":7170.86,"end":7171.06},{"text":"development","start":7171.06,"end":7171.38},{"text":"finance.","start":7171.62,"end":7172.34}]}]},{"sentences":[{"text":"In the case of Zimbabwe, the absence of a sovereign credit rating further limits access to international capital markets and increases financing costs for both the public and private sectors.","start":7172.74,"end":7184.53,"topics":[{"key":"sovereign-ceiling-spillovers","label":"Sovereign Ceiling and Private Sector Spillovers","description":"Recognition that sovereign ratings often cap corporate and financial sector ratings, constraining private investment. Several interventions urge revisiting sovereign ceiling practices to avoid unnecessary spillovers and better reflect firm‑specific credit strength."}],"words":[{"text":"In","start":7172.74,"end":7173.02},{"text":"the","start":7173.02,"end":7173.18},{"text":"case","start":7173.18,"end":7173.38},{"text":"of","start":7173.38,"end":7173.58},{"text":"Zimbabwe,","start":7173.58,"end":7174.34},{"text":"the","start":7174.42,"end":7174.7},{"text":"absence","start":7174.7,"end":7175.1},{"text":"of","start":7175.1,"end":7175.22},{"text":"a","start":7175.22,"end":7175.34},{"text":"sovereign","start":7175.34,"end":7175.74},{"text":"credit","start":7175.74,"end":7176.14},{"text":"rating","start":7176.14,"end":7176.5},{"text":"further","start":7176.98,"end":7177.38},{"text":"limits","start":7177.38,"end":7177.86},{"text":"access","start":7177.86,"end":7178.1},{"text":"to","start":7178.1,"end":7178.34},{"text":"international","start":7178.34,"end":7178.66},{"text":"capital","start":7178.82,"end":7179.22},{"text":"markets","start":7179.22,"end":7179.86},{"text":"and","start":7180.21,"end":7180.33},{"text":"increases","start":7180.33,"end":7180.89},{"text":"financing","start":7180.89,"end":7181.45},{"text":"costs","start":7181.45,"end":7181.97},{"text":"for","start":7182.05,"end":7182.37},{"text":"both","start":7182.37,"end":7182.61},{"text":"the","start":7182.61,"end":7182.85},{"text":"public","start":7182.85,"end":7183.13},{"text":"and","start":7183.13,"end":7183.45},{"text":"private","start":7183.45,"end":7183.77},{"text":"sectors.","start":7183.77,"end":7184.53}]},{"text":"My delegation therefore supports greater transparency in methodologies as reflected in the Compromiso de Sevilla, more forward looking assessments that capture long term development trajectories, including investments in resilience and structural transformation and reforms to reduce poor cyclical bias, particularly during periods of economic stress.","start":7185.09,"end":7208.5,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. 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this context, the establishment of the African Credit Rating Agency is a welcome step towards diversifying perspectives, improving coverage and addressing structural market concentration.","start":7232.97,"end":7244.97,"topics":[{"key":"regional-rating-agencies","label":"Regional Rating Agencies and Market Diversification","description":"Support for developing complementary regional agencies—especially the African Credit Rating Agency—to add context‑sensitive analysis, increase competition, correct narrative premia, and broaden perspectives alongside global 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thank you.","start":7259.69,"end":7260.49,"topics":[],"words":[{"text":"I","start":7259.69,"end":7259.97},{"text":"thank","start":7259.97,"end":7260.21},{"text":"you.","start":7260.21,"end":7260.49}]},{"text":"I thank the distinguished representative of Zimbabwe.","start":7261.37,"end":7264.41,"topics":[],"words":[{"text":"I","start":7261.37,"end":7261.65},{"text":"thank","start":7261.65,"end":7261.89},{"text":"the","start":7261.89,"end":7262.05},{"text":"distinguished","start":7262.05,"end":7262.65},{"text":"representative","start":7262.65,"end":7263.37},{"text":"of","start":7263.37,"end":7263.65},{"text":"Zimbabwe.","start":7263.65,"end":7264.41}]},{"text":"I now give the floor to the distinguished representatives of Maldives, to be followed by South Africa and 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Proposals include more frequent, in‑country CRA engagement, technical assistance, and clearer feedback on rating sensitivities and data expectations."}],"words":[{"text":"We","start":7522.28,"end":7522.6},{"text":"also","start":7522.6,"end":7522.92},{"text":"call","start":7522.92,"end":7523.32},{"text":"for","start":7523.32,"end":7523.72},{"text":"longer","start":7523.72,"end":7524.36},{"text":"term","start":7524.36,"end":7524.76},{"text":"rating","start":7525,"end":7525.48},{"text":"horizons","start":7525.88,"end":7526.52},{"text":"and","start":7526.52,"end":7526.76},{"text":"improved","start":7526.76,"end":7527.2},{"text":"engagement","start":7527.2,"end":7527.72},{"text":"between","start":7527.72,"end":7528.04},{"text":"the","start":7528.2,"end":7528.48},{"text":"CRAs","start":7528.48,"end":7529.24},{"text":"and","start":7529.24,"end":7529.64},{"text":"developing","start":7529.64,"end":7530.2},{"text":"countries.","start":7530.2,"end":7530.52}]},{"text":"In this regard, we look 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call upon the international national financial Community to support this agency.","start":7543.24,"end":7546.61,"topics":[{"key":"regional-rating-agencies","label":"Regional Rating Agencies and Market Diversification","description":"Support for developing complementary regional agencies—especially the African Credit Rating Agency—to add context‑sensitive analysis, increase competition, correct narrative premia, and broaden perspectives alongside global 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Africa.","start":7546.61,"end":7551.97,"topics":[],"words":[{"text":"I","start":7546.61,"end":7546.81},{"text":"thank","start":7546.81,"end":7547.01},{"text":"you","start":7547.01,"end":7547.25},{"text":"I","start":7548.77,"end":7549.05},{"text":"thank","start":7549.05,"end":7549.29},{"text":"the","start":7549.29,"end":7549.45},{"text":"distinguished","start":7549.45,"end":7550.05},{"text":"representative","start":7550.05,"end":7550.69},{"text":"of","start":7550.77,"end":7551.17},{"text":"South","start":7551.17,"end":7551.57},{"text":"Africa.","start":7551.57,"end":7551.97}]}]}],"speaker":{"name":null,"affiliation":"ZAF","affiliation_full":"South Africa","group":null,"function":"Representative"}},{"statement_number":59,"start":7552.13,"pageUrl":"/en/ecosoc/2026/13?t=7553","paragraphs":[{"sentences":[{"text":"I give the floor now to the distinguished representative of Namibia to be followed by 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will now make the following remarks in my national capacity.","start":7576.84,"end":7580.44,"topics":[],"words":[{"text":"I","start":7576.84,"end":7577.12},{"text":"will","start":7577.12,"end":7577.32},{"text":"now","start":7577.32,"end":7577.52},{"text":"make","start":7577.52,"end":7577.68},{"text":"the","start":7577.68,"end":7577.96},{"text":"following","start":7577.96,"end":7578.36},{"text":"remarks","start":7578.36,"end":7578.84},{"text":"in","start":7578.84,"end":7579},{"text":"my","start":7579,"end":7579.28},{"text":"national","start":7579.28,"end":7579.64},{"text":"capacity.","start":7579.72,"end":7580.44}]},{"text":"Namibia underscores that the methodologies and practices of credit rating agencies significantly shape countries access to affordable financing and intend their ability to implement the 2030 Agenda for Sustainable Development.","start":7580.92,"end":7595.16,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. Calls for clearer, published methodologies, greater disclosure of qualitative weighting, and more objective, consistent criteria."}],"words":[{"text":"Namibia","start":7580.92,"end":7581.64},{"text":"underscores","start":7581.64,"end":7582.24},{"text":"that","start":7582.24,"end":7582.4},{"text":"the","start":7582.4,"end":7582.56},{"text":"methodologies","start":7582.56,"end":7583.24},{"text":"and","start":7583.24,"end":7583.44},{"text":"practices","start":7583.44,"end":7583.96},{"text":"of","start":7583.96,"end":7584.28},{"text":"credit","start":7584.28,"end":7584.64},{"text":"rating","start":7584.64,"end":7585},{"text":"agencies","start":7585,"end":7585.72},{"text":"significantly","start":7586.2,"end":7587},{"text":"shape","start":7587,"end":7587.4},{"text":"countries","start":7587.4,"end":7587.8},{"text":"access","start":7587.88,"end":7588.28},{"text":"to","start":7588.36,"end":7588.72},{"text":"affordable","start":7588.72,"end":7589.36},{"text":"financing","start":7589.36,"end":7590.12},{"text":"and","start":7590.36,"end":7590.72},{"text":"intend","start":7590.72,"end":7591.24},{"text":"their","start":7591.24,"end":7591.48},{"text":"ability","start":7591.48,"end":7591.84},{"text":"to","start":7591.84,"end":7592.08},{"text":"implement","start":7592.08,"end":7592.52},{"text":"the","start":7592.52,"end":7592.88},{"text":"2030","start":7592.88,"end":7593.52},{"text":"Agenda","start":7593.52,"end":7594.04},{"text":"for","start":7594.04,"end":7594.24},{"text":"Sustainable","start":7594.24,"end":7594.76},{"text":"Development.","start":7594.76,"end":7595.16}]},{"text":"We reaffirm the commitments reflected in the Pact for the Future and the Sevilla Commitment which call for more transparent, fair and development oriented credit rating frameworks.","start":7596.53,"end":7607.33,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. 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Proposals seek to reduce pro‑cyclicality, lengthen horizons, and avoid abrupt thresholds that unduly restrict market 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you Chair.","start":7705.88,"end":7706.76,"topics":[],"words":[{"text":"Thank","start":7705.88,"end":7706.28},{"text":"you","start":7706.28,"end":7706.44},{"text":"Chair.","start":7706.44,"end":7706.76}]},{"text":"I thank the distinguished representative of Namibia and I'll give the floor to the distinguished representative of Indonesia.","start":7707.88,"end":7714.28,"topics":[],"words":[{"text":"I","start":7707.88,"end":7708.16},{"text":"thank","start":7708.16,"end":7708.44},{"text":"the","start":7708.44,"end":7708.64},{"text":"distinguished","start":7708.64,"end":7709.24},{"text":"representative","start":7709.24,"end":7709.8},{"text":"of","start":7709.8,"end":7710},{"text":"Namibia","start":7710,"end":7710.76},{"text":"and","start":7710.76,"end":7711.08},{"text":"I'll","start":7711.08,"end":7711.32},{"text":"give","start":7711.32,"end":7711.44},{"text":"the","start":7711.44,"end":7711.6},{"text":"floor","start":7711.6,"end":7711.92},{"text":"to","start":7711.92,"end":7712.04},{"text":"the","start":7712.04,"end":7712.16},{"text":"distinguished","start":7712.16,"end":7712.72},{"text":"representative","start":7712.72,"end":7713.32},{"text":"of","start":7713.32,"end":7713.6},{"text":"Indonesia.","start":7713.6,"end":7714.28}]}]}],"speaker":{"name":null,"affiliation":"NAM","affiliation_full":"Namibia","group":null,"function":"Representative"}},{"statement_number":61,"start":7716.52,"pageUrl":"/en/ecosoc/2026/13?t=7717","paragraphs":[{"sentences":[{"text":"Thank you Chair.","start":7716.52,"end":7717.32,"topics":[],"words":[{"text":"Thank","start":7716.52,"end":7716.88},{"text":"you","start":7716.88,"end":7717.04},{"text":"Chair.","start":7717.04,"end":7717.32}]},{"text":"Indonesia aligned itself with the statement delivered on behalf of the G77 in China and wishes to add the following and our national capacity we appreciate the convening of this meeting as a timely follow up to the SEVIA commitment on financing for development, particularly in examining the role of credit ratings within the international financial 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rating agencies play a critical role in reducing information asymmetries and shaping investor perception.","start":7738.55,"end":7745.43,"topics":[{"key":"information-asymmetry","label":"Information Asymmetry and Data Gaps","description":"Ratings and investor decisions are distorted by outdated, incomplete or uneven country data. 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Several interventions urge revisiting sovereign ceiling practices to avoid unnecessary spillovers and better reflect firm‑specific credit strength."}],"words":[{"text":"Their","start":7745.67,"end":7746.07},{"text":"assessment","start":7746.15,"end":7746.75},{"text":"influence","start":7746.75,"end":7747.31},{"text":"the","start":7747.31,"end":7747.47},{"text":"cost","start":7747.47,"end":7747.63},{"text":"of","start":7747.63,"end":7747.87},{"text":"capital","start":7747.87,"end":7748.23},{"text":"for","start":7748.23,"end":7748.51},{"text":"developing","start":7748.51,"end":7748.95},{"text":"countries,","start":7748.95,"end":7749.27},{"text":"affecting","start":7749.88,"end":7750.28},{"text":"both","start":7750.28,"end":7750.6},{"text":"sovereign","start":7750.68,"end":7751.16},{"text":"borrowing","start":7751.16,"end":7751.76},{"text":"and","start":7751.76,"end":7752.12},{"text":"private","start":7752.52,"end":7752.92},{"text":"sector","start":7752.92,"end":7753.32},{"text":"financing","start":7753.32,"end":7753.96},{"text":"through","start":7753.96,"end":7754.16},{"text":"the","start":7754.16,"end":7754.36},{"text":"country","start":7754.36,"end":7754.64},{"text":"ceiling.","start":7754.64,"end":7755.32}]},{"text":"At the same time, we often see that rating actions, including outlooks and reviews can significantly affect market sentiment in periods of uncertainty.","start":7755.56,"end":7764.6,"topics":[{"key":"procyclicality-cliff-effects","label":"Pro‑cyclicality and Cliff Effects","description":"Ratings actions during crises can amplify market stress—triggering downgrades, higher spreads, capital outflows, and sovereign‑to‑corporate ‘cliff’ effects. 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we take climate transition for example, companies wanted to demonstrate progress on their sustainability sustainability plans, but became frustrated when the credit rating process did not allow that to be fully apparent due to the many other factors impacting credit quality.","start":7925.85,"end":7945.1,"topics":[{"key":"forward-looking-assessments","label":"Forward-Looking, Long-Term Assessments","description":"Advocacy for ratings that better capture reform trajectories, resilience, and long-term growth prospects—including scenario analysis and recognition of development and climate investments as credit‑positive—rather than static, short‑term 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we created a climate transition assessment which did just that.","start":7945.5,"end":7949.66,"topics":[{"key":"forward-looking-assessments","label":"Forward-Looking, Long-Term Assessments","description":"Advocacy for ratings that better capture reform trajectories, resilience, and long-term growth prospects—including scenario analysis and recognition of development and climate investments as credit‑positive—rather than static, short‑term snapshots."}],"words":[{"text":"So","start":7945.5,"end":7945.78},{"text":"we","start":7945.78,"end":7945.94},{"text":"created","start":7945.94,"end":7946.26},{"text":"a","start":7946.26,"end":7946.42},{"text":"climate","start":7946.42,"end":7946.74},{"text":"transition","start":7946.74,"end":7947.34},{"text":"assessment","start":7947.34,"end":7948.06},{"text":"which","start":7948.3,"end":7948.66},{"text":"did","start":7948.66,"end":7948.979},{"text":"just","start":7948.979,"end":7949.3},{"text":"that.","start":7949.3,"end":7949.66}]},{"text":"It tracked a company's ability and willingness to make progress on its plan.","start":7949.82,"end":7954.94,"topics":[{"key":"forward-looking-assessments","label":"Forward-Looking, Long-Term Assessments","description":"Advocacy for ratings that better capture reform trajectories, resilience, and long-term growth prospects—including scenario analysis and recognition of development and climate investments as credit‑positive—rather than static, short‑term 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code was written by securities regulators with the goal that credit ratings be independent and free from political or economic pressures and from conflicts of interest.","start":8024.33,"end":8033.69,"topics":[],"words":[{"text":"This","start":8024.33,"end":8024.69},{"text":"code","start":8024.69,"end":8025.01},{"text":"was","start":8025.01,"end":8025.17},{"text":"written","start":8025.17,"end":8025.449},{"text":"by","start":8025.449,"end":8025.69},{"text":"securities","start":8025.69,"end":8026.17},{"text":"regulators","start":8026.17,"end":8026.77},{"text":"with","start":8026.77,"end":8027.01},{"text":"the","start":8027.01,"end":8027.13},{"text":"goal","start":8027.13,"end":8027.33},{"text":"that","start":8027.33,"end":8027.49},{"text":"credit","start":8027.49,"end":8027.81},{"text":"ratings","start":8027.81,"end":8028.21},{"text":"be","start":8028.21,"end":8028.41},{"text":"independent","start":8028.41,"end":8029.13},{"text":"and","start":8029.29,"end":8029.57},{"text":"free","start":8029.57,"end":8029.77},{"text":"from","start":8029.77,"end":8030.01},{"text":"political","start":8030.01,"end":8030.33},{"text":"or","start":8030.33,"end":8030.61},{"text":"economic","start":8030.61,"end":8030.89},{"text":"pressures","start":8031.05,"end":8031.61},{"text":"and","start":8031.93,"end":8032.25},{"text":"from","start":8032.25,"end":8032.49},{"text":"conflicts","start":8032.49,"end":8033.05},{"text":"of","start":8033.05,"end":8033.33},{"text":"interest.","start":8033.33,"end":8033.69}]}]},{"sentences":[{"text":"Finally, with regard to ratings looking longer term and at longer term trends, we agree, particularly given the impact of megatrends we're seeing like climate change and others.","start":8035.46,"end":8049.14,"topics":[{"key":"forward-looking-assessments","label":"Forward-Looking, Long-Term Assessments","description":"Advocacy for ratings that better capture reform trajectories, resilience, and long-term growth prospects—including scenario analysis and recognition of development and climate investments as credit‑positive—rather than static, short‑term 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that reason, we've actually published a white paper which spell out how and when we actually factors those into our ratings.","start":8049.94,"end":8058.1,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. 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Cash","affiliation":"Aston University","affiliation_full":"Aston University","group":null,"function":"Moderator"}},{"statement_number":67,"start":8188.39,"pageUrl":"/en/ecosoc/2026/13?t=8189","paragraphs":[{"sentences":[{"text":"For me, I bread that many member states lay down the gauntlets to the cras to it's around the methodologies, of course, and they've asked that the methodologies are clear and that they are transparent and that they are published.","start":8188.39,"end":8206.57,"topics":[{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. 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stark reminder should be the central tenet of our approach moving forward that levelling the playing field in terms of technical education and the capacity to participate so that accessing affordable credit is seen as not only possible, but becomes the core objective of the international financial 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for their substantive contributions and delegations for participating in a productive exchange of 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have thus concluded our program of work for this meeting.","start":8340.16,"end":8343.8,"topics":[],"words":[{"text":"We","start":8340.16,"end":8340.48},{"text":"have","start":8340.48,"end":8340.68},{"text":"thus","start":8340.68,"end":8340.96},{"text":"concluded","start":8340.96,"end":8341.68},{"text":"our","start":8341.68,"end":8341.96},{"text":"program","start":8341.96,"end":8342.24},{"text":"of","start":8342.24,"end":8342.52},{"text":"work","start":8342.52,"end":8342.72},{"text":"for","start":8342.72,"end":8342.96},{"text":"this","start":8342.96,"end":8343.28},{"text":"meeting.","start":8343.56,"end":8343.8}]},{"text":"The Council will reconvene this afternoon at 3pm to continue with its program of 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platform.","start":8349.72,"end":8353.8,"topics":[],"words":[{"text":"More","start":8349.72,"end":8350.04},{"text":"details","start":8350.04,"end":8350.6},{"text":"on","start":8350.6,"end":8350.8},{"text":"the","start":8350.8,"end":8351},{"text":"program","start":8351,"end":8351.32},{"text":"are","start":8351.48,"end":8351.76},{"text":"available","start":8351.76,"end":8352.04},{"text":"on","start":8352.12,"end":8352.4},{"text":"the","start":8352.4,"end":8352.6},{"text":"IGOV","start":8352.6,"end":8353.28},{"text":"platform.","start":8353.28,"end":8353.8}]},{"text":"The meeting is 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Multiple speakers urged improving data quality, availability and formats, expanding country-level disclosure, and strengthening statistical systems to reduce uncertainty and conservative assumptions."},{"key":"beyond-gdp-vulnerability","label":"Beyond GDP and Vulnerability Indices","description":"Calls to move past GDP-only measures by integrating structural features, natural capital, and vulnerability metrics (e.g., multidimensional vulnerability indices) so risk assessments better reflect development realities, especially for climate‑exposed economies."},{"key":"debt-architecture-reform","label":"Debt Architecture and Restructuring Reform","description":"Advancing a development‑oriented debt architecture—including borrowers’ platforms, responsible lending/borrowing principles, fairer treatment of restructurings, and stronger global safety nets—to reduce risk premia and improve orderly access to finance."},{"key":"regional-rating-agencies","label":"Regional Rating Agencies and Market Diversification","description":"Support for developing complementary regional agencies—especially the African Credit Rating Agency—to add context‑sensitive analysis, increase competition, correct narrative premia, and broaden perspectives alongside global CRAs."},{"key":"forward-looking-assessments","label":"Forward-Looking, Long-Term Assessments","description":"Advocacy for ratings that better capture reform trajectories, resilience, and long-term growth prospects—including scenario analysis and recognition of development and climate investments as credit‑positive—rather than static, short‑term snapshots."},{"key":"engagement-capacity-building","label":"Sovereign Engagement and Capacity Building","description":"Many developing countries need stronger debt management offices, data systems, and market communication to engage effectively with CRAs. Proposals include more frequent, in‑country CRA engagement, technical assistance, and clearer feedback on rating sensitivities and data expectations."},{"key":"procyclicality-cliff-effects","label":"Pro‑cyclicality and Cliff Effects","description":"Ratings actions during crises can amplify market stress—triggering downgrades, higher spreads, capital outflows, and sovereign‑to‑corporate ‘cliff’ effects. Proposals seek to reduce pro‑cyclicality, lengthen horizons, and avoid abrupt thresholds that unduly restrict market access."},{"key":"sovereign-ceiling-spillovers","label":"Sovereign Ceiling and Private Sector Spillovers","description":"Recognition that sovereign ratings often cap corporate and financial sector ratings, constraining private investment. Several interventions urge revisiting sovereign ceiling practices to avoid unnecessary spillovers and better reflect firm‑specific credit strength."},{"key":"innovative-finance-guarantees","label":"Innovative Finance and Guarantees","description":"Scaling blended finance, guarantees, climate‑shock clauses, originate‑to‑distribute models, and local‑currency instruments via MDBs and DFIs to mobilize private capital and lower borrowing costs, particularly for vulnerable economies."},{"key":"rating-methodology-transparency","label":"Methodological Transparency and Bias","description":"Concerns that sovereign rating methodologies overweight short‑term and subjective factors, embed structural biases against developing countries, and lack transparency in how committee judgments are applied. Calls for clearer, published methodologies, greater disclosure of qualitative weighting, and more objective, consistent criteria."}]}}