Kicking the Can Down the Road or Meeting the Challenge?

Panel discussion at the World Bank / IMF Spring Meetings 2025

As countries across the Global South face a mounting debt crisis, their ability to invest in climate adaptation, resilience, health, and education is increasingly at risk. The World Bank’s International Debt Report 2024 reveals many nations remain stuck in an “extend and pretend” cycle—temporary fixes that fail to tackle the root causes of financial distress. Without bold action, these economies will struggle to meet the Sustainable Development Goals (SDGs) and remain highly vulnerable to climate change.

Recent geopolitical shifts have heightened the urgency. The U.S. government's sweeping new tariffs have shaken global markets, triggering a downturn and raising the risk of escalating trade tensions. For lower-income countries grappling with heavy debt burdens, these developments risk deepening fiscal distress and limiting access to international capital—exacerbating an already precarious situation.

2025 is set to be a defining year for debt relief. Debt sustainability is central to South Africa’s G20 presidency and the Financing for Development Conference (FfD4) in Seville. The Jubilee Year has revived calls for sweeping debt cancellation, and expert commissions are actively addressing the crisis. As World Bank Chief Economist Indermit Gill notes, providing just enough financing to meet short-term obligations “simply extends their purgatory.” Now is the time to move from awareness to action.

This panel, organized by the Debt Relief for a Green and Inclusive Recovery (DRGR) Project on April 23, will examine how to break the debt cycle and implement sustainable, long-term solutions. Experts will assess the sovereign debt crisis amid global shocks, review current relief efforts, and propose decisive measures to enable investment in green growth and development.

Speakers

• Indermit Gill, Senior Vice President and Chief Economist, The World Bank Group
• Penelope Hawkins, UN Trade and Development, Head of Debt and Development Finance Branch
• H.E. Yemi Osinbajo, Former Vice President of Nigeria; Member of the African Leaders Debt Relief Initiative
• Anahí Wiedenbrüg, Senior Policy Advisor, International Institute for Sustainable Development
• Ulrich Volz, Professor of Economics and Director of the Centre for Sustainable Finance, SOAS University of London; Co-Chair, Debt Relief for a Green and Inclusive Recovery

Moderator: Sarah Ribbert, Heinrich Böll Foundation

Event Details

• Date: 23 April 2025
• Time: 11:30 am - 1:00 pm ET
• Location: Heinrich Böll Foundation, Washington, DC
• Format: hybrid

We cannot guarantee an in-person spot for all registrants as our space is limited.