New York and Waterloo, Canada – October 10, 2012 – The Financing for Development Office (FfDO), Department of Economic and Social Affairs, United Nations and The Centre for International Governance Innovation (CIGI) invite media accredited to the IMF and World Bank Group annual meetings in Tokyo to attend their joint panel, titled “Facilitating International Adjustment through Timely Debt Resolution.”

The panel will explore the calculus of economic and political factors influencing debt default decisions to assess the extent to which voluntary or statutory rules-based approaches can contribute to an orderly, timely framework for the restructuring of claims that reduces costs to debtors and private creditors alike.

WHAT: A Panel discussion on the margins of the Tokyo Annual Meetings of the IMF and the World Bank Group: Facilitating International Adjustment through Timely Debt Resolution


  • Shamshad Akhtar (introduction), Assistant Secretary General for Economic Development and Senior Adviser on Economic Development and Finance Department of Economic and Social Affairs, United Nations (UNDESA)
  • Paul Blustein (co-moderator), Senior Fellow, The Centre for International Governance Innovation (CIGI), and author of How Global Watchdogs Missed a World of Trouble (CIGI Paper, 2012) and A Flop and a Debacle: Inside the IMF’s Global Rebalancing Acts (CIGI Paper, 2012)
  • Benu Schneider (moderator), Chief Development Finance and External Debt Unit, Financing for Development Office (FfDO), Department of Economic and Social Affairs, United Nations (UNDESA)
  • Jose Antonio Ocampo, Professor of Professional Practice in International and Public Affairs, School of International and Public Affairs, Columbia University
  • Sergei Storchak, Deputy Finance Minister, Russian Federation
  • Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley
  • Willem Buiter, Chief Economist, Citigroup
  • Robert Gray, Chairman, Debt Financing & Advisory Group, HSBC Bank plc.; Chairman, Regulatory Policy Committee, International Capital Market Association
  • Amar Bhattacharya, Director of the Secretariat, Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development

WHERE: Tokyo International Forum, Hall D1

WHEN: 11 a.m.- 1 p.m., Friday, October 12, 2012

More information:,,contentMDK:23268353~pagePK:220503~piPK:220476~theSitePK:228717,00.html.

Directions to find the conference room:

For a link to all of CIGI's work related to sovereign debt, please visit

MEDIA CONTACTS:                                                           
Newton Kanhema, DPI, United Nations, Tel: 1 212 963 5602, Email: [email protected]
Declan Kelly, Communications Specialist, CIGI, Tel: 1 519.885.2444, ext. 7356, Email: [email protected]

The objective of the Financing for Development Office, Department of Economic and Social Affairs, United Nations, is to provide effective secretariat support for sustained follow-up within the United Nations system to the agreements and commitments reached at the International Conferences on Financing for Development, as contained in the 2002 Monterrey Consensus and 2008 Doha Declaration, as well as financing for development-related aspects of the outcomes of major United Nations conferences and summits in the economic and social fields, including the Millennium Development Goals. To that end, FfDO services the biennial High-level Dialogue of the General Assembly and the annual Special high-level meeting of ECOSOC with the Bretton Woods institutions, WTO and UNCTAD, as well as informal multi-stakeholder consultations with the participation of experts from the official and private sectors. For more information, please visit

The Centre for International Governance Innovation (CIGI) is an independent, non-partisan think tank on international governance. Led by experienced practitioners and distinguished academics, CIGI supports research, forms networks, advances policy debate and generates ideas for multilateral governance improvements. Conducting an active agenda of research, events and publications, CIGI’s interdisciplinary work includes collaboration with policy, business and academic communities around the world. CIGI was founded in 2001 by Jim Balsillie, then co-CEO of Research In Motion (RIM), and collaborates with and gratefully acknowledges support from a number of strategic partners, in particular the Government of Canada and the Government of Ontario. For more information, please visit


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