Sovereign Debt Workout Mechanism
 

 Overview

 

With its long standing comparative advantage on debt issues, UNCTAD is well placed to work on debt crisis prevention which is the main aim for promoting responsible sovereign financing and debt crisis resolution which is the objective of a Debt Workout Mechanism.

With the ongoing global financial crisis, the international community has become more aware of the conspicuous lack of a timely and cost-effective debt work out mechanism. Learning from past (successful and failed) experiences, UNCTAD works together with stakeholders, in a Working Group, to formulate such a Debt Workout Mechanism and build global consensus around it.

As with the drafting process of the PRSLB, UNCTAD will not offer any pre-elaborated proposal or solution for debt workout mechanism but it will provide the platform and intellectual inputs to engage in a collective, equitable, inclusive and transparent discussion to propose and elaborate a Debt Workout Mechanism. This approach should enhance the international legitimacy of this initiative.

About the DWM Working Group

The Debt Workout Mechanism (DWM) is to be designed by a Working Group coordinated by the UNCTAD Secretariat.

Due to the complexities of the financial, economic, political and legal aspects of the issue at stake, a Working Group was formed to examine the legal, economic and political rational of a DWM and its required elements, procedures and options for enforcement.

Legal and economic scholars and experts, NGOs, multilateral and bilateral lenders, private sector and other stakeholders were invited to be part of this Working Group. The list of the Working Group is available here.

 

 Documents

 
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