Activities of Lola SÁNCHEZ CALDENTEY related to 2016/2241(INI)
Shadow reports (1)
REPORT on enhancing developing countries’ debt sustainability PDF (444 KB) DOC (57 KB)
Amendments (9)
Amendment 15 #
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; 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 reser domestic debt often has high interest rates and is expensives;
Amendment 31 #
Motion for a resolution
Recital L
Recital L
L. whereas the mobilisation of domestic resources is being hampered by the transfer of transnational corporate profits in particular; whereas the OECD base erosion and profit shifting (BEPS) initiative is a welcome but insufficient response to this situation; whereas the UN still lacks an intergovernmental tax body to negotiate global tax agreements in a fully inclusive manner, as called for by the European Parliament in its resolution of 6 July 2016 on tax rulings and other measures similar in nature or effect;
Amendment 36 #
Motion for a resolution
Recital N
Recital N
N. whereas existing debt service default proceedings for countries differ fundamentally from insolvency proceedings for businesses falling within national jurisdictions, since no provision is made for impartial arbitration before a court of law; whereas short-term loans, subject to terms and conditions and disbursed in tranches, are provided by the IMF, whose mission is to ensure the stability of the international financial system; whereas the Paris Club of creditor countries tstates only makes decisions regardingon debt relief, while private creditors are represented by the London Club, through which they are able to coordinate their actions; whereas no procedures exist that are applicable across the board for arbitration between debt-laden countries and their creditorith regard to official bilateral lending by its members; whereas the London Club of private creditors only makes decisions on commercial bank loans by its members; whereas there is no permanent forum for coordinated decision-making on debt restructuring by all creditors to a country in debt distress;
Amendment 49 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Points out that credit facilities are an essential means of ensuring a dignified future for developing countries, but notes that debt financing should just be a complement and second best option to non debt-creating instruments such as ODA, tax and tariff income as debt financing has inherent and substantial crisis risks which require that adequate institutions for the prevention and resolution of debt crises are put in place;
Amendment 64 #
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 many cases, their, debtors and creditors must also bshare theld accountable for the resulting debt crisi responsibility for preventing and resolving unsustainable debt situations;
Amendment 83 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. calls on the EU and its Member States to adhere to these principles in their bilateral lending as well as when acting within international financial institutions;
Amendment 84 #
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8 b. calls on the EU and its Member States to promote the systematic use of human rights impact assessments as part of debt sustainability assessments undertaken by the International Monetary Fund and World Bank;
Amendment 101 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12 a. Considers transparency as critical to supporting responsible sovereign lending and borrowing, and calls on Member States of the European Union to build upon commitments made in the Addis Ababa Action Agenda, and the G20 Operational Guidelines on Sustainable Financing, by: promoting the public availability of data on sovereign debt, including contingent liabilities, and collation of this data in a centraliced public registry, and systematically making public information on their lending activities to developing countries;
Amendment 127 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16 a. Notes the increased promotion of public-private partnerships (PPPs) and blending under instruments such as the EU External Investment Plan and the G20 Compact with Africa to support the realisation of the SDGs; highlights the importance of ensuring safeguards are in place to prevent contingent government liabilities from undermining the debt sustainability of developing countries; calls on Member States of the European Union when developing agreements with partner countries under these instruments, to ensure objective comparison of PPP financing with alternative forms of financing, including public borrowing, and which take into consideration the full fiscal risks over the lifetime of PPP projects; notes that EU support to countries in high risk on debt distress should give preference to grant financing;