Philippines (30 March 2021) -- “The multiple crisis has indeed imbued a much greater urgency to address the debt problem that so many countries have been grappling with for decades. It is a problem that past debt relief measures have failed to solve and present measures are also failing… The debt problem must be understood more broadly, deeply and sharply”.
APMDD Coordinator Lidy Nacpil delivered the intervention at a UN High Level Event on International Debt Architecture and Liquidity held March 29 that aimed to address debt vulnerability as an issue of “sustainability” or capacity to pay.
Nacpil stressed however, that the debt problem is "more than just a problem of liquidity and insolvency". She noted that the “tiny relief that is the temporary suspension of bilateral debt payments for too few countries” will not solve a systemic and structural problem.