In the context of massive financing gaps to achieve the SDGs and debt servicing costs draining resources available for development there are several UN processes underway to address the debt and development crisis. The UNSG recently appointed an Expert group to provide practical solutions to break out of the development morass and galvanize support for action on debt.

This Panel will provide insights from current international initiatives working for solutions including, the G20, the Pact for the Future and the Fourth International Conference on Financing for Development.

Since the Debt Service Suspension Initiative and the Common Framework of the COVID-19 period, there has been much debate as to whether developing countries are experiencing liquidity or solvency problems, and how the solutions can be best framed to ensure that development is not compromised by privileging costly debt servicing.

This panel considers aspects of this debate and ongoing changes in diagnostics including debt sustainability analyses.

Rule-making initiatives, whether soft or hard law, are crucial to building consensus tackling unsustainable debt. Soft law instruments such as the UNCTAD Principles on Promoting Responsible Sovereign Lending and Borrowing identify overarching rules in response to the problems in sovereign debt practices. While not legally binding, they are critical in fostering country consensus on guiding norms. Contractual innovations and domestic legislation can assist where international norms are absent.

This panel will discuss legislative efforts, contractual tools, and soft law.

Developing countries with high debt and climate vulnerabilities face a vicious cycle where disaster recovery and climate-resilient structural transformation require investment, leading to costly borrowing increase and deteriorated debt sustainability, perpetuating underinvestment in climate actions. Novel financial instruments are needed to enhance flexibility and resilience in public debt management amid shifting economic challenges.

This panel will delve into innovative debt instruments that can equip policymakers and practitioners to effectively navigate complex debt landscapes and break out the debt-climate vicious cycle.

Public debt accountability is vital during both prosperous and challenging times. Regular and transparent debt data dissemination, along with robust parliamentary oversight and comprehensive audits, are essential components of good governance in debt management. Accountability in the fiscal realm is key to ensure effective management of public finances as well as long term debt sustainability.

This panel will explore how governments have adopted measures to strengthen public debt governance and accountability through transparent reporting, parliamentary oversight, comprehensive audits, and well-designed fiscal rules.

In today's interconnected financial landscape, the accuracy and reliability of debt data are essential for fostering trust and facilitating sound policymaking.

This session explores the significance of robust debt statistics and data quality, highlighting best practices and international standards that drive transparency and ensure effective debt management. It explores the methodologies for collecting, compiling, disseminating, and interpreting debt statistics, covering the evolving global requirements aimed at fostering transparency in debt reporting.

A skilled and sustainable debt management office is essential to producing quality debt data and statistics. Addressing capacity- building needs and managing staff turnover are key priorities to achieve this. The specialized and technical nature of debt management results in the difficulties to recruit and retain staff. High staff turnover creates substantial disruptions, compounded by factors such as unplanned reassignments, low incentives, and private sector competition for human resources.

This panel explores strategies for managing institutional challenges for sustainable debt management offices.

Integrating public debt management with other core components of public financial management - such as treasury, budgeting and accounting - enhances financial oversight, reduces risk and supports better fiscal governance. But how does a government connect the distinctive features of a debt management system to other components of a public financial management system? What are the factors to consider? What are the challenges? And what is best practice?

This panel will include country case studies as well as Integrated Financial Management Information System (IFMIS) experts.

Debt trends and advancements in information technology are evolving rapidly, adding new layers of complexity to effective debt management. This growing complexity necessitates updated requirements for debt management systems.

This panel explores these emerging requirements and examines the current and planned support from the international community aimed at assisting governments to strengthen their debt management capacities in a sustainable way. It delves into areas such as system enhancements, capacity development, and technical assistance, while also identifying additional measures needed to address future challenges effectively.