Colombo Consultation on Debt Restructuring kicks off on Thursday

The Law and Society Trust in partnership with the International Development Economics Associates (IDEAs) is organising a consultation in Colombo over 23-24 March 2023 on debt restructuring.

This consultation is organised in the context of the slow progress in the negotiations to resolve the debt crisis in Sri Lanka and other low- and middle-income countries. Organisers believe that academics and Civil Society Organisations should intervene in discussions on what would be a just and feasible restructuring program.

Several experts will deal with pertinent issues via multiple sessions and presentations at the Galle Face Hotel, Colombo. Session one will include The Political Economy of External Debt Stress and Restructuring in LMICs in the Current Conjuncture’ by IDEAs Dr. C.P. Chandrasekhar; ‘Ghana’s Quixotic Debt Treatment Strategy’ by IMANI Centre for Policy and Education, Ghana Vice President Bright Simons [Presentation Online]; ‘Debt Restructuring and the Economic Crisis in Sri Lanka’ by University of Jaffna and IDEAs Senior Lecturer Dr. Ahilan Kadirgamar; with discussant being Centre for a Smart Future Co-Founder and Director Anushka Wijesinha. Second session will include presentations on ‘Addressing Sovereign Debt Crises after COVID-19 and War’ by Columbia University Public Policy Professor and Former Minister of Economy of Argentina Dr. Martin Guzman [Presentation Online]; ‘Economic Adjustment-cum-Debt Restructuring Packages’ by Paris School of Economics Research, Finance for Development Lab Director Dr. Ishac Diwan [Presentation Online] and ‘Debt Restructuring and the IMF’ by IDEAs Dr. Jayati Ghosh [Presentation Online]. Discussant will be Verité Research Executive Director Dr. Nishan de Mel.

On Friday during the third session, presentations include ‘Challenges for Sri Lanka Debt Restructuring and Possible Options’ by United Nations Former Debt and Human Rights Independent Expert, South Centre Senior Advisor Yuefen Li; ‘What is Wrong with the Existing Mechanisms Dealing with Sovereign Insolvency?’ by Accra Transnational Law Legal Specialist Dr. Dotse Tsikata and discussant will be Sri Lanka Central Bank Former Governor Dr. Indrajit Coomaraswamy.

Session four will include Review the Proceedings and Way Forward by IDEAs Dr. Charles Abugre followed by discussion and concluding session on Future Initiatives to address Debt Restructuring. On Saturday from 10 to 12.30 p.m. there will be a public panel discussion with presenters at the Colombo Consultation.

Charles Abugre is a Ghanaian development economist. He has worked as a researcher and lecturer, and as an NGO activist and development professional in several parts of the world. He is currently the Executive Director of the International Development Economics Associates (IDEAs). He was previously the Africa Regional Director for the United Nations Millennium Campaign (UNDP), Head of Christian Aid’s (UK) Global Policy and Advocacy Division and Senior Advisor to the President of Ghana on regional planning and development and member of the National Development Planning Commission, Ghana.

Yuefen Li was the Former United Nations Independent Expert on Debt and Human Rights. She is currently Senior Advisor on South-South Cooperation and Development Finance at the South Centre and Co-Chair of the Debt Relief and Green Recovery initiative. She headed the work on debt and development finance in the United Nations Conference on Trade and Development (UNCTAD) and was Manager of UNCTAD Project on Promoting Responsible Sovereign Lending and Borrowing and the Manager of the Project on Globalisation. She was a guess professor at Tsinghua University, China.

Dr. C.P. Chandrasekhar was engaged in teaching and research at the Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi for more than 30 years and is currently Senior Research Fellow at the Political Economy Research Institute, University of Massachusetts, Amherst. His areas of interest include the role of finance and industry in development and the experience with fiscal, financial and industrial policy reform in developing countries.

Ahilan Kadirgamar is a political economist and Senior Lecturer at the University of Jaffna, He is a fortnightly columnist in the Daily Mirror, an Editorial Board Member of the Sri Lanka Journal of Social Sciences and a Board Member of Himal Southasian Magazine. He is currently the Honorary Chair of the Northern Co-operative Development Bank.