Dealing with Debt Crises: Taking stock after the Annual Meetings in Marrakech

Governments in developing countries are increasingly under strains of debt risks. At the same time, debt vulnerabilities have built up throughout the recent shocks. Fiscal buffers have been depleted and debt levels have sharply risen in response to the COVID crisis and global inflationary pressures. Developing economies are now left with limited leeway to address the urgent challenges of climate change, social fragmentation and insecurity.

This year, the World Bank and IMF Annual Meetings take place in Marrakech from October 9 to October 15. We take this opportunity to review what progress they have made, and where urgent reforms remain on the agenda.

• What can countries do to grow out of debt?
• How can the International Financial System be reformed to be fit for the challenges ahead?

Joseph Stiglitz and Martin Guzman, both from the Initiative for Policy Dialogue at Columbia University, Kemi Adeosun, former Finance Minister of Nigeria and Ishac Diwan, Research Director at the Finance for Development Lab, will discuss the necessary reforms to the system.