sustainable development 20 years on from the ... - José Eli da Veiga
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ong>20ong>7 There are also other initiatives, such as the United Nations Collaborative Programme on Reducing Emissions from Deforestation and Forest Degradation in Developing Countries (UN-REDD), set up jointly by the Food and Agriculture Organization of the United Nations (FAO), UNDP and UNEP, and the MDG Achievement Fund (MDG-F), established under an agreement between UNDP and Spain, in which climate change is one of the thematic areas. National ong>developmentong> finance institutions have also deployed instruments for supporting environmental and ong>sustainableong> ong>developmentong> projects (see ALIDE, ong>20ong>11). Putting the Brazilian National Bank for Economic and Social Development (BNDES) in charge of managing the Amazon Fund in ong>20ong>08 helped boost BNDES environmental operations. The Amazon Fund finances projects to reduce CO 2 emissions caused by deforestation. It is authorized to raise funding proportional to emissions reductions achieved. The first donors were Norway, Germany and Petrobras (see [online] www.fundoamazonia.gov.br). 4. International loans Owing to commitments arising from their high levels of external debt, many developing countries are facing constraints when formulating ong>sustainableong> ong>developmentong> strategies and allocating resources to environmental protection. Countries that have a high level of external debt in relation to their capacity to generate export earnings thus have limited capacity to attract new financing, and this could have a negative impact on domestic investment (ECLAC, ong>20ong>01). Although the region’s external debt rose from US$ 470 billion in 1992 to nearly twice that amount in ong>20ong>09 (ECLAC, ong>20ong>10a), total debt as a percentage of goods and services exports declined sharply, from 245% in 1992 to 102% in ong>20ong>10, thanks to its robust export performance. 6 The region’s debt-to-GDP ratio also improved during that period, as a result of GDP growth, dropping sharply from 37% in 1992 to 19% in ong>20ong>10 (see figure V.5). Countries (mostly in South America) that export hydrocarbons and mining products benefited from the rising trend of international commodity prices starting in ong>20ong>03. Those countries have seen a sustained reduction in their external debt-to-GDP ratios since the start of the price upswing in ong>20ong>02, due to the buoyancy of regional GDP in this phase. The external price cycle over the past decade did not translate into a similar terms-of-trade improvement for Central American and Caribbean countries. Nonetheless, Central America has obtained a sustained reduction in its relative indebtedness —as a result of the Heavily Indebted Poor Countries (HIPC) initiative in the cases of Honduras and Nicaragua, among others, and the maintenance of low external debt levels in the cases of Costa Rica and Guatemala. In contrast, the Caribbean is not yet showing a clear debt reduction trend. In fact, both the debt-to-GDP ratio and the interest payments to exports ratio began to rise steadily at the end of the 1990s. This subregion is the most vulnerable one in this respect (see figure V.6) (United Nations, ong>20ong>10a). 6 World Bank data, World Development Indicators.

ong>20ong>8 Figure V.5 LATIN AMERICA AND THE CARIBBEAN (27 COUNTRIES): DEBT/GDP RATIO, 1992-ong>20ong>10 (Millions of dollars) 70 60 50 40 30 ong>20ong> 10 0 1992 1993 1994 1995 1996 1997 1998 1999 ong>20ong>00 ong>20ong>01 ong>20ong>02 ong>20ong>03 ong>20ong>04 ong>20ong>05 ong>20ong>06 ong>20ong>07 ong>20ong>08 ong>20ong>09 ong>20ong>10 Latin America and the Caribbean Mexico South America Caribbean Central America, Haiti and Dominican Rep. Source: Economic Commission for Latin America and the Caribbean (ECLAC), Statistical Yearbook for Latin America and the Caribbean ong>20ong>11 (LC/G.2513-P/B), Santiago, Chile, ong>20ong>11. United Nations publication, Sales No. E/S.12.II.G.1. Note: South America includes Argentina, Bolivarian Republic of Venezuela, Brazil, Chile, Colombia, Paraguay, Peru, Plurinational State of Bolivia and Uruguay; included under Central America, Dominican Republic and Haiti are Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama; the Caribbean includes Antigua and Barbuda, Bahamas, Barbados, Dominica, Grenada, Guyana, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines. Figure V.6 THE CARIBBEAN (8 COUNTRIES): EXTERNAL DEBT INDICATORS, 1990-ong>20ong>10 a (Percentages) 160 25 140 1ong>20ong> ong>20ong> Debt/GNI 100 80 60 15 10 Debt service, interest payments 40 5 ong>20ong> 0 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 ong>20ong>00 ong>20ong>01 ong>20ong>02 ong>20ong>03 ong>20ong>04 ong>20ong>05 ong>20ong>06 ong>20ong>07 ong>20ong>08 ong>20ong>09 ong>20ong>10 Debt/GNI Debt service/exports Interest payments/exports Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of World Bank, World Development Indicators database. a The Caribbean includes Belize, Dominica, Grenada, Guyana, Jamaica, Saint Kitts and Nevis, Saint Vincent and the Grenadines and Saint Lucia.

<str<strong>on</strong>g>20</str<strong>on</strong>g>8<br />

Figure V.5<br />

LATIN AMERICA AND THE CARIBBEAN (27 COUNTRIES): DEBT/GDP RATIO, 1992-<str<strong>on</strong>g>20</str<strong>on</strong>g>10<br />

(Milli<strong>on</strong>s of dollars)<br />

70<br />

60<br />

50<br />

40<br />

30<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g><br />

10<br />

0<br />

1992 1993 1994 1995 1996 1997 1998 1999 <str<strong>on</strong>g>20</str<strong>on</strong>g>00 <str<strong>on</strong>g>20</str<strong>on</strong>g>01 <str<strong>on</strong>g>20</str<strong>on</strong>g>02 <str<strong>on</strong>g>20</str<strong>on</strong>g>03 <str<strong>on</strong>g>20</str<strong>on</strong>g>04 <str<strong>on</strong>g>20</str<strong>on</strong>g>05 <str<strong>on</strong>g>20</str<strong>on</strong>g>06 <str<strong>on</strong>g>20</str<strong>on</strong>g>07 <str<strong>on</strong>g>20</str<strong>on</strong>g>08 <str<strong>on</strong>g>20</str<strong>on</strong>g>09 <str<strong>on</strong>g>20</str<strong>on</strong>g>10<br />

Latin America and <strong>the</strong> Caribbean<br />

Mexico<br />

South America<br />

Caribbean<br />

Central America, Haiti and<br />

Dominican Rep.<br />

Source: Ec<strong>on</strong>omic Commissi<strong>on</strong> for Latin America and <strong>the</strong> Caribbean (ECLAC), Statistical Yearbook for Latin America and <strong>the</strong><br />

Caribbean <str<strong>on</strong>g>20</str<strong>on</strong>g>11 (LC/G.2513-P/B), Santiago, Chile, <str<strong>on</strong>g>20</str<strong>on</strong>g>11. United Nati<strong>on</strong>s publicati<strong>on</strong>, Sales No. E/S.12.II.G.1.<br />

Note:<br />

South America includes Argentina, Bolivarian Republic of Venezuela, Brazil, Chile, Colombia, Paraguay, Peru, Plurinati<strong>on</strong>al<br />

State of Bolivia and Uruguay; included under Central America, Dominican Republic and Haiti are Costa Rica, El Salvador,<br />

Guatemala, H<strong>on</strong>duras, Nicaragua and Panama; <strong>the</strong> Caribbean includes Antigua and Barbu<strong>da</strong>, Bahamas, Barbados, Dominica,<br />

Grena<strong>da</strong>, Guyana, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and <strong>the</strong> Grenadines.<br />

Figure V.6<br />

THE CARIBBEAN (8 COUNTRIES): EXTERNAL DEBT INDICATORS, 1990-<str<strong>on</strong>g>20</str<strong>on</strong>g>10 a<br />

(Percentages)<br />

160<br />

25<br />

140<br />

1<str<strong>on</strong>g>20</str<strong>on</strong>g><br />

<str<strong>on</strong>g>20</str<strong>on</strong>g><br />

Debt/GNI<br />

100<br />

80<br />

60<br />

15<br />

10<br />

Debt service, interest payments<br />

40<br />

5<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g><br />

0<br />

0<br />

1990<br />

1991<br />

1992<br />

1993<br />

1994<br />

1995<br />

1996<br />

1997<br />

1998<br />

1999<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>00<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>01<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>02<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>03<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>04<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>05<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>06<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>07<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>08<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>09<br />

<str<strong>on</strong>g>20</str<strong>on</strong>g>10<br />

Debt/GNI Debt service/exports Interest payments/exports<br />

Source: Ec<strong>on</strong>omic Commissi<strong>on</strong> for Latin America and <strong>the</strong> Caribbean (ECLAC), <strong>on</strong> <strong>the</strong> basis of World Bank, World<br />

Development Indicators <strong>da</strong>tabase.<br />

a<br />

The Caribbean includes Belize, Dominica, Grena<strong>da</strong>, Guyana, Jamaica, Saint Kitts and Nevis, Saint Vincent and <strong>the</strong><br />

Grenadines and Saint Lucia.

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