EXTERNAL DEBT OF THE SOUTHERN MEDITERRANEAN COUNTRIES
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1 EURO-MEDITERRANEAN SUMMIT OF ECONOMIC AND SOCIAL COUNCILS IN ATHENS (6-7 March 2002) EXTERNAL DEBT OF THE SOUTHERN MEDITERRANEAN COUNTRIES WORKING PARTY National Economic and Labour Council (CNEL), Italy Economic and Social Council (CES), Tunisia National Economic and Social Council (CNES), Algeria Athens, 6-7 March 2002
2 - 1 - It was decided at the Summit of Euro-Mediterranean Economic and Social Councils held in Naples on 2 and 3 November 2000 that the Italian CNEL would be in charge of drawing up a report - with the help of the Algerian CNES and the Tunisian CES - on the external debt of the southern Mediterranean countries, for presentation at the summit in Athens on 6-7 March 2002.
3 - 2 - PREAMBLE The issue of external debt has been addressed in many civil society forums, and its reconsideration has been a prime concern of the developing countries, including the Mediterranean partner countries (MPCs). This issue: was the subject of a joint statement by the Italian CNEL and the Algerian CNES at the Euro-Mediterranean Summit of Economic and Social Councils and Similar Institutions held in Naples in 2000; was discussed at the Euro-Mediterranean Summit of Economic and Social Councils and Similar Institutions held in Paris in It is gratifying to note the considerable progress that has been made in this area thanks to the views expressed by civil society, certain political circles and scientific and moral authorities. Also relevant are: the many resolutions tabled by a number of developing countries at the United Nations to specifically establish the right to development; the many appeals to the United Nations Commission on Human Rights; the approach endorsed by the 11 th and 12 th European Union-Latin America Interparliamentary Conferences (São Paulo, Brazil in 1993 and Brussels in 1995) for the General Assembly of the United Nations to call on the International Court of Justice in The Hague to issue an advisory opinion that would make it possible to address the debt problem according to the "general principles of law recognized by civilised nations" (Statute of the Court, Article 38(c)). This position was reaffirmed by the Italian CNEL in an opinion issued on 24 June 1997 and by the Italian Chamber of Deputies in a motion passed in September 1998.
4 - 3 - In this context, reference is also made to the position of the Roman Catholic and Protestant churches on the principles of law and human rights, which are consistent with those of Islamic law. In addition, it is pertinent to recall: the Annaba Declaration on the external debt of the southern and eastern Mediterranean countries, which was jointly adopted by the Algerian CNES and the Italian CNEL in 1999; the opinions of the Italian CNEL of 1997 and 2001 on the external debt of the Mediterranean developing countries; Law No. 209 adopted by the Italian parliament on 25 July 2000 on measures to reduce the external debt of heavily indebted poor and low-income countries. Finally, progress has been made in managing debt by launching an initiative for heavily indebted poor countries (HIPC initiative), increasing the number of countries benefiting from the general debt relief measures announced by the G8 and as a result of the G8's particular interest in the external debt problems of the African countries as part of the New Partnership for Africa's Development (NEPAD). However, these measures overall are inadequate, especially those concerning the MPCs. As middle-income countries, these are excluded from the initiative for heavily indebted poor countries, and any debt conversion, often agreed on a bilateral basis, is still token in nature and has no significant impact on their debt. The prospect of a Euro-Mediterranean free trade area being set up requires a re-balancing of flows and investment of the resources needed to enable the MPCs to reach an acceptable level of economic and social development. The resources in question can be released by reducing the burden of debt and converting it into other types of asset through a policy of resource redeployment. Furthermore, the very progressive objectives of the Euro-Mediterranean partnership have come up against obstacles that have spectacularly slowed the Barcelona Process, delaying the application of various measures taken in the framework of Euro-Mediterranean cooperation.
5 - 4 - OBSERVATIONS 1. The external debt problem of developing countries in general and the MPCs in particular, especially those of the southern and eastern Mediterranean (SEMPCs) has implications for social justice and economic stability, and thus for maintaining regional peace and stability. The external debt of the developing countries exceeds 2,300 billion dollars, which is 10% of world output, with debt-servicing accounting for 270 billion dollars. Most of this debt is concentrated in Latin America and Africa. Africa is effectively excluded from major world investment and trade flows, its share being only 4% (although it has a population of 700 million). 2. There is a flagrant imbalance in relations between debtor and creditor countries, with creditors meeting in the context of the Paris Club to coordinate the positions of the bodies deciding on measures to be adopted vis-à-vis debtor countries. In this connection it is worth recalling the plan to establish a "forum of debtors", an initiative proposed by the Italian CNEL in its 1997 opinion on the external debt of the Mediterranean developing countries, which was favourably received by the Latin-American parliament in its Caracas Declaration of July 1997 and São Paulo (Brazil) Declaration of May This proposal pinpoints a serious, more general anomaly that still characterises international decision-making processes, namely their serious lack of transparency and democracy. The developing countries are today effectively excluded from the forums that take decisions on global economic and financial parameters, and are thus also excluded from the benefits of globalisation of markets. Furthermore, debtor countries are also excluded from the decision-making bodies that deal with the problem of their external debt. They have had unsatisfactory restructuring measures imposed on them, which has often aggravated their economic situation and had a detrimental impact on the living conditions of their people. They must be conceded the right to organise internationally so that they can negotiate on a multilateral basis the conditions on which their debt is managed. But they must also overcome their differences, even if these are legitimate, and find the will and ability to join forces and
6 - 5 - present a united front when negotiating, so that they do so with greater authority and credibility. The call from several quarters for international financial relations to be reformed - with particular focus on the relevant multilateral institutions such as the World Bank and the International Monetary Fund - is crucial both for debtor and creditor countries. 3. Civil society involvement in the cooperative processes will ensure that measures are more coherent in terms of real needs and that social cohesion is better and broader, with more "bottom-up" participation in the socio-economic development process. This is also an effective instrument of political democratisation. As far as debt conversion is concerned, it must be stressed that beneficiary countries should be actively involved in financing counterpart funds, from debt repayments. The resources will be earmarked for development programmes. Responsibility for managing counterpart funds must be assigned to a local development cooperation organisation. The destination and utilisation of funds can be monitored by involving both creditor and debtor countries. 4. Solving the debt problem requires new rules for globalising markets - so that the process includes and emancipates the southern countries and promotes the construction of an economically stable and socially sustainable system. In particular, the process must take into account the extreme economic imbalance between north and south, by providing for compensatory measures and exceptional arrangements to offset the process of liberalisation. This means introducing measures similar to those that have, in various ways, "protected" the development of internal markets all over today's developed world during every industrial revolution. The aim is not to perpetuate exclusion of the developing countries from world markets, but - in a more dynamic and modern approach - to gradually design compensatory and exceptional measures agreed at international level and, at least in principle, also approved in the framework of the World Trade Organisation (WTO). Leaving aside the technical and financial dimensions of the debt, a political approach is called for. This can be effective only if financial, trade and
7 - 6 - cooperation policies are coordinated in order to create and maintain a "healthy" macroeconomic climate in the countries concerned. The debt spiral effectively aggravates the unequal position of debtor developing countries in relation to creditor industrialised countries by distorting international economic relations and economic and social development. The external debt of the developing countries also has a detrimental effect on the economies of the creditor countries, making it impossible to expand trade links and widen the markets of the rich countries. Promoting growth in the least developed countries (LDCs) would improve economic and trade ties between north and south, which would in turn enhance opportunities for trade in goods and services, increase employment and so stem migratory flows, which are becoming difficult to manage in a globalised world. 5. As currently applied and interpreted, international law does not seem to provide an adequate way of tackling this problem because it does not regulate the relationship between creditor and debtor countries. It is therefore necessary to draw up legal instruments which can ensure a better balance of mutual obligations between countries. 6. The conclusions of the 11 th and 12 th European Union-Latin America Interparliamentary Conferences (São Paulo, Brazil, in 1993 and Brussels in 1995) can be an example to the Euro-Mediterranean governments, using them to call on the General Assembly of the United Nations to ask the International Court of Justice in The Hague to issue an opinion on the law and ethics of debt. 7. It is also a fact that pending the establishment of a suitable international legal framework, the economic and social situation of the heavily indebted countries is so serious as to require urgent measures which must satisfy the general principles of equity and justice. In view of the above, we can only share and endorse the approach recommended at the G8 summits in Cologne (June 1999), Okinawa (July 2000) and Genoa (July 2001). The G8 expressed their commitment to dealing with the external debt problem of the developing countries as a matter of priority and strategic importance in the context of globalisation. They also envisaged the need for development objectives to take the social dimension into account.
8 - 7 - However, it has to be said that the necessary instruments have not been defined since these general, or rather generic, arrangements for managing debt were framed and the countries first in line to benefit from them identified. There has been a lack of action on the part of individual governments and a lack of coordinated action between them and between the relevant international bodies. It is therefore hoped that the developing countries will be involved in decision-making at future summits, when strategies are formulated to combat the problems of underdevelopment and poverty. 8. With regard to the socio-economic measures to be taken, it seems reasonable to assume that the approach to dealing with the debt problem will vary according to the indebted country's level of economic growth. Thus for the HIPCs it makes sense to call for complete or partial cancellation of debt rather than for restructuring or conversion. For middle-income countries, the most appropriate solution is to use debt repayments to finance local development measures in the framework of a bilateral and/or multilateral economic and social partnership. The aim is to help launch a process of restructuring and growth for national economies in accordance with objectives which will take into account the real needs of the countries concerned and will offer reciprocal gains to the parties. 9. As far as the southern and eastern MPCs are concerned, there should be a focus on the need to promote a broader partnership based on converting a portion of the external debt. The aim of debt conversion must be to help these countries catch up economically and socially with a view to the setting-up of the Euro-Mediterranean free trade area in However, complete or partial debt conversion to fund local development measures can be a crucial stage in establishing a concrete and sustained policy of cooperation. Without wishing to downplay the technical problems associated with conversion measures, this has to be a political choice based primarily on the following objectives: protection of the environment; providing social protection for the groups most seriously hit by economic restructuring measures; investment in local business; and formation of human capital. CONCLUSIONS AND RECOMMENDATIONS
9 - 8 - Certain proposals should be made by way of conclusion and as part of the search for solutions to the debt problems of the developing countries, including the southern and eastern Mediterranean partner countries, while respecting principles of ethics, solidarity and the need to improve the balance of flows, and with a view to supporting the development of the countries in question. These proposals could take the form of a regional initiative for the MPCs and an international initiative for the developing countries more broadly, as proposed by the Euro-Mediterranean Summit of Economic and Social Councils and Similar Institutions in Athens. They are based on the following recommendations: 1. Setting up a Euro-Mediterranean forum for the debtor MPCs. This forum should serve not just as an interlocutor for debtor MPCs, defending their interests vis-à-vis creditors, but also as an interface with multilateral bodies (G8, the United Nations, the WTO, World Bank, IMF), starting of course with the European Union. It would also be required to take part in key decisions affecting the future of developing countries, both in relation to debt management and to defending the rights of debtor MPCs within a generally approved framework. Of course this should not prevent each country from discussing individually with its creditors the conditions and arrangements for managing its debt. 2. Setting up a Euro-Mediterranean observatory to monitor the debt of the MPCs. In order to achieve this objective, the Athens summit gives the Working Party a mandate to continue the discussion on ways and means of establishing the observatory, with the participation of those Euro-Mediterranean Economic and Social Councils and Similar Institutions which are interested, in order to: put forward a proposal at the ESC summit in 2003 to set up the observatory; hear the views of the institutions that are interested in the project. 3. Alleviating the debt of the southern and eastern MPCs by: capping debt-servicing at 15% of export revenues in order not to compromise countries' development potential; reducing or possibly eliminating interest rates;
10 Converting ("recycling") the debt of the southern and eastern MPCs: Instead of being transferred, repayments would accrue to a fund (counterpart fund) for the purpose of financing complementary or priority development programmes. Programmes suitable for funding through counterpart funds would relate to: environmental protection; development of the water system; development of the agricultural sector; supporting and promoting small and medium-sized companies and microbusinesses; education and vocational training, e.g. in new technologies; development of new industrial zones meeting international standards; promoting women as partners and key players in economic and social development. 5. Promoting and strengthening capital flows into MPCs which do not generate debt, such as foreign direct investment of risk capital and investment guarantee funds. 6. Granting a substantial public aid package, as well as soft loans, to improve the debt structure of the debtor MPCs. 7. Setting up an EU-MPC Euro-Mediterranean fund. The purpose of the Euromed fund would be to stimulate and provide a framework for private investment. It would be financed through repayment of private debt contracted by the debtor countries with private creditors, including EU creditors. The terms will be decided by joint agreement under the Barcelona Process. These various recommendations can be broadened to include all the developing countries at international level. However, these measures and solutions should not in any degree lessen the commitment of the creditor countries to continue financing development in the developing countries, in particular the southern and eastern MPCs, by means of soft loans.
11 Medium-income MPCs must also benefit from measures proposed for managing external debt and from continuing international financial support. It would be illogical and unacceptable for them to be penalised because they have made economic and social progress.
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