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An open letter to finance ministers from ICC, ITUC and Global Citizen calling for World Bank and IMF Spring Meetings to take the debt out of the Covid-19 equation
Global business, workers and civil society have united in a call for emergency debt relief to enable developing countries to combat the COVID-19 pandemic.
The International Chamber of Commerce (ICC), the institutional representative of over 45 million businesses, the International Trade Union Confederation (ITUC), the global voice of the world’s working people, and Global Citizen, a movement of engaged citizens who use their collective voice to end extreme poverty by 2030, have urged Finance Ministers to use next week’s Spring Meetings of the World Bank Group and International Monetary Fund to ensure sovereign debt does not stymie efforts to combat COVID-19.
With many developing countries now facing a decision to either service sovereign debt obligations or pay to safeguard the lives and livelihoods of their citizens, the letter calls on finance ministers to provide immediate relief from debt servicing obligations and fund the Catastrophe Containment Relief Trust.
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The compared version, which is made available for convenience, highlights the amendments to the 2017 Arbitration Rules. Arbitration under the ICC Arbitration Rules is a formal procedure leading to a binding...
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The ICC Arbitration Rules are those of 2012, as amended in 2017 and 2021. They are effective as of 1 January 2021. The ICC Mediation Rules, in force as from...
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Around 80% of world trade relies on trade finance—a market that has proven particularly vulnerable to previous financial shocks. Reduced access to reliable, adequate, and cost-effective sources of trade financing...
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