{"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/zh/asset/k1c/k1cb4aqmie?lang=en","llms":{"note":"Plain-text sibling of this page, compact for LLM context. 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Speakers stressed that lowering the cost of capital is essential for preserving fiscal space and supporting development."},{"key":"debt-sustainability","label":"Debt Sustainability","description":"Many statements focused on unsustainable debt-service burdens and the pressure they place on public finances in developing countries. Speakers linked debt stress to reduced spending on health, education, infrastructure, and other development priorities."},{"key":"climate-debt","label":"Climate and Debt","description":"Climate vulnerability was discussed as a major factor worsening debt pressures, especially for small island developing states. 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Peer learning and technical support were presented as important ways to improve national capacity."},{"key":"borrowers-platform","label":"Borrowers' Platform","description":"The creation of a permanent forum for borrowing countries was a central theme throughout the meeting. 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much.","start":2411.95,"end":2412.83,"topics":[],"words":[{"text":"Thank","start":2411.95,"end":2412.19},{"text":"you","start":2412.19,"end":2412.35},{"text":"so","start":2412.35,"end":2412.47},{"text":"much.","start":2412.47,"end":2412.83}]},{"text":"I want to really thank the Secretary-General for his message and support throughout the entire 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Mourino, you have the floor.","start":2435.59,"end":2437.59,"topics":[],"words":[{"text":"Mr.","start":2435.59,"end":2435.91},{"text":"Mourino,","start":2435.91,"end":2436.47},{"text":"you","start":2436.71,"end":2436.87},{"text":"have","start":2436.87,"end":2437.03},{"text":"the","start":2437.03,"end":2437.11},{"text":"floor.","start":2437.11,"end":2437.59}]}]}],"speaker":{"affiliation":"EGY","group":null,"function":"Minister of Finance; Interim Chair","affiliation_full":"Egypt"}},{"statement_number":4,"start":2440.19,"pageUrl":"/zh/asset/k1c/k1cb4aqmie?lang=en&t=40:41","paragraphs":[{"sentences":[{"text":"Thank you, dear Chair, Minister Kuchuk.","start":2440.19,"end":2442.39,"topics":[],"words":[{"text":"Thank","start":2440.19,"end":2440.43},{"text":"you,","start":2440.43,"end":2440.55},{"text":"dear","start":2440.55,"end":2441.11},{"text":"Chair,","start":2441.11,"end":2441.51},{"text":"Minister","start":2441.51,"end":2441.91},{"text":"Kuchuk.","start":2441.91,"end":2442.39}]},{"text":"Ministers, Excellencies, delegates, distinguished colleagues and friends, welcome to the first Governing Council of the Borowest 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for your commitment and trust.","start":3209.75,"end":3213.11,"topics":[],"words":[{"text":"and","start":3209.75,"end":3209.91},{"text":"also","start":3209.91,"end":3210.27},{"text":"those","start":3210.27,"end":3210.55},{"text":"are","start":3210.55,"end":3210.67},{"text":"joining","start":3210.67,"end":3211.03},{"text":"us","start":3211.03,"end":3211.19},{"text":"online","start":3211.19,"end":3211.67},{"text":"for","start":3211.67,"end":3211.91},{"text":"your","start":3211.91,"end":3212.07},{"text":"commitment","start":3212.07,"end":3212.55},{"text":"and","start":3212.55,"end":3212.75},{"text":"trust.","start":3212.75,"end":3213.11}]},{"text":"It has been a privilege to facilitate this process and to work alongside dedicated 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now turn to the statements from member states of the Boros platform, reflecting perspectives from across the platform's regional and country groupings to ensure that we remain aligned with our meeting agenda.","start":3249.43,"end":3263.67,"topics":[{"key":"borrowers-platform","label":"Borrowers' Platform","description":"The creation of a permanent forum for borrowing countries was a central theme throughout the meeting. Speakers emphasized its role in strengthening collective voice, member-led cooperation, and practical engagement on debt-related issues."}],"words":[{"text":"We","start":3249.43,"end":3249.63},{"text":"now","start":3249.63,"end":3249.83},{"text":"turn","start":3249.83,"end":3250.31},{"text":"to","start":3250.59,"end":3250.67},{"text":"the","start":3250.71,"end":3250.79},{"text":"statements","start":3250.79,"end":3251.51},{"text":"from","start":3251.51,"end":3251.79},{"text":"member","start":3251.79,"end":3252.15},{"text":"states","start":3252.15,"end":3252.47},{"text":"of","start":3252.47,"end":3252.55},{"text":"the","start":3252.55,"end":3252.71},{"text":"Boros","start":3252.71,"end":3253.03},{"text":"platform,","start":3253.03,"end":3253.59},{"text":"reflecting","start":3254.15,"end":3254.71},{"text":"perspectives","start":3254.71,"end":3255.51},{"text":"from","start":3255.51,"end":3255.75},{"text":"across","start":3255.75,"end":3256.15},{"text":"the","start":3256.15,"end":3256.23},{"text":"platform's","start":3256.23,"end":3256.83},{"text":"regional","start":3256.83,"end":3257.35},{"text":"and","start":3257.71,"end":3257.91},{"text":"country","start":3257.91,"end":3258.47},{"text":"groupings","start":3258.63,"end":3259.27},{"text":"to","start":3260.11,"end":3260.19},{"text":"ensure","start":3260.19,"end":3260.55},{"text":"that","start":3260.55,"end":3260.71},{"text":"we","start":3260.71,"end":3260.83},{"text":"remain","start":3260.83,"end":3261.19},{"text":"aligned","start":3261.19,"end":3261.91},{"text":"with","start":3261.91,"end":3262.15},{"text":"our","start":3262.15,"end":3262.55},{"text":"meeting","start":3262.79,"end":3263.19},{"text":"agenda.","start":3263.19,"end":3263.67}]},{"text":"I would kindly invite your excellencies to limit your remarks to three minutes.","start":3264.47,"end":3268.71,"topics":[],"words":[{"text":"I","start":3264.47,"end":3264.48},{"text":"would","start":3264.47,"end":3264.63},{"text":"kindly","start":3264.63,"end":3265.27},{"text":"invite","start":3265.43,"end":3265.99},{"text":"your","start":3265.99,"end":3266.23},{"text":"excellencies","start":3266.23,"end":3266.87},{"text":"to","start":3266.87,"end":3266.95},{"text":"limit","start":3266.95,"end":3267.23},{"text":"your","start":3267.23,"end":3267.39},{"text":"remarks","start":3267.39,"end":3267.83},{"text":"to","start":3267.83,"end":3267.95},{"text":"three","start":3267.99,"end":3268.19},{"text":"minutes.","start":3268.19,"end":3268.71}]},{"text":"I greatly appreciate your understanding and cooperation.","start":3269.19,"end":3271.75,"topics":[],"words":[{"text":"I","start":3269.19,"end":3269.35},{"text":"greatly","start":3269.35,"end":3269.75},{"text":"appreciate","start":3269.75,"end":3270.31},{"text":"your","start":3270.31,"end":3270.47},{"text":"understanding","start":3270.47,"end":3271.03},{"text":"and","start":3271.03,"end":3271.15},{"text":"cooperation.","start":3271.15,"end":3271.75}]},{"text":"First, I am very pleased to invite His Excellency, Mr. Situmbuko, Minister of Finance and National Planning, representing Zambia, to deliver remarks on behalf of the Africa region.","start":3272.63,"end":3285.91,"topics":[{"key":"borrowers-platform","label":"Borrowers' Platform","description":"The creation of a permanent forum for borrowing countries was a central theme throughout the meeting. 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Speakers linked debt stress to reduced spending on health, education, infrastructure, and other development priorities."}],"words":[{"text":"These","start":3352.71,"end":3352.87},{"text":"challenges","start":3352.87,"end":3353.43},{"text":"leave","start":3353.43,"end":3353.83},{"text":"governments","start":3353.83,"end":3354.47},{"text":"with","start":3354.47,"end":3354.79},{"text":"fewer","start":3354.79,"end":3355.15},{"text":"resources,","start":3355.15,"end":3356.15},{"text":"as","start":3356.55,"end":3356.95},{"text":"we","start":3356.95,"end":3357.19},{"text":"have","start":3357.19,"end":3357.51},{"text":"already","start":3357.51,"end":3358.23},{"text":"heard.","start":3358.35,"end":3358.71}]},{"text":"Decisions about debt, therefore, matter not only to governments, but also to the everyday lives of people.","start":3359.83,"end":3368.39,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability","description":"Many statements focused on unsustainable debt-service burdens and the pressure they place on public finances in developing countries. 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Speakers emphasized its role in strengthening collective voice, member-led cooperation, and practical engagement on debt-related issues."}],"words":[{"text":"Distinguished","start":3529.79,"end":3530.55},{"text":"co-chairs,","start":3530.55,"end":3531.35},{"text":"excellencies,","start":3531.43,"end":3532.15},{"text":"ladies","start":3532.15,"end":3532.63},{"text":"and","start":3532.63,"end":3532.75},{"text":"gentlemen,","start":3532.75,"end":3533.43},{"text":"it","start":3534.11,"end":3534.23},{"text":"is","start":3534.23,"end":3534.39},{"text":"a","start":3534.39,"end":3534.43},{"text":"true","start":3534.43,"end":3534.87},{"text":"honor","start":3534.87,"end":3535.15},{"text":"and","start":3535.15,"end":3535.27},{"text":"pleasure","start":3535.27,"end":3535.67},{"text":"to","start":3535.67,"end":3535.83},{"text":"take","start":3535.83,"end":3536.15},{"text":"part","start":3536.15,"end":3536.47},{"text":"in","start":3536.47,"end":3536.63},{"text":"the","start":3536.63,"end":3536.75},{"text":"inaugural","start":3536.75,"end":3537.35},{"text":"meeting","start":3537.35,"end":3537.83},{"text":"of","start":3537.83,"end":3537.99},{"text":"the","start":3537.99,"end":3538.11},{"text":"Governing","start":3538.11,"end":3538.71},{"text":"Council","start":3538.71,"end":3539.11},{"text":"of","start":3539.11,"end":3539.19},{"text":"the","start":3539.19,"end":3539.35},{"text":"Borrowers","start":3539.35,"end":3539.91},{"text":"Platform","start":3539.91,"end":3540.47},{"text":"and","start":3541.67,"end":3542.03},{"text":"to","start":3542.03,"end":3542.31},{"text":"together","start":3542.39,"end":3542.91},{"text":"declare","start":3542.91,"end":3543.43},{"text":"the","start":3543.43,"end":3543.59},{"text":"launch","start":3543.59,"end":3543.91},{"text":"of","start":3543.91,"end":3544.03},{"text":"this","start":3544.03,"end":3544.23},{"text":"vital","start":3544.23,"end":3544.71},{"text":"initiative.","start":3544.71,"end":3545.43}]},{"text":"I would like to express my sincere gratitude to UNCTAD for its effort as the secretariat of the platform and for effectively coordinating our teams as well as to all member states whose dedicated involvement has brought this platform to life and to Egypt for leading it.","start":3546.55,"end":3563.99,"topics":[{"key":"borrowers-platform","label":"Borrowers' Platform","description":"The creation of a permanent forum for borrowing countries was a central theme throughout the meeting. Speakers emphasized its role in strengthening collective voice, member-led cooperation, and practical engagement on debt-related issues."}],"words":[{"text":"I","start":3546.55,"end":3546.63},{"text":"would","start":3546.63,"end":3546.79},{"text":"like","start":3546.79,"end":3547.03},{"text":"to","start":3547.03,"end":3547.15},{"text":"express","start":3547.15,"end":3547.59},{"text":"my","start":3547.59,"end":3547.75},{"text":"sincere","start":3547.75,"end":3548.15},{"text":"gratitude","start":3548.15,"end":3548.83},{"text":"to","start":3548.83,"end":3549.11},{"text":"UNCTAD","start":3549.11,"end":3549.67},{"text":"for","start":3549.67,"end":3549.95},{"text":"its","start":3549.95,"end":3550.15},{"text":"effort","start":3550.15,"end":3550.63},{"text":"as","start":3550.71,"end":3550.95},{"text":"the","start":3550.95,"end":3551.03},{"text":"secretariat","start":3551.03,"end":3551.87},{"text":"of","start":3551.87,"end":3551.95},{"text":"the","start":3551.99,"end":3552.07},{"text":"platform","start":3552.07,"end":3552.79},{"text":"and","start":3553.27,"end":3553.51},{"text":"for","start":3553.51,"end":3553.71},{"text":"effectively","start":3553.71,"end":3554.39},{"text":"coordinating","start":3554.39,"end":3555.11},{"text":"our","start":3555.11,"end":3555.43},{"text":"teams","start":3555.43,"end":3555.91},{"text":"as","start":3555.91,"end":3555.99},{"text":"well","start":3555.99,"end":3556.15},{"text":"as","start":3556.15,"end":3556.39},{"text":"to","start":3556.39,"end":3556.51},{"text":"all","start":3556.51,"end":3556.79},{"text":"member","start":3556.79,"end":3557.11},{"text":"states","start":3557.11,"end":3557.59},{"text":"whose","start":3557.91,"end":3558.15},{"text":"dedicated","start":3558.15,"end":3558.87},{"text":"involvement","start":3558.87,"end":3559.59},{"text":"has","start":3559.83,"end":3560.15},{"text":"brought","start":3560.15,"end":3560.43},{"text":"this","start":3560.43,"end":3560.63},{"text":"platform","start":3560.63,"end":3561.27},{"text":"to","start":3561.27,"end":3561.39},{"text":"life","start":3561.39,"end":3561.75},{"text":"and","start":3562.15,"end":3562.31},{"text":"to","start":3562.31,"end":3562.47},{"text":"Egypt","start":3562.47,"end":3562.87},{"text":"for","start":3562.87,"end":3563.35},{"text":"leading","start":3563.35,"end":3563.75},{"text":"it.","start":3563.75,"end":3563.99}]},{"text":"The creation of this platform couldn't have been more timely for borrowing countries and developing economies, it could provide an essential space to strengthen our collective voice in the international stage, address shared challenges, and discover practical real-world solutions in public debt management.","start":3565.27,"end":3585.55,"topics":[{"key":"borrowers-platform","label":"Borrowers' Platform","description":"The creation of a permanent forum for borrowing countries was a central theme throughout the meeting. 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Speakers linked debt stress to reduced spending on health, education, infrastructure, and other development priorities."}],"words":[{"text":"With","start":3795.11,"end":3795.35},{"text":"this","start":3795.35,"end":3795.59},{"text":"Governing","start":3795.59,"end":3795.91},{"text":"Council","start":3795.91,"end":3796.31},{"text":"meeting,","start":3796.31,"end":3796.79},{"text":"we","start":3797.03,"end":3797.19},{"text":"must","start":3797.19,"end":3797.43},{"text":"now","start":3797.43,"end":3797.67},{"text":"begin","start":3797.67,"end":3797.99},{"text":"the","start":3797.99,"end":3798.11},{"text":"full","start":3798.11,"end":3798.39},{"text":"operationalization","start":3798.39,"end":3799.99},{"text":"of","start":3800.31,"end":3800.47},{"text":"the","start":3800.47,"end":3800.59},{"text":"Platform,","start":3800.59,"end":3801.19},{"text":"utilizing","start":3801.91,"end":3802.59},{"text":"the","start":3802.59,"end":3802.71},{"text":"wealth","start":3802.71,"end":3803.03},{"text":"of","start":3803.03,"end":3803.19},{"text":"knowledge,","start":3803.19,"end":3803.67},{"text":"experience,","start":3803.91,"end":3804.79},{"text":"and","start":3805.03,"end":3805.27},{"text":"expertise","start":3805.27,"end":3805.87},{"text":"of","start":3805.87,"end":3806.03},{"text":"our","start":3806.03,"end":3806.15},{"text":"growing","start":3806.15,"end":3806.47},{"text":"membership","start":3806.47,"end":3807.03},{"text":"to","start":3807.51,"end":3807.55},{"text":"address","start":3807.55,"end":3807.99},{"text":"our","start":3807.99,"end":3808.23},{"text":"debt","start":3808.23,"end":3808.55},{"text":"and","start":3808.71,"end":3808.99},{"text":"debt","start":3808.99,"end":3809.27},{"text":"sustainability.","start":3809.27,"end":3810.15}]},{"text":"Rest assured, Chair, the CIDS will engage actively in these discussions and efforts.","start":3811.03,"end":3816.87,"topics":[],"words":[{"text":"Rest","start":3811.03,"end":3811.35},{"text":"assured,","start":3811.35,"end":3811.83},{"text":"Chair,","start":3812.07,"end":3812.43},{"text":"the","start":3812.43,"end":3812.51},{"text":"CIDS","start":3812.51,"end":3813.27},{"text":"will","start":3813.27,"end":3813.55},{"text":"engage","start":3813.55,"end":3813.91},{"text":"actively","start":3813.99,"end":3814.71},{"text":"in","start":3814.79,"end":3814.95},{"text":"these","start":3814.95,"end":3815.19},{"text":"discussions","start":3815.19,"end":3815.91},{"text":"and","start":3816.07,"end":3816.31},{"text":"efforts.","start":3816.31,"end":3816.87}]},{"text":"I also extend our sincere appreciation to Egypt as the interim chair of the Borrowers Platform for their excellent leadership and hard work in finalizing the modalities of the platform and the preparations for this Governing Council meeting.","start":3817.83,"end":3831.43,"topics":[{"key":"borrowers-platform","label":"Borrowers' Platform","description":"The creation of a permanent forum for borrowing countries was a central theme throughout the meeting. Speakers emphasized its role in strengthening collective voice, member-led cooperation, and practical engagement on debt-related issues."}],"words":[{"text":"I","start":3817.83,"end":3817.91},{"text":"also","start":3817.99,"end":3818.27},{"text":"extend","start":3818.27,"end":3818.67},{"text":"our","start":3818.67,"end":3818.75},{"text":"sincere","start":3818.75,"end":3819.15},{"text":"appreciation","start":3819.15,"end":3819.83},{"text":"to","start":3819.83,"end":3819.95},{"text":"Egypt","start":3819.99,"end":3820.55},{"text":"as","start":3820.87,"end":3821.03},{"text":"the","start":3821.03,"end":3821.15},{"text":"interim","start":3821.15,"end":3821.59},{"text":"chair","start":3821.59,"end":3821.95},{"text":"of","start":3821.95,"end":3822.07},{"text":"the","start":3822.07,"end":3822.19},{"text":"Borrowers","start":3822.19,"end":3822.63},{"text":"Platform","start":3822.63,"end":3823.11},{"text":"for","start":3823.43,"end":3823.59},{"text":"their","start":3823.59,"end":3823.79},{"text":"excellent","start":3823.79,"end":3824.27},{"text":"leadership","start":3824.27,"end":3824.79},{"text":"and","start":3824.87,"end":3825.11},{"text":"hard","start":3825.11,"end":3825.35},{"text":"work","start":3825.35,"end":3825.67},{"text":"in","start":3825.99,"end":3826.15},{"text":"finalizing","start":3826.15,"end":3826.95},{"text":"the","start":3827.11,"end":3827.23},{"text":"modalities","start":3827.23,"end":3827.91},{"text":"of","start":3827.91,"end":3827.99},{"text":"the","start":3827.99,"end":3828.11},{"text":"platform","start":3828.11,"end":3828.71},{"text":"and","start":3828.95,"end":3829.11},{"text":"the","start":3829.11,"end":3829.19},{"text":"preparations","start":3829.19,"end":3829.87},{"text":"for","start":3829.87,"end":3829.99},{"text":"this","start":3829.99,"end":3830.23},{"text":"Governing","start":3830.23,"end":3830.63},{"text":"Council","start":3830.63,"end":3831.03},{"text":"meeting.","start":3831.03,"end":3831.43}]},{"text":"We look forward to the Cairo workshop to be held in January 2027, and to sharing our experiences and priorities in debt management and debt transparency.","start":3832.87,"end":3843.79,"topics":[{"key":"debt-management","label":"Debt Management","description":"Participants repeatedly discussed the need to strengthen public debt management through better risk analysis, transparency, data, asset and liability management, and domestic market development. Peer learning and technical support were presented as important ways to improve national capacity."}],"words":[{"text":"We","start":3832.87,"end":3833.11},{"text":"look","start":3833.11,"end":3833.27},{"text":"forward","start":3833.27,"end":3833.67},{"text":"to","start":3833.67,"end":3833.79},{"text":"the","start":3833.79,"end":3833.91},{"text":"Cairo","start":3833.91,"end":3834.31},{"text":"workshop","start":3834.31,"end":3834.79},{"text":"to","start":3835.27,"end":3835.31},{"text":"be","start":3835.31,"end":3835.47},{"text":"held","start":3835.47,"end":3835.79},{"text":"in","start":3835.79,"end":3835.95},{"text":"January","start":3835.95,"end":3836.35},{"text":"2027,","start":3836.35,"end":3837.47},{"text":"and","start":3837.87,"end":3838.03},{"text":"to","start":3838.03,"end":3838.11},{"text":"sharing","start":3838.11,"end":3838.63},{"text":"our","start":3838.63,"end":3838.75},{"text":"experiences","start":3838.75,"end":3839.71},{"text":"and","start":3840.11,"end":3840.31},{"text":"priorities","start":3840.31,"end":3841.07},{"text":"in","start":3841.23,"end":3841.39},{"text":"debt","start":3841.39,"end":3841.63},{"text":"management","start":3841.63,"end":3842.35},{"text":"and","start":3842.35,"end":3842.63},{"text":"debt","start":3842.63,"end":3842.87},{"text":"transparency.","start":3842.87,"end":3843.79}]},{"text":"For many small island developing states, borrowing is unavoidable.","start":3844.83,"end":3848.83,"topics":[{"key":"borrowing-costs","label":"Borrowing Costs","description":"High financing costs for developing countries were raised repeatedly, including elevated interest rates, declining concessional finance, and refinancing and currency risks. Speakers stressed that lowering the cost of capital is essential for preserving fiscal space and supporting development."}],"words":[{"text":"For","start":3844.83,"end":3844.99},{"text":"many","start":3844.99,"end":3845.23},{"text":"small","start":3845.23,"end":3845.63},{"text":"island","start":3845.63,"end":3845.95},{"text":"developing","start":3845.95,"end":3846.35},{"text":"states,","start":3846.35,"end":3846.83},{"text":"borrowing","start":3847.23,"end":3847.79},{"text":"is","start":3847.79,"end":3848.03},{"text":"unavoidable.","start":3848.03,"end":3848.83}]},{"text":"As ODA declines and concessional financing becomes difficult to access, borrowing becomes the easiest means to finance development.","start":3849.47,"end":3858.51,"topics":[{"key":"borrowing-costs","label":"Borrowing Costs","description":"High financing costs for developing countries were raised repeatedly, including elevated interest rates, declining concessional finance, and refinancing and currency risks. Speakers stressed that lowering the cost of capital is essential for preserving fiscal space and supporting development."}],"words":[{"text":"As","start":3849.47,"end":3849.71},{"text":"ODA","start":3849.71,"end":3850.11},{"text":"declines","start":3850.11,"end":3850.75},{"text":"and","start":3850.75,"end":3850.95},{"text":"concessional","start":3850.95,"end":3851.63},{"text":"financing","start":3851.63,"end":3852.31},{"text":"becomes","start":3852.51,"end":3853.39},{"text":"difficult","start":3853.71,"end":3854.23},{"text":"to","start":3854.23,"end":3854.35},{"text":"access,","start":3854.35,"end":3854.91},{"text":"borrowing","start":3855.47,"end":3855.87},{"text":"becomes","start":3855.87,"end":3856.27},{"text":"the","start":3856.27,"end":3856.39},{"text":"easiest","start":3856.39,"end":3856.91},{"text":"means","start":3856.91,"end":3857.23},{"text":"to","start":3857.23,"end":3857.31},{"text":"finance","start":3857.31,"end":3857.79},{"text":"development.","start":3857.79,"end":3858.51}]},{"text":"With effects of climate change increasing in frequency and intensity, SIDS must also borrow to adapt, mitigate, and recover from those effects.","start":3859.39,"end":3868.79,"topics":[{"key":"climate-debt","label":"Climate and Debt","description":"Climate vulnerability was discussed as a major factor worsening debt pressures, especially for small island developing states. 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Speakers emphasized its role in strengthening collective voice, member-led cooperation, and practical engagement on debt-related issues."}],"words":[{"text":"Until","start":3904.19,"end":3904.47},{"text":"today,","start":3904.47,"end":3904.95},{"text":"borrowing","start":3905.27,"end":3905.71},{"text":"countries","start":3905.71,"end":3906.15},{"text":"did","start":3906.15,"end":3906.31},{"text":"not","start":3906.31,"end":3906.55},{"text":"have","start":3906.55,"end":3906.75},{"text":"a","start":3906.75,"end":3906.79},{"text":"platform","start":3906.79,"end":3907.43},{"text":"where","start":3907.83,"end":3908.11},{"text":"they","start":3908.11,"end":3908.31},{"text":"could","start":3908.31,"end":3908.51},{"text":"exchange","start":3908.51,"end":3909.11},{"text":"views,","start":3909.35,"end":3909.91},{"text":"ideas,","start":3909.91,"end":3910.63},{"text":"or","start":3910.79,"end":3910.99},{"text":"share","start":3910.99,"end":3911.27},{"text":"experiences","start":3911.27,"end":3912.15},{"text":"and","start":3912.47,"end":3912.71},{"text":"best","start":3912.71,"end":3912.91},{"text":"practices","start":3912.91,"end":3913.59},{"text":"in","start":3913.59,"end":3913.75},{"text":"managing","start":3913.75,"end":3914.19},{"text":"debt","start":3914.19,"end":3914.55},{"text":"and","start":3914.55,"end":3914.83},{"text":"debt","start":3914.83,"end":3915.03},{"text":"sustainability.","start":3915.03,"end":3915.99}]},{"text":"With the launch of the Borrowers Platform, we are turning a new page in international finance This platform brings together borrowing countries not as a negotiating block, but as an opportunity for peer learning to exchange technical and technological capacity and build our resilience to the challenges we face.","start":3916.95,"end":3935.99,"topics":[{"key":"borrowers-platform","label":"Borrowers' Platform","description":"The creation of a permanent forum for borrowing countries was a central theme throughout the meeting. 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Speakers emphasized its role in strengthening collective voice, member-led cooperation, and practical engagement on debt-related issues."}],"words":[{"text":"We","start":4001.28,"end":4001.44},{"text":"now","start":4001.44,"end":4001.68},{"text":"turn","start":4001.68,"end":4002.16},{"text":"to","start":4002.24,"end":4002.36},{"text":"the","start":4002.4,"end":4002.56},{"text":"outcomes","start":4002.56,"end":4002.96},{"text":"of","start":4002.96,"end":4003.12},{"text":"the","start":4003.12,"end":4003.2},{"text":"peer","start":4003.2,"end":4003.48},{"text":"learning","start":4003.48,"end":4003.84},{"text":"workshop","start":4003.84,"end":4004.4},{"text":"held","start":4004.4,"end":4004.68},{"text":"during","start":4004.68,"end":4004.92},{"text":"the","start":4004.92,"end":4005},{"text":"interim","start":4005,"end":4005.44},{"text":"phase.","start":4005.44,"end":4005.92}]},{"text":"I'm pleased to invite UNCTAD Secretariat to present the key outcomes of the workshop and the main areas emerging from the discussions.","start":4006,"end":4013.39,"topics":[],"words":[{"text":"I'm","start":4006,"end":4006.2},{"text":"pleased","start":4006.2,"end":4006.52},{"text":"to","start":4006.52,"end":4006.6},{"text":"invite","start":4006.6,"end":4006.92},{"text":"UNCTAD","start":4006.92,"end":4007.28},{"text":"Secretariat","start":4007.28,"end":4007.96},{"text":"to","start":4007.96,"end":4008.04},{"text":"present","start":4008.08,"end":4008.44},{"text":"the","start":4008.44,"end":4008.56},{"text":"key","start":4008.56,"end":4008.72},{"text":"outcomes","start":4008.72,"end":4009.36},{"text":"of","start":4009.52,"end":4009.76},{"text":"the","start":4009.76,"end":4009.88},{"text":"workshop","start":4009.88,"end":4010.48},{"text":"and","start":4010.95,"end":4011.11},{"text":"the","start":4011.11,"end":4011.19},{"text":"main","start":4011.19,"end":4011.39},{"text":"areas","start":4011.39,"end":4011.87},{"text":"emerging","start":4011.87,"end":4012.35},{"text":"from","start":4012.35,"end":4012.51},{"text":"the","start":4012.51,"end":4012.63},{"text":"discussions.","start":4012.63,"end":4013.39}]},{"text":"Mrs. Pinnapalli, you have the floor.","start":4014.59,"end":4017.39,"topics":[],"words":[{"text":"Mrs.","start":4014.59,"end":4015.15},{"text":"Pinnapalli,","start":4015.27,"end":4015.87},{"text":"you","start":4016.67,"end":4016.79},{"text":"have","start":4016.79,"end":4016.99},{"text":"the","start":4016.99,"end":4017.07},{"text":"floor.","start":4017.07,"end":4017.39}]}]}],"speaker":{"affiliation":"EGY","group":null,"function":"Minister of Finance; Interim Chair","affiliation_full":"Egypt"}},{"statement_number":16,"start":4017.39,"pageUrl":"/zh/asset/k1c/k1cb4aqmie?lang=en&t=1:06:58","paragraphs":[{"sentences":[{"text":"Thank you, Chair.","start":4017.39,"end":4019.35,"topics":[],"words":[{"text":"Thank","start":4017.39,"end":4017.55},{"text":"you,","start":4018.91,"end":4018.99},{"text":"Chair.","start":4018.99,"end":4019.35}]},{"text":"And indeed, it's wonderful to jump in just here after Her Excellency from the Maldives.","start":4019.87,"end":4027.39,"topics":[],"words":[{"text":"And","start":4019.87,"end":4020.27},{"text":"indeed,","start":4020.27,"end":4020.59},{"text":"it's","start":4020.59,"end":4020.91},{"text":"wonderful","start":4020.91,"end":4021.43},{"text":"to","start":4021.43,"end":4021.55},{"text":"jump","start":4021.55,"end":4021.87},{"text":"in","start":4021.87,"end":4022.03},{"text":"just","start":4022.03,"end":4022.35},{"text":"here","start":4022.35,"end":4022.75},{"text":"after","start":4023.11,"end":4023.63},{"text":"Her","start":4025.39,"end":4025.63},{"text":"Excellency","start":4025.63,"end":4026.35},{"text":"from","start":4026.35,"end":4026.59},{"text":"the","start":4026.59,"end":4026.67},{"text":"Maldives.","start":4026.67,"end":4027.39}]},{"text":"This is a picture of that peer learning in action, the nine country representatives and UNCTAD secretariat working together to unpack various challenges.","start":4027.71,"end":4041.11,"topics":[{"key":"debt-management","label":"Debt Management","description":"Participants repeatedly discussed the need to strengthen public debt management through better risk analysis, transparency, data, asset and liability management, and domestic market development. 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Thank you, Dr. Mahmoud.","start":4641.27,"end":4643.07,"topics":[],"words":[{"text":"Thank","start":4641.27,"end":4641.55},{"text":"you.","start":4641.55,"end":4641.79},{"text":"Thank","start":4642.03,"end":4642.27},{"text":"you,","start":4642.27,"end":4642.35},{"text":"Dr.","start":4642.35,"end":4642.59},{"text":"Mahmoud.","start":4642.59,"end":4643.07}]},{"text":"I now invite Mrs. Janet Jew, Executive Director of the African Forum and Network on Debt and Development to deliver her remarks.","start":4644.27,"end":4652.99,"topics":[],"words":[{"text":"I","start":4644.27,"end":4644.28},{"text":"now","start":4644.27,"end":4644.59},{"text":"invite","start":4644.59,"end":4645.31},{"text":"Mrs.","start":4645.47,"end":4645.87},{"text":"Janet","start":4645.87,"end":4646.43},{"text":"Jew,","start":4646.59,"end":4646.99},{"text":"Executive","start":4647.27,"end":4647.71},{"text":"Director","start":4647.71,"end":4648.23},{"text":"of","start":4648.23,"end":4648.35},{"text":"the","start":4648.35,"end":4648.47},{"text":"African","start":4648.47,"end":4648.91},{"text":"Forum","start":4648.91,"end":4649.31},{"text":"and","start":4649.31,"end":4649.43},{"text":"Network","start":4649.43,"end":4649.87},{"text":"on","start":4649.87,"end":4650.03},{"text":"Debt","start":4650.03,"end":4650.35},{"text":"and","start":4650.35,"end":4650.51},{"text":"Development","start":4650.51,"end":4651.31},{"text":"to","start":4651.63,"end":4651.75},{"text":"deliver","start":4651.83,"end":4652.23},{"text":"her","start":4652.23,"end":4652.39},{"text":"remarks.","start":4652.39,"end":4652.99}]},{"text":"The floor is yours.","start":4654.63,"end":4655.35,"topics":[],"words":[{"text":"The","start":4654.63,"end":4654.71},{"text":"floor","start":4654.75,"end":4654.95},{"text":"is","start":4654.95,"end":4655.03},{"text":"yours.","start":4655.11,"end":4655.35}]}]}],"speaker":{"affiliation":"EGY","group":null,"function":"Minister of Finance; 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Speakers emphasized its role in strengthening collective voice, member-led cooperation, and practical engagement on debt-related issues."}],"words":[{"text":"This","start":4785.19,"end":4785.43},{"text":"platform","start":4785.43,"end":4786.15},{"text":"puts","start":4786.47,"end":4786.79},{"text":"borrowers","start":4786.79,"end":4787.35},{"text":"at","start":4787.35,"end":4787.55},{"text":"the","start":4787.55,"end":4787.63},{"text":"core","start":4787.63,"end":4788.15},{"text":"of","start":4788.23,"end":4788.39},{"text":"the","start":4788.39,"end":4788.51},{"text":"process","start":4788.51,"end":4789.19},{"text":"And","start":4790.83,"end":4791.03},{"text":"it","start":4791.03,"end":4791.23},{"text":"is","start":4791.23,"end":4791.47},{"text":"consistent","start":4791.47,"end":4792.43},{"text":"with","start":4793.15,"end":4793.39},{"text":"initiatives","start":4793.47,"end":4794.27},{"text":"already","start":4794.27,"end":4794.67},{"text":"ongoing.","start":4794.83,"end":4795.47}]},{"text":"For example, at the AU level, we have the common African position on debt, which was adopted.","start":4795.79,"end":4801.07,"topics":[],"words":[{"text":"For","start":4795.79,"end":4796.03},{"text":"example,","start":4796.03,"end":4796.59},{"text":"at","start":4796.59,"end":4796.67},{"text":"the","start":4796.67,"end":4796.79},{"text":"AU","start":4797.07,"end":4797.11},{"text":"level,","start":4797.11,"end":4797.43},{"text":"we","start":4797.43,"end":4797.55},{"text":"have","start":4797.55,"end":4797.79},{"text":"the","start":4797.79,"end":4797.87},{"text":"common","start":4797.87,"end":4798.15},{"text":"African","start":4798.15,"end":4798.55},{"text":"position","start":4798.55,"end":4799.03},{"text":"on","start":4799.03,"end":4799.15},{"text":"debt,","start":4799.15,"end":4799.55},{"text":"which","start":4800.07,"end":4800.27},{"text":"was","start":4800.27,"end":4800.51},{"text":"adopted.","start":4800.51,"end":4801.07}]},{"text":"We have long called for a shift from a creditor-centered debt architecture to a democratic one that is grounded in international law through a United Nations framework convention on sovereign debt.","start":4803.07,"end":4815.15,"topics":[{"key":"international-financial-architecture","label":"International Financial Architecture","description":"A recurring topic was the need to reform the global debt and finance system so that developing countries have greater voice and fairer treatment. 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The discussion highlighted the need for borrowers to negotiate from a stronger and better-informed position."}],"words":[{"text":"We","start":4803.07,"end":4803.27},{"text":"have","start":4803.27,"end":4803.47},{"text":"long","start":4803.47,"end":4803.79},{"text":"called","start":4803.79,"end":4804.19},{"text":"for","start":4804.19,"end":4804.71},{"text":"a","start":4804.71,"end":4804.75},{"text":"shift","start":4804.75,"end":4805.15},{"text":"from","start":4805.15,"end":4805.35},{"text":"a","start":4805.35,"end":4805.39},{"text":"creditor-centered","start":4805.39,"end":4806.31},{"text":"debt","start":4806.31,"end":4806.59},{"text":"architecture","start":4806.59,"end":4807.31},{"text":"to","start":4808.11,"end":4808.23},{"text":"a","start":4808.23,"end":4808.27},{"text":"democratic","start":4808.27,"end":4808.99},{"text":"one","start":4808.99,"end":4809.39},{"text":"that","start":4809.79,"end":4809.99},{"text":"is","start":4809.99,"end":4810.11},{"text":"grounded","start":4810.11,"end":4810.67},{"text":"in","start":4810.67,"end":4810.83},{"text":"international","start":4810.83,"end":4811.79},{"text":"law","start":4811.87,"end":4811.95},{"text":"through","start":4812.11,"end":4812.35},{"text":"a","start":4812.43,"end":4812.47},{"text":"United","start":4812.47,"end":4812.91},{"text":"Nations","start":4812.91,"end":4813.31},{"text":"framework","start":4813.31,"end":4813.71},{"text":"convention","start":4813.71,"end":4814.35},{"text":"on","start":4814.35,"end":4814.43},{"text":"sovereign","start":4814.43,"end":4814.83},{"text":"debt.","start":4814.83,"end":4815.15}]},{"text":"And this Borrower's Platform is a critical element of such an architecture and a complement to it.","start":4816.51,"end":4822.51,"topics":[{"key":"borrowers-platform","label":"Borrowers' Platform","description":"The creation of a permanent forum for borrowing countries was a central theme throughout the meeting. Speakers emphasized its role in strengthening collective voice, member-led cooperation, and practical engagement on debt-related issues."},{"key":"international-financial-architecture","label":"International Financial Architecture","description":"A recurring topic was the need to reform the global debt and finance system so that developing countries have greater voice and fairer treatment. Speakers described the platform as part of a broader effort to correct power imbalances in the international financial architecture."}],"words":[{"text":"And","start":4816.51,"end":4816.63},{"text":"this","start":4816.63,"end":4816.83},{"text":"Borrower's","start":4816.83,"end":4817.23},{"text":"Platform","start":4817.23,"end":4817.87},{"text":"is","start":4818.03,"end":4818.19},{"text":"a","start":4818.19,"end":4818.27},{"text":"critical","start":4818.27,"end":4818.75},{"text":"element","start":4818.75,"end":4819.47},{"text":"of","start":4819.63,"end":4819.71},{"text":"such","start":4819.71,"end":4820.11},{"text":"an","start":4820.15,"end":4820.35},{"text":"architecture","start":4820.35,"end":4821.07},{"text":"and","start":4821.23,"end":4821.47},{"text":"a","start":4821.47,"end":4821.51},{"text":"complement","start":4821.51,"end":4822.15},{"text":"to","start":4822.15,"end":4822.23},{"text":"it.","start":4822.27,"end":4822.51}]},{"text":"We do deliver our concerns today, Honourable Members.","start":4823.95,"end":4827.55,"topics":[],"words":[{"text":"We","start":4823.95,"end":4824.19},{"text":"do","start":4824.19,"end":4824.35},{"text":"deliver","start":4824.35,"end":4824.99},{"text":"our","start":4824.99,"end":4825.07},{"text":"concerns","start":4825.07,"end":4825.63},{"text":"today,","start":4825.63,"end":4826.11},{"text":"Honourable","start":4826.51,"end":4826.91},{"text":"Members.","start":4826.91,"end":4827.55}]},{"text":"Many countries now face a solvency crisis.","start":4828.59,"end":4831.39,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability","description":"Many statements focused on unsustainable debt-service burdens and the pressure they place on public finances in developing countries. Speakers linked debt stress to reduced spending on health, education, infrastructure, and other development priorities."}],"words":[{"text":"Many","start":4828.59,"end":4828.95},{"text":"countries","start":4828.95,"end":4829.47},{"text":"now","start":4829.47,"end":4829.71},{"text":"face","start":4829.71,"end":4829.91},{"text":"a","start":4829.91,"end":4829.95},{"text":"solvency","start":4829.95,"end":4830.75},{"text":"crisis.","start":4830.75,"end":4831.39}]},{"text":"The system that should resolve this crisis is full of contradictions itself, with quite a number of institutions operating both as creditors and also as arbiters of the debt sustainability frameworks.","start":4832.91,"end":4848.83,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability","description":"Many statements focused on unsustainable debt-service burdens and the pressure they place on public finances in developing countries. Speakers linked debt stress to reduced spending on health, education, infrastructure, and other development priorities."},{"key":"debt-restructuring","label":"Debt Restructuring","description":"Several speakers addressed the difficulty of sovereign debt restructurings, including long processes, weak borrower leverage, and shortcomings in existing workout mechanisms. The discussion highlighted the need for borrowers to negotiate from a stronger and better-informed position."},{"key":"international-financial-architecture","label":"International Financial Architecture","description":"A recurring topic was the need to reform the global debt and finance system so that developing countries have greater voice and fairer treatment. Speakers described the platform as part of a broader effort to correct power imbalances in the international financial architecture."}],"words":[{"text":"The","start":4832.91,"end":4833.03},{"text":"system","start":4833.03,"end":4833.55},{"text":"that","start":4833.55,"end":4834.03},{"text":"should","start":4834.19,"end":4834.47},{"text":"resolve","start":4834.47,"end":4835.23},{"text":"this","start":4835.87,"end":4836.19},{"text":"crisis","start":4836.19,"end":4836.91},{"text":"is","start":4837.31,"end":4837.55},{"text":"full","start":4837.55,"end":4837.71},{"text":"of","start":4837.71,"end":4837.79},{"text":"contradictions","start":4837.79,"end":4838.59},{"text":"itself,","start":4838.59,"end":4839.23},{"text":"with","start":4839.79,"end":4839.99},{"text":"quite","start":4839.99,"end":4840.27},{"text":"a","start":4840.27,"end":4840.31},{"text":"number","start":4840.31,"end":4840.63},{"text":"of","start":4840.67,"end":4840.75},{"text":"institutions","start":4840.75,"end":4841.63},{"text":"operating","start":4842.35,"end":4842.91},{"text":"both","start":4842.91,"end":4843.31},{"text":"as","start":4843.39,"end":4843.63},{"text":"creditors","start":4843.63,"end":4844.43},{"text":"and","start":4844.59,"end":4844.83},{"text":"also","start":4844.83,"end":4845.31},{"text":"as","start":4845.31,"end":4845.55},{"text":"arbiters","start":4845.55,"end":4846.27},{"text":"of","start":4846.43,"end":4846.59},{"text":"the","start":4846.59,"end":4846.71},{"text":"debt","start":4846.71,"end":4846.99},{"text":"sustainability","start":4846.99,"end":4848.03},{"text":"frameworks.","start":4848.27,"end":4848.83}]},{"text":"Multilateral development banks stay out of debt restructuring to protect their own credit ratings.","start":4850.51,"end":4857.15,"topics":[{"key":"debt-restructuring","label":"Debt Restructuring","description":"Several speakers addressed the difficulty of sovereign debt restructurings, including long processes, weak borrower leverage, and shortcomings in existing workout mechanisms. The discussion highlighted the need for borrowers to negotiate from a stronger and better-informed position."}],"words":[{"text":"Multilateral","start":4850.51,"end":4851.23},{"text":"development","start":4851.23,"end":4851.79},{"text":"banks","start":4851.79,"end":4852.19},{"text":"stay","start":4852.59,"end":4852.99},{"text":"out","start":4853.07,"end":4853.27},{"text":"of","start":4853.27,"end":4853.39},{"text":"debt","start":4853.39,"end":4853.63},{"text":"restructuring","start":4853.63,"end":4854.43},{"text":"to","start":4854.91,"end":4855.03},{"text":"protect","start":4855.07,"end":4855.71},{"text":"their","start":4855.71,"end":4855.91},{"text":"own","start":4855.91,"end":4856.19},{"text":"credit","start":4856.19,"end":4856.55},{"text":"ratings.","start":4856.55,"end":4857.15}]},{"text":"And there are five pressures that drive this crisis that I would want to mention.","start":4858.11,"end":4862.75,"topics":[],"words":[{"text":"And","start":4858.11,"end":4858.23},{"text":"there","start":4858.23,"end":4858.35},{"text":"are","start":4858.35,"end":4858.43},{"text":"five","start":4858.43,"end":4858.75},{"text":"pressures","start":4858.75,"end":4859.71},{"text":"that","start":4859.95,"end":4860.27},{"text":"drive","start":4860.27,"end":4860.59},{"text":"this","start":4860.59,"end":4860.75},{"text":"crisis","start":4860.75,"end":4861.23},{"text":"that","start":4861.23,"end":4861.35},{"text":"I","start":4861.35,"end":4861.39},{"text":"would","start":4861.39,"end":4861.63},{"text":"want","start":4861.63,"end":4862.07},{"text":"to","start":4862.07,"end":4862.15},{"text":"mention.","start":4862.15,"end":4862.75}]},{"text":"The first one is the cost of capital chair.","start":4864.19,"end":4866.35,"topics":[{"key":"borrowing-costs","label":"Borrowing Costs","description":"High financing costs for developing countries were raised repeatedly, including elevated interest rates, declining concessional finance, and refinancing and currency risks. Speakers stressed that lowering the cost of capital is essential for preserving fiscal space and supporting development."}],"words":[{"text":"The","start":4864.19,"end":4864.31},{"text":"first","start":4864.31,"end":4864.59},{"text":"one","start":4864.59,"end":4864.79},{"text":"is","start":4864.79,"end":4864.91},{"text":"the","start":4864.91,"end":4864.99},{"text":"cost","start":4864.99,"end":4865.35},{"text":"of","start":4865.35,"end":4865.47},{"text":"capital","start":4865.47,"end":4866.03},{"text":"chair.","start":4866.03,"end":4866.35}]},{"text":"Developing countries borrow at two or four times the rate of many countries like the United States, and we have seen the graphs shown there.","start":4867.47,"end":4876.35,"topics":[{"key":"borrowing-costs","label":"Borrowing Costs","description":"High financing costs for developing countries were raised repeatedly, including elevated interest rates, declining concessional finance, and refinancing and currency risks. Speakers stressed that lowering the cost of capital is essential for preserving fiscal space and supporting development."}],"words":[{"text":"Developing","start":4867.47,"end":4868.03},{"text":"countries","start":4868.03,"end":4868.67},{"text":"borrow","start":4869.15,"end":4869.55},{"text":"at","start":4869.55,"end":4869.87},{"text":"two","start":4869.87,"end":4870.19},{"text":"or","start":4870.27,"end":4870.47},{"text":"four","start":4870.47,"end":4870.75},{"text":"times","start":4870.75,"end":4871.19},{"text":"the","start":4871.19,"end":4871.31},{"text":"rate","start":4871.31,"end":4871.63},{"text":"of","start":4871.63,"end":4871.79},{"text":"many","start":4872.27,"end":4872.67},{"text":"countries","start":4872.67,"end":4873.23},{"text":"like","start":4873.39,"end":4873.63},{"text":"the","start":4873.63,"end":4873.75},{"text":"United","start":4873.75,"end":4874.31},{"text":"States,","start":4874.31,"end":4874.63},{"text":"and","start":4874.63,"end":4874.79},{"text":"we","start":4874.79,"end":4874.91},{"text":"have","start":4874.91,"end":4875.07},{"text":"seen","start":4875.07,"end":4875.39},{"text":"the","start":4875.39,"end":4875.47},{"text":"graphs","start":4875.47,"end":4875.87},{"text":"shown","start":4875.87,"end":4876.11},{"text":"there.","start":4876.11,"end":4876.35}]},{"text":"The second one is foreign exchange scarcity, which fuels instability, depreciation, and inflation.","start":4878.51,"end":4884.91,"topics":[{"key":"borrowing-costs","label":"Borrowing Costs","description":"High financing costs for developing countries were raised repeatedly, including elevated interest rates, declining concessional finance, and refinancing and currency risks. Speakers stressed that lowering the cost of capital is essential for preserving fiscal space and supporting development."}],"words":[{"text":"The","start":4878.51,"end":4878.63},{"text":"second","start":4878.63,"end":4878.95},{"text":"one","start":4878.95,"end":4879.11},{"text":"is","start":4879.11,"end":4879.23},{"text":"foreign","start":4879.23,"end":4879.51},{"text":"exchange","start":4879.51,"end":4879.95},{"text":"scarcity,","start":4879.95,"end":4880.67},{"text":"which","start":4881.51,"end":4881.79},{"text":"fuels","start":4881.79,"end":4882.35},{"text":"instability,","start":4882.35,"end":4883.15},{"text":"depreciation,","start":4883.15,"end":4883.95},{"text":"and","start":4883.95,"end":4884.11},{"text":"inflation.","start":4884.11,"end":4884.91}]},{"text":"And this raises the cost, the real cost of borrowing, including on debt in local currency, and make domestic debt unsustainable as well.","start":4885.07,"end":4894.59,"topics":[{"key":"borrowing-costs","label":"Borrowing Costs","description":"High financing costs for developing countries were raised repeatedly, including elevated interest rates, declining concessional finance, and refinancing and currency risks. Speakers stressed that lowering the cost of capital is essential for preserving fiscal space and supporting development."},{"key":"debt-sustainability","label":"Debt Sustainability","description":"Many statements focused on unsustainable debt-service burdens and the pressure they place on public finances in developing countries. Speakers linked debt stress to reduced spending on health, education, infrastructure, and other development priorities."}],"words":[{"text":"And","start":4885.07,"end":4885.31},{"text":"this","start":4885.31,"end":4885.71},{"text":"raises","start":4885.87,"end":4886.35},{"text":"the","start":4886.35,"end":4886.47},{"text":"cost,","start":4886.47,"end":4886.91},{"text":"the","start":4886.91,"end":4887.11},{"text":"real","start":4887.11,"end":4887.35},{"text":"cost","start":4887.35,"end":4887.67},{"text":"of","start":4887.67,"end":4887.79},{"text":"borrowing,","start":4887.79,"end":4888.35},{"text":"including","start":4888.83,"end":4889.47},{"text":"on","start":4889.47,"end":4889.63},{"text":"debt","start":4889.63,"end":4889.87},{"text":"in","start":4889.87,"end":4890.03},{"text":"local","start":4890.03,"end":4890.27},{"text":"currency,","start":4890.27,"end":4890.99},{"text":"and","start":4891.39,"end":4891.63},{"text":"make","start":4891.63,"end":4891.87},{"text":"domestic","start":4891.87,"end":4892.51},{"text":"debt","start":4892.51,"end":4892.91},{"text":"unsustainable","start":4893.15,"end":4894.03},{"text":"as","start":4894.03,"end":4894.19},{"text":"well.","start":4894.19,"end":4894.59}]},{"text":"Import-reliant and dollarized economies are hit the hardest.","start":4896.19,"end":4899.87,"topics":[],"words":[{"text":"Import-reliant","start":4896.19,"end":4897.35},{"text":"and","start":4897.35,"end":4897.59},{"text":"dollarized","start":4897.59,"end":4898.15},{"text":"economies","start":4898.15,"end":4898.79},{"text":"are","start":4898.79,"end":4898.91},{"text":"hit","start":4898.91,"end":4899.15},{"text":"the","start":4899.15,"end":4899.27},{"text":"hardest.","start":4899.27,"end":4899.87}]},{"text":"We have seen and experienced shrinking aid.","start":4900.91,"end":4903.95,"topics":[],"words":[{"text":"We","start":4900.91,"end":4900.95},{"text":"have","start":4900.95,"end":4901.07},{"text":"seen","start":4901.07,"end":4901.39},{"text":"and","start":4901.39,"end":4901.55},{"text":"experienced","start":4901.55,"end":4902.43},{"text":"shrinking","start":4902.91,"end":4903.47},{"text":"aid.","start":4903.47,"end":4903.95}]},{"text":"We have seen the debt service crowding out public services.","start":4904.59,"end":4908.83,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability","description":"Many statements focused on unsustainable debt-service burdens and the pressure they place on public finances in developing countries. Speakers linked debt stress to reduced spending on health, education, infrastructure, and other development priorities."}],"words":[{"text":"We","start":4904.59,"end":4904.83},{"text":"have","start":4904.83,"end":4904.99},{"text":"seen","start":4904.99,"end":4905.47},{"text":"the","start":4905.95,"end":4906.19},{"text":"debt","start":4906.19,"end":4906.59},{"text":"service","start":4906.59,"end":4906.99},{"text":"crowding","start":4906.99,"end":4907.47},{"text":"out","start":4907.55,"end":4907.79},{"text":"public","start":4907.79,"end":4908.11},{"text":"services.","start":4908.11,"end":4908.83}]},{"text":"And the Secretary-General mentioned that over 3.4 billion people live in countries that spend more on interest payments than on health and education, Chair.","start":4909.07,"end":4919.31,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability","description":"Many statements focused on unsustainable debt-service burdens and the pressure they place on public finances in developing countries. 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Speakers linked debt stress to reduced spending on health, education, infrastructure, and other development priorities."},{"key":"climate-debt","label":"Climate and Debt","description":"Climate vulnerability was discussed as a major factor worsening debt pressures, especially for small island developing states. Speakers noted that countries often have to borrow to adapt, recover from disasters, and invest in resilience, deepening debt challenges."}],"words":[{"text":"Climate","start":4920.11,"end":4920.59},{"text":"resilience","start":4920.59,"end":4921.31},{"text":"and","start":4921.39,"end":4921.55},{"text":"social","start":4921.55,"end":4921.87},{"text":"protection","start":4921.87,"end":4922.59},{"text":"are","start":4922.59,"end":4922.67},{"text":"squeezed","start":4922.67,"end":4923.15},{"text":"out.","start":4923.23,"end":4923.55}]},{"text":"Finally, the other pressure, Chair, is creditor-led debt restructuring.","start":4924.75,"end":4929.39,"topics":[{"key":"debt-restructuring","label":"Debt Restructuring","description":"Several speakers addressed the difficulty of sovereign debt restructurings, including long processes, weak borrower leverage, and shortcomings in existing workout mechanisms. The discussion highlighted the need for borrowers to negotiate from a stronger and better-informed position."}],"words":[{"text":"Finally,","start":4924.75,"end":4925.55},{"text":"the","start":4925.71,"end":4925.91},{"text":"other","start":4925.95,"end":4926.19},{"text":"pressure,","start":4926.19,"end":4926.83},{"text":"Chair,","start":4926.91,"end":4927.15},{"text":"is","start":4927.15,"end":4927.47},{"text":"creditor-led","start":4927.47,"end":4928.31},{"text":"debt","start":4928.31,"end":4928.51},{"text":"restructuring.","start":4928.51,"end":4929.39}]},{"text":"There is no adequate and effective mechanism for resolving sovereign debt crisis.","start":4930.67,"end":4936.03,"topics":[{"key":"debt-restructuring","label":"Debt Restructuring","description":"Several speakers addressed the difficulty of sovereign debt restructurings, including long processes, weak borrower leverage, and shortcomings in existing workout mechanisms. The discussion highlighted the need for borrowers to negotiate from a stronger and better-informed position."}],"words":[{"text":"There","start":4930.67,"end":4930.75},{"text":"is","start":4930.75,"end":4930.91},{"text":"no","start":4930.91,"end":4931.15},{"text":"adequate","start":4931.15,"end":4931.87},{"text":"and","start":4931.95,"end":4932.19},{"text":"effective","start":4932.19,"end":4932.83},{"text":"mechanism","start":4932.83,"end":4933.63},{"text":"for","start":4933.87,"end":4934.07},{"text":"resolving","start":4934.07,"end":4934.67},{"text":"sovereign","start":4934.67,"end":4935.07},{"text":"debt","start":4935.07,"end":4935.39},{"text":"crisis.","start":4935.39,"end":4936.03}]},{"text":"The common framework is creditor-centered and cannot rein in public creditors.","start":4936.91,"end":4942.27,"topics":[{"key":"debt-restructuring","label":"Debt Restructuring","description":"Several speakers addressed the difficulty of sovereign debt restructurings, including long processes, weak borrower leverage, and shortcomings in existing workout mechanisms. The discussion highlighted the need for borrowers to negotiate from a stronger and better-informed position."},{"key":"international-financial-architecture","label":"International Financial Architecture","description":"A recurring topic was the need to reform the global debt and finance system so that developing countries have greater voice and fairer treatment. Speakers described the platform as part of a broader effort to correct power imbalances in the international financial architecture."}],"words":[{"text":"The","start":4936.91,"end":4937.07},{"text":"common","start":4937.07,"end":4937.39},{"text":"framework","start":4937.39,"end":4938.03},{"text":"is","start":4938.43,"end":4938.67},{"text":"creditor-centered","start":4938.67,"end":4939.79},{"text":"and","start":4939.95,"end":4940.19},{"text":"cannot","start":4940.19,"end":4940.67},{"text":"rein","start":4940.67,"end":4940.99},{"text":"in","start":4940.99,"end":4941.15},{"text":"public","start":4941.15,"end":4941.51},{"text":"creditors.","start":4941.51,"end":4942.27}]},{"text":"Many borrowers are ineligible for it and restructure through other processes that still run through the IMF.","start":4942.99,"end":4952.11,"topics":[{"key":"debt-restructuring","label":"Debt Restructuring","description":"Several speakers addressed the difficulty of sovereign debt restructurings, including long processes, weak borrower leverage, and shortcomings in existing workout mechanisms. The discussion highlighted the need for borrowers to negotiate from a stronger and better-informed position."},{"key":"international-financial-architecture","label":"International Financial Architecture","description":"A recurring topic was the need to reform the global debt and finance system so that developing countries have greater voice and fairer treatment. Speakers described the platform as part of a broader effort to correct power imbalances in the international financial architecture."}],"words":[{"text":"Many","start":4942.99,"end":4943.39},{"text":"borrowers","start":4943.39,"end":4944.03},{"text":"are","start":4944.11,"end":4944.27},{"text":"ineligible","start":4944.27,"end":4944.99},{"text":"for","start":4944.99,"end":4945.39},{"text":"it","start":4945.95,"end":4946.83},{"text":"and","start":4946.99,"end":4947.23},{"text":"restructure","start":4947.23,"end":4948.03},{"text":"through","start":4948.19,"end":4948.51},{"text":"other","start":4948.51,"end":4948.75},{"text":"processes","start":4948.75,"end":4949.47},{"text":"that","start":4949.71,"end":4949.95},{"text":"still","start":4949.95,"end":4950.43},{"text":"run","start":4950.43,"end":4950.91},{"text":"through","start":4951.07,"end":4951.23},{"text":"the","start":4951.23,"end":4951.39},{"text":"IMF.","start":4951.39,"end":4952.11}]},{"text":"I will conclude with three recommendations, Chair, to overcome these challenges.","start":4952.99,"end":4957.15,"topics":[],"words":[{"text":"I","start":4952.99,"end":4953.03},{"text":"will","start":4953.03,"end":4953.15},{"text":"conclude","start":4953.15,"end":4953.63},{"text":"with","start":4953.63,"end":4953.79},{"text":"three","start":4953.79,"end":4954.03},{"text":"recommendations,","start":4954.03,"end":4954.91},{"text":"Chair,","start":4954.91,"end":4955.31},{"text":"to","start":4955.39,"end":4955.67},{"text":"overcome","start":4955.67,"end":4956.11},{"text":"these","start":4956.11,"end":4956.35},{"text":"challenges.","start":4956.35,"end":4957.15}]},{"text":"We offer three recommendations within your mandate.","start":4959.71,"end":4962.67,"topics":[],"words":[{"text":"We","start":4959.71,"end":4959.79},{"text":"offer","start":4959.79,"end":4960.11},{"text":"three","start":4960.11,"end":4960.35},{"text":"recommendations","start":4960.35,"end":4961.47},{"text":"within","start":4961.63,"end":4962.03},{"text":"your","start":4962.03,"end":4962.15},{"text":"mandate.","start":4962.15,"end":4962.67}]},{"text":"The first recommendation is to reduce the cost of capital for borrower countries.","start":4964.11,"end":4969.79,"topics":[{"key":"borrowing-costs","label":"Borrowing Costs","description":"High financing costs for developing countries were raised repeatedly, including elevated interest rates, declining concessional finance, and refinancing and currency risks. Speakers stressed that lowering the cost of capital is essential for preserving fiscal space and supporting development."}],"words":[{"text":"The","start":4964.11,"end":4964.27},{"text":"first","start":4964.27,"end":4964.59},{"text":"recommendation","start":4964.59,"end":4965.63},{"text":"is","start":4966.35,"end":4966.51},{"text":"to","start":4966.51,"end":4966.63},{"text":"reduce","start":4966.67,"end":4967.11},{"text":"the","start":4967.11,"end":4967.23},{"text":"cost","start":4967.23,"end":4967.59},{"text":"of","start":4967.59,"end":4967.71},{"text":"capital","start":4967.71,"end":4968.35},{"text":"for","start":4968.51,"end":4968.75},{"text":"borrower","start":4968.75,"end":4969.07},{"text":"countries.","start":4969.07,"end":4969.79}]},{"text":"The Secretary General called on the borrowers platform to use peer learning to build country capacities, both technical and political, to engage with creditors and credit rating agencies including on holding ratings during restructuring.","start":4971.23,"end":4990.11,"topics":[{"key":"borrowers-platform","label":"Borrowers' Platform","description":"The creation of a permanent forum for borrowing countries was a central theme throughout the meeting. Speakers emphasized its role in strengthening collective voice, member-led cooperation, and practical engagement on debt-related issues."},{"key":"debt-restructuring","label":"Debt Restructuring","description":"Several speakers addressed the difficulty of sovereign debt restructurings, including long processes, weak borrower leverage, and shortcomings in existing workout mechanisms. The discussion highlighted the need for borrowers to negotiate from a stronger and better-informed position."},{"key":"debt-management","label":"Debt Management","description":"Participants repeatedly discussed the need to strengthen public debt management through better risk analysis, transparency, data, asset and liability management, and domestic market development. Peer learning and technical support were presented as important ways to improve national capacity."}],"words":[{"text":"The","start":4971.23,"end":4971.35},{"text":"Secretary","start":4971.35,"end":4971.91},{"text":"General","start":4971.91,"end":4972.59},{"text":"called","start":4973.55,"end":4974.11},{"text":"on","start":4974.27,"end":4974.43},{"text":"the","start":4974.43,"end":4974.51},{"text":"borrowers","start":4974.51,"end":4974.91},{"text":"platform","start":4974.91,"end":4975.63},{"text":"to","start":4975.63,"end":4975.79},{"text":"use","start":4975.79,"end":4976.19},{"text":"peer","start":4976.19,"end":4976.47},{"text":"learning","start":4976.47,"end":4976.99},{"text":"to","start":4977.15,"end":4977.35},{"text":"build","start":4977.39,"end":4977.87},{"text":"country","start":4978.51,"end":4978.91},{"text":"capacities,","start":4978.91,"end":4979.87},{"text":"both","start":4980.11,"end":4980.39},{"text":"technical","start":4980.39,"end":4981.03},{"text":"and","start":4981.03,"end":4981.23},{"text":"political,","start":4981.23,"end":4982.03},{"text":"to","start":4982.19,"end":4982.43},{"text":"engage","start":4982.47,"end":4982.99},{"text":"with","start":4982.99,"end":4983.15},{"text":"creditors","start":4983.15,"end":4983.95},{"text":"and","start":4984.35,"end":4984.55},{"text":"credit","start":4984.55,"end":4984.99},{"text":"rating","start":4984.99,"end":4985.47},{"text":"agencies","start":4985.51,"end":4986.19},{"text":"including","start":4986.59,"end":4987.15},{"text":"on","start":4987.15,"end":4987.31},{"text":"holding","start":4987.31,"end":4987.79},{"text":"ratings","start":4987.79,"end":4988.75},{"text":"during","start":4988.75,"end":4989.15},{"text":"restructuring.","start":4989.15,"end":4990.11}]},{"text":"We hope that you'll be able to share experiences on negotiating fair and transparent loan terms.","start":4991.47,"end":4998.75,"topics":[{"key":"debt-restructuring","label":"Debt Restructuring","description":"Several speakers addressed the difficulty of sovereign debt restructurings, including long processes, weak borrower leverage, and shortcomings in existing workout mechanisms. The discussion highlighted the need for borrowers to negotiate from a stronger and better-informed position."}],"words":[{"text":"We","start":4991.47,"end":4991.67},{"text":"hope","start":4991.67,"end":4991.95},{"text":"that","start":4991.95,"end":4992.19},{"text":"you'll","start":4992.19,"end":4992.43},{"text":"be","start":4992.43,"end":4992.51},{"text":"able","start":4992.51,"end":4992.67},{"text":"to","start":4992.67,"end":4992.79},{"text":"share","start":4992.79,"end":4993.07},{"text":"experiences","start":4993.07,"end":4994.11},{"text":"on","start":4994.27,"end":4994.47},{"text":"negotiating","start":4994.47,"end":4995.23},{"text":"fair","start":4995.23,"end":4995.79},{"text":"and","start":4995.95,"end":4996.15},{"text":"transparent","start":4996.15,"end":4997.79},{"text":"loan","start":4997.87,"end":4998.19},{"text":"terms.","start":4998.19,"end":4998.75}]},{"text":"The second recommendation, Chair, is on use of peer learning to strengthen national debt laws in borrower countries, and you said it yourself.","start":4999.39,"end":5008.19,"topics":[{"key":"borrowers-platform","label":"Borrowers' Platform","description":"The creation of a permanent forum for borrowing countries was a central theme throughout the meeting. Speakers emphasized its role in strengthening collective voice, member-led cooperation, and practical engagement on debt-related issues."},{"key":"debt-management","label":"Debt Management","description":"Participants repeatedly discussed the need to strengthen public debt management through better risk analysis, transparency, data, asset and liability management, and domestic market development. Peer learning and technical support were presented as important ways to improve national capacity."}],"words":[{"text":"The","start":4999.39,"end":4999.51},{"text":"second","start":4999.51,"end":4999.79},{"text":"recommendation,","start":4999.87,"end":5000.83},{"text":"Chair,","start":5000.83,"end":5001.23},{"text":"is","start":5001.47,"end":5001.67},{"text":"on","start":5001.67,"end":5001.79},{"text":"use","start":5001.79,"end":5002.19},{"text":"of","start":5002.19,"end":5002.35},{"text":"peer","start":5002.35,"end":5002.67},{"text":"learning","start":5002.67,"end":5003.15},{"text":"to","start":5003.39,"end":5003.51},{"text":"strengthen","start":5003.51,"end":5004.07},{"text":"national","start":5004.07,"end":5004.43},{"text":"debt","start":5004.43,"end":5004.67},{"text":"laws","start":5004.67,"end":5005.15},{"text":"in","start":5005.39,"end":5005.55},{"text":"borrower","start":5005.55,"end":5005.95},{"text":"countries,","start":5005.95,"end":5006.59},{"text":"and","start":5006.75,"end":5006.95},{"text":"you","start":5006.95,"end":5007.15},{"text":"said","start":5007.15,"end":5007.47},{"text":"it","start":5007.47,"end":5007.63},{"text":"yourself.","start":5007.63,"end":5008.19}]},{"text":"We hope that you'll be able to support countries to shape laws on how debt is contracted, managed, and restructured so that debt serves development.","start":5009.39,"end":5019.31,"topics":[{"key":"borrowers-platform","label":"Borrowers' Platform","description":"The creation of a permanent forum for borrowing countries was a central theme throughout the meeting. Speakers emphasized its role in strengthening collective voice, member-led cooperation, and practical engagement on debt-related issues."},{"key":"debt-management","label":"Debt Management","description":"Participants repeatedly discussed the need to strengthen public debt management through better risk analysis, transparency, data, asset and liability management, and domestic market development. Peer learning and technical support were presented as important ways to improve national capacity."}],"words":[{"text":"We","start":5009.39,"end":5009.47},{"text":"hope","start":5009.47,"end":5009.71},{"text":"that","start":5009.71,"end":5009.95},{"text":"you'll","start":5009.95,"end":5010.19},{"text":"be","start":5010.19,"end":5010.27},{"text":"able","start":5010.27,"end":5010.43},{"text":"to","start":5010.43,"end":5010.55},{"text":"support","start":5010.55,"end":5010.99},{"text":"countries","start":5010.99,"end":5011.63},{"text":"to","start":5011.95,"end":5012.07},{"text":"shape","start":5012.11,"end":5012.43},{"text":"laws","start":5012.43,"end":5012.91},{"text":"on","start":5012.91,"end":5013.15},{"text":"how","start":5013.15,"end":5013.31},{"text":"debt","start":5013.31,"end":5013.63},{"text":"is","start":5013.63,"end":5013.83},{"text":"contracted,","start":5013.83,"end":5014.67},{"text":"managed,","start":5014.91,"end":5015.55},{"text":"and","start":5015.71,"end":5015.95},{"text":"restructured","start":5015.95,"end":5016.83},{"text":"so","start":5016.99,"end":5017.23},{"text":"that","start":5017.23,"end":5017.55},{"text":"debt","start":5017.55,"end":5018.03},{"text":"serves","start":5018.03,"end":5018.59},{"text":"development.","start":5018.59,"end":5019.31}]},{"text":"We hope that through this, we will be able to move to recognizing debt and development as a human rights issue.","start":5020.83,"end":5028.43,"topics":[],"words":[{"text":"We","start":5020.83,"end":5021.07},{"text":"hope","start":5021.07,"end":5021.31},{"text":"that","start":5021.31,"end":5021.63},{"text":"through","start":5021.91,"end":5022.03},{"text":"this,","start":5022.03,"end":5022.43},{"text":"we","start":5022.51,"end":5022.71},{"text":"will","start":5022.71,"end":5022.83},{"text":"be","start":5022.83,"end":5022.99},{"text":"able","start":5022.99,"end":5023.23},{"text":"to","start":5023.23,"end":5023.43},{"text":"move","start":5023.43,"end":5023.87},{"text":"to","start":5024.03,"end":5024.19},{"text":"recognizing","start":5024.19,"end":5024.99},{"text":"debt","start":5024.99,"end":5026.15},{"text":"and","start":5026.15,"end":5026.31},{"text":"development","start":5026.31,"end":5027.03},{"text":"as","start":5027.03,"end":5027.15},{"text":"a","start":5027.15,"end":5027.19},{"text":"human","start":5027.19,"end":5027.55},{"text":"rights","start":5027.55,"end":5027.95},{"text":"issue.","start":5027.95,"end":5028.43}]},{"text":"The third recommendation, Chair, is on debt sustainability analysis.","start":5029.95,"end":5034.43,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability","description":"Many statements focused on unsustainable debt-service burdens and the pressure they place on public finances in developing countries. Speakers linked debt stress to reduced spending on health, education, infrastructure, and other development priorities."}],"words":[{"text":"The","start":5029.95,"end":5030.11},{"text":"third","start":5030.11,"end":5030.43},{"text":"recommendation,","start":5030.43,"end":5031.39},{"text":"Chair,","start":5031.39,"end":5031.79},{"text":"is","start":5032.11,"end":5032.35},{"text":"on","start":5032.35,"end":5032.51},{"text":"debt","start":5032.51,"end":5032.75},{"text":"sustainability","start":5032.75,"end":5033.63},{"text":"analysis.","start":5033.63,"end":5034.43}]},{"text":"that may the borrowers on their debt sustainability analysis.","start":5035.19,"end":5039.31,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability","description":"Many statements focused on unsustainable debt-service burdens and the pressure they place on public finances in developing countries. Speakers linked debt stress to reduced spending on health, education, infrastructure, and other development priorities."}],"words":[{"text":"that","start":5035.19,"end":5035.31},{"text":"may","start":5035.31,"end":5035.63},{"text":"the","start":5035.63,"end":5035.75},{"text":"borrowers","start":5035.75,"end":5036.43},{"text":"on","start":5036.59,"end":5036.99},{"text":"their","start":5037.15,"end":5037.43},{"text":"debt","start":5037.43,"end":5037.63},{"text":"sustainability","start":5037.63,"end":5038.51},{"text":"analysis.","start":5038.51,"end":5039.31}]},{"text":"Creditors have challenged debt sustainability forecasts at every phase of the debt cycles, including the IMF Article IV reviews.","start":5040.03,"end":5049.55,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability","description":"Many statements focused on unsustainable debt-service burdens and the pressure they place on public finances in developing countries. Speakers linked debt stress to reduced spending on health, education, infrastructure, and other development priorities."}],"words":[{"text":"Creditors","start":5040.03,"end":5040.75},{"text":"have","start":5040.75,"end":5040.91},{"text":"challenged","start":5040.91,"end":5041.59},{"text":"debt","start":5041.59,"end":5041.79},{"text":"sustainability","start":5041.79,"end":5042.55},{"text":"forecasts","start":5042.55,"end":5043.15},{"text":"at","start":5043.23,"end":5043.39},{"text":"every","start":5043.47,"end":5043.87},{"text":"phase","start":5043.87,"end":5044.43},{"text":"of","start":5044.59,"end":5044.75},{"text":"the","start":5044.75,"end":5044.87},{"text":"debt","start":5044.87,"end":5045.15},{"text":"cycles,","start":5045.15,"end":5045.79},{"text":"including","start":5046.51,"end":5047.23},{"text":"the","start":5047.39,"end":5047.59},{"text":"IMF","start":5047.59,"end":5048.11},{"text":"Article","start":5048.11,"end":5048.59},{"text":"IV","start":5048.59,"end":5048.75},{"text":"reviews.","start":5048.75,"end":5049.55}]},{"text":"I'll give you an example as I close.","start":5050.91,"end":5053.07,"topics":[],"words":[{"text":"I'll","start":5050.91,"end":5051.15},{"text":"give","start":5051.15,"end":5051.27},{"text":"you","start":5051.27,"end":5051.35},{"text":"an","start":5051.35,"end":5051.47},{"text":"example","start":5051.47,"end":5052.11},{"text":"as","start":5052.11,"end":5052.27},{"text":"I","start":5052.27,"end":5052.43},{"text":"close.","start":5052.43,"end":5053.07}]},{"text":"Argentina, for example, ran its own debt sustainability projections, and the IMF later publicly recognized that its initial analysis had been too optimistic.","start":5053.39,"end":5064.67,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability","description":"Many statements focused on unsustainable debt-service burdens and the pressure they place on public finances in developing countries. Speakers linked debt stress to reduced spending on health, education, infrastructure, and other development priorities."}],"words":[{"text":"Argentina,","start":5053.39,"end":5053.99},{"text":"for","start":5053.99,"end":5054.11},{"text":"example,","start":5054.11,"end":5054.75},{"text":"ran","start":5054.83,"end":5055.15},{"text":"its","start":5055.15,"end":5055.31},{"text":"own","start":5055.31,"end":5055.55},{"text":"debt","start":5055.55,"end":5055.79},{"text":"sustainability","start":5055.79,"end":5056.75},{"text":"projections,","start":5056.75,"end":5057.55},{"text":"and","start":5057.95,"end":5058.15},{"text":"the","start":5058.15,"end":5058.23},{"text":"IMF","start":5058.23,"end":5058.83},{"text":"later","start":5058.83,"end":5059.31},{"text":"publicly","start":5059.39,"end":5059.95},{"text":"recognized","start":5059.95,"end":5060.91},{"text":"that","start":5061.15,"end":5061.47},{"text":"its","start":5061.47,"end":5061.71},{"text":"initial","start":5061.71,"end":5062.15},{"text":"analysis","start":5062.15,"end":5062.91},{"text":"had","start":5063.15,"end":5063.31},{"text":"been","start":5063.31,"end":5063.55},{"text":"too","start":5063.55,"end":5063.79},{"text":"optimistic.","start":5063.79,"end":5064.67}]},{"text":"We hope that this platform will go further, that it will use debt sustainability analysis to integrate key national criteria such as sustainable development, climate and human rights needs.","start":5065.63,"end":5078.51,"topics":[{"key":"debt-sustainability","label":"Debt Sustainability","description":"Many statements focused on unsustainable debt-service burdens and the pressure they place on public finances in developing countries. Speakers linked debt stress to reduced spending on health, education, infrastructure, and other development priorities."},{"key":"climate-debt","label":"Climate and Debt","description":"Climate vulnerability was discussed as a major factor worsening debt pressures, especially for small island developing states. 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conclude the open segment of our meeting.","start":5168.31,"end":5170.79,"topics":[],"words":[{"text":"This","start":5168.31,"end":5168.63},{"text":"conclude","start":5168.63,"end":5169.19},{"text":"the","start":5169.27,"end":5169.39},{"text":"open","start":5169.39,"end":5169.75},{"text":"segment","start":5169.75,"end":5170.15},{"text":"of","start":5170.15,"end":5170.23},{"text":"our","start":5170.23,"end":5170.39},{"text":"meeting.","start":5170.39,"end":5170.79}]},{"text":"Back to Mrs. Hawkins.","start":5172.83,"end":5174.95,"topics":[],"words":[{"text":"Back","start":5172.83,"end":5173.15},{"text":"to","start":5173.35,"end":5173.43},{"text":"Mrs.","start":5174.19,"end":5174.51},{"text":"Hawkins.","start":5174.51,"end":5174.95}]}]}],"speaker":{"affiliation":"EGY","group":null,"function":"Minister of Finance; Interim 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then we invite all of you to join us on the stairs outside for this moment.","start":5201.23,"end":5208.03,"topics":[],"words":[{"text":"and","start":5201.23,"end":5201.75},{"text":"then","start":5201.75,"end":5202.11},{"text":"we","start":5202.27,"end":5202.39},{"text":"invite","start":5202.39,"end":5202.99},{"text":"all","start":5202.99,"end":5203.23},{"text":"of","start":5203.23,"end":5203.39},{"text":"you","start":5203.39,"end":5203.63},{"text":"to","start":5204.11,"end":5204.27},{"text":"join","start":5204.27,"end":5204.67},{"text":"us","start":5204.67,"end":5204.91},{"text":"on","start":5204.91,"end":5205.11},{"text":"the","start":5205.11,"end":5205.23},{"text":"stairs","start":5205.23,"end":5205.71},{"text":"outside","start":5205.71,"end":5206.51},{"text":"for","start":5206.99,"end":5207.23},{"text":"this","start":5207.23,"end":5207.39},{"text":"moment.","start":5207.39,"end":5208.03}]},{"text":"May I suggest that you do take your belongings with 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Speakers noted that countries often have to borrow to adapt, recover from disasters, and invest in resilience, deepening debt challenges."},{"key":"borrowing-costs","label":"Borrowing Costs","description":"High financing costs for developing countries were raised repeatedly, including elevated interest rates, declining concessional finance, and refinancing and currency risks. Speakers stressed that lowering the cost of capital is essential for preserving fiscal space and supporting development."},{"key":"debt-management","label":"Debt Management","description":"Participants repeatedly discussed the need to strengthen public debt management through better risk analysis, transparency, data, asset and liability management, and domestic market development. Peer learning and technical support were presented as important ways to improve national capacity."},{"key":"borrowers-platform","label":"Borrowers' Platform","description":"The creation of a permanent forum for borrowing countries was a central theme throughout the meeting. Speakers emphasized its role in strengthening collective voice, member-led cooperation, and practical engagement on debt-related issues."},{"key":"debt-restructuring","label":"Debt Restructuring","description":"Several speakers addressed the difficulty of sovereign debt restructurings, including long processes, weak borrower leverage, and shortcomings in existing workout mechanisms. The discussion highlighted the need for borrowers to negotiate from a stronger and better-informed position."},{"key":"debt-sustainability","label":"Debt Sustainability","description":"Many statements focused on unsustainable debt-service burdens and the pressure they place on public finances in developing countries. Speakers linked debt stress to reduced spending on health, education, infrastructure, and other development priorities."},{"key":"international-financial-architecture","label":"International Financial Architecture","description":"A recurring topic was the need to reform the global debt and finance system so that developing countries have greater voice and fairer treatment. Speakers described the platform as part of a broader effort to correct power imbalances in the international financial architecture."}]}}