Activities of Doru-Claudian FRUNZULICĂ related to 2016/2241(INI)
Plenary speeches (1)
Enhancing developing countries' debt sustainability (short presentation) FR
Shadow reports (1)
REPORT on enhancing developing countries’ debt sustainability PDF (444 KB) DOC (57 KB)
Amendments (18)
Amendment 1 #
Motion for a resolution
Citation 5 a (new)
Citation 5 a (new)
- having regard to the UN General Assembly Resolution 'Towards the establishment of a multilateral legal framework for sovereign debt restructurings' of 9 September 2014,
Amendment 3 #
Motion for a resolution
Recital –A (new)
Recital –A (new)
-A. whereas addressing the sovereign debt problems of developing countries is an important element in international cooperation and can contribute to achieving the Sustainable Development Goals (SDGs) in developing countries;
Amendment 14 #
Motion for a resolution
Recital G
Recital G
G. whereas the composition of developing country debt has evolved in line with the growing importance of private creditors and trading conditions and increased exposure to financial market volatility, which has an impact on the sustainability of debt; whereas, while debt denominated in the national currency effectively eliminates exchange-rate risks, such an option may prove to be unfavourable or untenable where backed by insufficient domestic capital reserves;
Amendment 20 #
Motion for a resolution
Recital I
Recital I
I. whereas, while the UNCTAD principles for responsible sovereign lending and borrowing and the G20 operational guidelines for sustainable financing are undeniably useful for the formulation of regulatory framework provisions, priority must be given to ending irresponsible practices through the introduction of suitable and binding deterrents and penalties;
Amendment 23 #
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas the debt sustainability analysis should not focus solely on economic considerations, such as the prospects for future economic growth of the debtor State and its ability to service its debts, but must take into consideration the impact of the debt burden on the country’s capacity to respect all human rights;
Amendment 26 #
Motion for a resolution
Recital K
Recital K
K. whereas odious debts contracted by regimes parties to facilitate corrupt practices or transactions known by creditors to be illicit are resulting in a substantial burden for the poorer classeseople, particularly those who are most vulnerable;
Amendment 51 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Points out that borrowing is an important way of supporting investment, which is vital in order to achieve sustainable development, including the Sustainable Development Goals (SDGs);
Amendment 58 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is concerned at the substantial increase in both private and public debt in many developing countries and the harmful effect thereof on their ability to finance investment expenditure for health, education, the economy and, infrastructure and combating climate change;
Amendment 59 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Points out that structural adjustment plans that were developed in the 1990s for over-indebted countries have seriously compromised the development of basic social services and undermined the ability of those countries’ ability to assume their essential responsibilities they have as sovereign nations, in combating insecurity and terrorism for example to maintain security;
Amendment 60 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Stresses that debt relief measures must not be liable to impede the provision of basic services and impair respect for all human rights, particularly economic, social and cultural rights, and development in the recipient State;
Amendment 70 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Calls on the EU and its Member States to actively combat tax havens, tax avoidance and illicit financial flows, which merely increase the debt burden of developing countries, to cooperate with developing countries to combat aggressive tax avoidance, and to seek ways to help developing countries withstand pressures to engage in tax competition, which would damage the mobilisation of domestic revenue for development;
Amendment 73 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Calls for legislation to be drawn up to prevent the repayment of loans to creditors that have been complicit in granting loans to manifestly corrupt governments;
Amendment 74 #
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Advocates the drafting of a code of conduct on credit management that is binding on institutional, political and private stakeholders;
Amendment 97 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the Commission to draw up, in the form of a white paper, a genuine strategy designed to save developing countries from excessive debt by adopting a multilateral approach, specifying the rights, duties and responsibilities of all concerned and considering the institutional provisions best suited to to ensuring an equitable and sustainable approach to the problem of debt;
Amendment 98 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Endorses the principles set out by the United Nations Conference on Trade and Development for responsible credit policy, which highlight in particular the shared responsibility of creditors and borrowers (UNCTAD Principles on Promoting Responsible Sovereign Lending and Borrowing), as well as the need for parliamentary control, which is an essential component of public funding operations, and calls on the European Union to support the implementation of the UNCTAD Principles; stresses the importance of introducing monitoring and accountability mechanisms in order to ensure full compliance with the principles adopted;
Amendment 112 #
Motion for a resolution
Paragraph 14 – point a
Paragraph 14 – point a
(a) create a permanent crisis management mechanism for the developing countries, which can be activated promptly and over the long term;
Amendment 115 #
Motion for a resolution
Paragraph 14 – point b
Paragraph 14 – point b
(b) allow the establishment of a multilateral legal framework for the orderly and predictable restructuring of sovereign debt in order to prevent it becoming unsustainable and to achieve greater predictability for investors;
Amendment 117 #
Motion for a resolution
Paragraph 14 – point b a (new)
Paragraph 14 – point b a (new)
(ba) Underlines that, in order to ensure sustainability, sovereign debt restructuring negotiations should be completed without delay and efficiently and should lead to a stabilisation of the debtor State’s debt, while safeguarding its sustainable development;