Activities of Nirj DEVA related to 2016/2241(INI)
Shadow reports (1)
REPORT on enhancing developing countries’ debt sustainability PDF (444 KB) DOC (57 KB)
Amendments (19)
Amendment 10 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas, according to the IMF, the median level of debt in Sub-Saharan Africa had risen sharply, from 34% of GDP in 2013 to 48% in 2017;
Amendment 11 #
Motion for a resolution
Recital E b (new)
Recital E b (new)
E b. whereas several countries, including Ethiopia, Ghana and Zambia, have debt levels at or above 50% of GDP - which constitutes a significant debt burden, taking into account the low tax base in most African countries;
Amendment 12 #
Motion for a resolution
Recital E c (new)
Recital E c (new)
E c. whereas debt-service as a percentage of government spending has considerably increased since 2013 which substantially reduces opportunities for public investment;
Amendment 22 #
Motion for a resolution
Recital J
Recital J
J. whereas national debt sustainability depends on not only debt stock but also on other factors, such as explicit and implicit financial guarantees (contingent liabilities) issued by the countries concerned; whereas public-private partnerships often entail related guarantees, possibly accompanied by significant risks of future bank bailouts; whereas the EFSD aims to provide such guarantees for fragile countries;
Amendment 27 #
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 classesmajority of the population;
Amendment 39 #
Motion for a resolution
Recital N a (new)
Recital N a (new)
N a. whereas the IMF remains the principal forum for discussing restructuring sovereign debt issues, with significant influence over the European Union and its Member States;
Amendment 42 #
Motion for a resolution
Recital O a (new)
Recital O a (new)
O a. whereas debt relief has provided low-income countries with new opportunities, it must be noted that it is a one-off intervention to restore debt sustainability which doesn't address the root causes of unsustainable debt accumulation and challenges - such as corruption, weak institutions, vulnerability to external shocks - must be primarily addressed;
Amendment 46 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Points out that credit facilities are an essential means of ensuring a dignified future forwealth creation in developing countries;
Amendment 65 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Considers that responsibility for spiralling (external) debt rests primarily with the politicians governing the countries in question and that, in manyseveral cases, their creditors must also be held accountable for the resulting debt crisis;
Amendment 75 #
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 89 #
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 93 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Stresses that transparency should be promoted in order to enhance the accountability of the actors concerned; emphasises the importance of sharing of both data and processes related to sovereign debt workouts;
Amendment 94 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the Commission to draw up, in coordination with all major international actors and the countries concerned, 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 approach to the problem of debt;
Amendment 103 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. DeploresTakes note of the refusal by the EU Member States in 2015 given several statements that do not accurately reflect existing law or international practices, following the adoption of Council Common Position 11705/15 (of 7 September 2015), to approve UN Resolution A/RES/69/319 concerning basic principles for sovereign debt restructuring, which was nevertheless adopted by majority vote in the UN General Assembly on 10 September 2015;
Amendment 105 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13 a. Stresses the importance of consistency of actions taken at the IMF level and in the UN context and of coordination of positions among Member States in the best possible way;
Amendment 108 #
Motion for a resolution
Paragraph 14 – introductory part
Paragraph 14 – introductory part
14. Calls on the EU Member States to act on the mandate adopted inrevisit Resolution A/RES/69/319 of 10 September 2015 in order to:
Amendment 111 #
Motion for a resolution
Paragraph 14 – point a
Paragraph 14 – point a
(a) create a permanent crisis management mechanism for the developingearly warning mechanisms based on reporting of a broader deterioration in debt sustainability which would help to identify at early stage risks and vulnerabilities of heavily indebted countries;
Amendment 114 #
Motion for a resolution
Paragraph 14 – point b
Paragraph 14 – point b
(b) allow, in coordination with the IMF, the establishment of a multilateral legal framework for the restructuring of sovereign debt in order to prevent it becoming unsustainable and to achieve greater predictability for investors;
Amendment 124 #
Motion for a resolution
Paragraph 16
Paragraph 16