Feminism in Public Debt: A Human Rights Approach

Bohosla sky, Juan Pablo (Ed.); Rulli, Ma iana (Ed.)
Book
Feminism in Public Deb : A Human Righ s App oach
Business, Finance and In e na ional De elopmen
P o ided in Coope a ion wi h:
B is ol Uni e si y P ess
Sugges ed Ci a ion: Bohosla sky, Juan Pablo (Ed.); Rulli, Ma iana (Ed.) (2024) : Feminism in Public
Deb : A Human Righ s App oach, Business, Finance and In e na ional De elopmen , ISBN
978-1-5292-3729-0, B is ol Uni e si y P ess, B is ol,
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BRISTOL
“So, you hough so e eign deb conce ns ha e no hing o do
wi h gende ? This book – wi h all i s in u ia ing desc ip ion
and illumina ing analysis – will show you how he eme gence
and a emp s a esol ing so e eign deb p oblems a e
deeply gende ed, how hey ein o ce and accen ua e mul iple
inequali ies and ely c i ically on placing g ea e bu dens on
women and gi ls. I only policy make s a all le els would no
jus ead his book, bu eally ake all i s a gumen s se iously.”
Jaya i Ghosh, Uni e si y o Massachuse s Amhe s
“This book de ly demons a es ha o e -indeb edness,
aus e i y and o he o hodox economic policies ha e a
nega i e impac on human igh s, pa icula ly o women.
The mac oeconomic policies pushed by he IMF and adop ed
by many go e nmen s – pa icula ly a he cu en junc u e
– bene i only a ew, ha ming he majo i y o households and
women disp opo iona ely.”
Isabel O íz, Columbia Uni e si y
“The expanding i eld o so e eign deb and human igh s has
become a lo iche wi h his new olume by wo eminen
expe s and hei eam. This book success ully ends he
ic imiza ion o women in he ace o unsus ainable deb .”
Ilias Ban ekas, HBKU Qa a Founda ion and Geo ge own Uni e si y
Juan Pablo Bohosla sky is Senio Resea che
in he i eld o i nance and human igh s a
A gen ina’s Na ional Scien i i c and Technical
Resea ch Council (CONICET) a he Na ional
Uni e si y o Río Neg o.
Ma iana Rulli is Senio Resea che and
P o esso o Poli ical Science and Gende
S udies a he Na ional Uni e si y o Rio Neg o.
EPDF and EPUB a ailable open access unde
CC-BY-NC-ND licence.
As many de eloping coun ies a e acing
inc easingly highe le els o deb and economic
ins abili y, his in e disciplina y olume explo es
he in e sec ion o so e eign deb and women’s
human igh s.
Th ough con ibu ions om leading oices
in academia, ci il socie y, in e na ional
o ganiza ions and na ional go e nmen s, i
shows how deb - ela ed economic policies a e
widening gende inequali ies and a gues o a
sys ema ic eminis app oach o deb issues.
O e ing a new pe spec i e on he global
deb c isis, his is an in aluable esou ce o
eade s who seek o unde s and he complex
ela ionship be ween economics and gende .
FEMINISM IN PUBLIC DEBT EDITED BY JUAN PABLO BOHOSLAVSKY AND MARIANA RULLI
9781529 237276
ISBN 978-1-5292-3727-6
b is oluni e si yp ess.co.uk
FEMINISM IN
PUBLIC DEBT
A Human Righ s App oach
Edi ed by
Juan Pablo Bohosla sky
and Ma iana Rulli
BUSINESS, FINANCE AND
INTERNATIONAL DEVELOPMENT
Fo ewo d by
Diane Elson
Business, Finance and
In e na ional De elopmen
Se ies Edi o s: Ca he ine Dolan, SOAS, Uni e si y
o London, Paul Gilbe , Uni e si y o Sussex,
Lena La inas, The Fede al Uni e si y o Rio de
Janei o, Emma Mawdsley ,egdi bmaC oy is e inU,
Dinah Rajak, Uni e si y o Sussex,
Fa wa Sial, SOAS,
Jessica Sklai , Uni e si y o Camb idge
This se ies is dedica ed o in e disciplina y wo k on business,
inance and in e na ional de elopmen , d awing on c oss-
cu ing con e sa ions in he disciplines o an h opology,
c i ical managemen s udies, de elopmen s udies, economics,
geog aphy and socio-legal s udies.
Fo hcoming in he se ies:
Va ie ies o Impac In es ing:
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Business, Finance and
In e na ional De elopmen
In e na ional Ad iso y Boa d
Jimi Adesina, Uni e si y o Sou h A ica, Sou h A ica
Ilias Alami, Uni e si y o Maas ich , The Ne he lands
S ephen B own, Uni e si y o O awa, Canada
Sadh i Da , Queen Ma y Uni e si y o London, UK
A un Kuma , Uni e si y o Yo k, UK
Luis Mah, Uni e si y o Lisbon, Po ugal
Sonwabile Mnwana, Uni e si y o Fo Ha e, Sou h A ica
Judy Mu hu i, Uni e si y o No ingham, UK
Se ena Na ile, Uni e si y o Wa wick, UK
Sanchi a Saxena, Uni e si y o Cali o nia, Be keley, US
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FEMINISM IN
PUBLIC DEBT
A Human Righ s App oach
Edi ed by
Juan Pablo Bohosla sky and Ma iana Rulli

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Con en s
Se ies Edi o s’ P e ace iii
Lis o Figu es and Tables x
No es on Con ibu o s xii
Acknowledgemen s xxi
Fo ewo d xxii
Diane Elson
P e ace xx ii
1 In oduc ion: Feminis So e eign Deb – U opia o Oxymo on? 1
Juan Pablo Bohosla sky and Ma iana Rulli
PART I Deb and Feminis Agendas
2 Deb , Economic Violence and Feminis Agenda 29
Co ina Rod íguez En íquez
3 Deb , De elopmen and Gende 41
Penelope Hawkins and Ma ina Zucke - Ma ques
4 Deb and Clima e Change: Twin C ises Bu dening
Women in he Global Sou h
60
Iolanda F esnillo Sallan and Leia Achampong
PART II Human Righ s and Deb App oach
5 Legal S anda ds on Deb and Women’s Righ s 81
Juan Pablo Bohosla sky and Julie a Rossi
6 Le e om UN Special P ocedu es o he IMF (2022) 95
7 Impac o Deb on Women’s and Gi ls’ Human
Righ s – In oduc ion o he 2023 Repo o he UN
Wo king G oup on Disc imina ion Agains Women and
Gi ls, ‘Gende ed Inequali ies o Po e y: Feminis
and Human Righ s- Based App oaches’
102
Do o hy Es ada- Tanck
i
FEMINISM IN PUBLIC DEBT
8 Deb and Human Righ s in he Wo ld and Regional
Con e ences on Women in La in Ame ica and he
Ca ibbean
115
Ma i a Pe ce al and Ma iana Rulli
PART III In e na ional Financial Ins i u ions, Gende
and Di e si y
9 Gende Mains eaming a he In e na ional Mone a y Fund 135
Camila Villa d Du an
10 Why a e Neolibe al Policies Machis as? 150
Diane Pe ons
11 Con inui y o he IMF’s And ocen ic Policies
Be o e, Du ing and A e he Pandemic: The Case o
La in Ame ica
164
Alicja Paulina K ubnik
PART IV IMF, Women and Di e si ies in La in Ame ica
and A gen ina
12 Li e Sus ainabili y and Deb Sus ainabili y: Ca e in
he Cen e
185
Ma ía Nie es Rico
13 Whe e a Righ Fails, a Deb Inc eases: Gende
Inequali ies and Economic Vulne abili y o Women
and LGTBQ+ G oups
197
Flo encia Pa enio and A iel Wilkis
14 Deb and he Righ o Educa ion in La in Ame ica
and he Ca ibbean
211
F ancisco Can amu o and Agos ina Cos an ino
PART V Gende Impac Analysis: F amewo ks
and Expe iences
15 Deb Sus ainabili y Analysis: Li e A e Capi al – A View
om Feminis Economics
231
Pa icia Mi anda and Ve ónica Se a ini Geoghegan
16 Measu ing and Managing Gende Equali y: The Case
o Gende Budge ing in Aus ia
246
Ul ike Ma x
17 Righ s, Gende and P og ess Indica o s: The Deb s
o Democ acy
260
Fla ia Ma co Na a o and Lau a Pau assi
CONTENTS
ii
PART VI Wo k Agenda o Egali a ian T ans o ma ions
18 A Gende Lens o he In e na ional Mone a y and
Financial Sys em: T uly Feminis Re o ms Needed
277
Ch is ina Laska idis
19 Gende Bonds: Do They Le e age o Th ea en
Women’s Righ s?
296
Juan Pablo Bohosla sky and Lena La inas
20 Ins i u ionaliza ion o he Gende App oach in Public
Finances: How o S eng hen – Ra he han Dilu e –
Feminis Demands?
311
Magalí B osio and Ma iana Rulli
Index 331
xi
FEMINISM IN PUBLIC DEBT
Law a he Law Facul y o he Uni e si y o Mu cia and Co- di ec o o i s
Legal Clinic. Do o hy holds a PhD in Law om he Eu opean Uni e si y
Ins i u e, an MSc in Poli ical Theo y om he London School o Economics
and Poli ical Science (LSE) and a Law Deg ee om Escuela Lib e de De echo
(Mexico), and enjoys b oad academic and p o essional expe ience in he
UN, S a e bodies, NGOs and uni e si ies in Mexico, I aly, Spain, he US
and Canada, ocusing on human igh s, gende equali y, human secu i y,
mig a ion and socioeconomic jus ice. She is au ho o Human Secu i y
and Human Righ s unde In e na ional Law: The P o ec ions O e ed o Pe sons
Con on ing S uc u al Vulne abili y (Ha Publishing, 2016; Bes Book Awa d
2017, In e - Ame ican Ba Associa ion).
Iolanda F esnillo Sallan is Policy and Ad ocacy Coo dina o a Eu odad –
Deb . Du ing he las wo decades, Iolanda has been e y in ol ed in local,
na ional and in e na ional social mo emen s and has pa icipa ed in campaigns
on de elopmen inance, deb , human igh s, eminism, en i onmen , peace,
ade and esponsible consump ion. She has wo ked o mo e han en yea s
as a esea che , campaigne and communica ions o ice a he Obse a o y
on Deb in Globaliza ion and as a esea ch consul an a Eu odad, Médecins
Sans F on iè es (MSF) and he T ansna ional Ins i u e, among o he s. Iolanda
holds a Mas e ’s deg ee in De elopmen and Coope a ion and a Bachelo ’s
deg ee in Sociology, bo h om he Uni e si y o Ba celona. Since 2019 she
has been wo king on he in e ela ions be ween deb and he clima e c isis,
wi h se e al a icles and publica ions.
Penelope Hawkins is Senio Economis in he Deb and De elopmen
Finance B anch o UNCTAD. She ocuses p ima ily on sus ainable so e eign
deb , inancing o de elopmen and he nexus be ween deb and clima e
inance. P e iously, as he ounde and Managing Di ec o o Feasibili y
(P y) L d, Penelope unde ook leading esea ch p ojec s in he inancial
sec o in Sou he n A ica, commissioned by egula o s, policy make s and
he p i a e sec o . She has a PhD. In he hesis she examined he inancial
cons ain s o small open economies, and ex ended he analysis o inancial
agili y, ulne abili y and exclusion o na ions as well as businesses. Mos
ecen ly, she has edi ed, oge he wi h Ioana Neg u, a wo olume Fes sch i
in honou o P o esso Sheila Dow (2022).
Alicja Paulina K ubnik is a PhD candida e a McMas e Uni e si y and
a poli ical economy and compa a i e public policy schola . He esea ch
applies c i ical and in e sec ional eminis pe spec i es o he explo a ion o
how in e na ional inancial ag eemen s and deb impac he en i onmen al
and social policies o low- income and eme ging economy coun ies. Alicja’s
wo k also ex ends o he policy sphe e, whe e she has wo ked wi h local

NOTES ON CONTRIBUTORS
x
communi y o ganiza ions and non- go e nmen al o ganiza ions, as well as
he Sena e o Canada, as a policy esea che in he a eas o po e y educ ion
and social p o ec ions. Alicja holds an MSc in Poli ical Economy om he
LSE, an MSc in Economics and Go e nance om Leiden Uni e si y and a
Bachelo ’s om he Uni e si y o To on o.
Ch is ina Laska idis wo ks on he poli ical economy o so e eign deb ,
inancial c ises and in e na ional o ganiza ions. She is leading a g an on
en i onmen - ela ed inancial isks and egula o y capi al equi emen s
unded by INSPIRE and a p ojec on deb sus ainabili y. He hesis, ‘Deb
sus ainabili y: owa ds a his o y o heo y, policy, and measu emen ’, ecei ed
he 2022 Joseph Do man Bes Disse a ion p ize. Ch is ina has a PhD
in Economics om SOAS, Uni e si y o London, and is a Fellow o S
Edmund Hall and Saïd Business School a he Uni e si y o Ox o d, whe e
she eaches a pos g adua e cou se on Financial C ises. Ch is ina uses he
expe ise o ad ise on deb and de elopmen issues, such as o OHCHR’s
Independen Expe on o eign deb and human igh s, UNCTAD, he
O e seas De elopmen Ins i u e (ODI) and se e al NGOs wo king on
so e eign deb issues.
Lena La inas is P o esso o Wel a e Economics a he Ins i u e o
Economics a he Fede al Uni e si y o Rio de Janei o and Resea ch
Associa e in he Depa men o Economics a SOAS, Uni e si y o London
(2022– 24). In 2021– 22 she was a Le e hulme Visi ing P o esso a SOAS,
and in 2020– 21 she was a membe o he School o Social Science a he
Ins i u e o Ad anced S udy (IAS) a P ince on. Mos o he esea ch
examines how wel a e egimes adjus o changes in con empo a y
capi alism, especially unde he aegis o inancializa ion, in es iga ing
how he es uc u ing o he social ep oduc ion sphe e eshapes social
policies and impac s wellbeing. She has published ex ensi ely on he
inancializa ion o wel a e egimes, social policy e o ms, gende issues
and labou ma ke e o ms.
Fla ia Ma co Na a o is a lawye , Mas e in Economic Law and specialis
in gende s udies. She is a consul an o UN agencies and in e na ional
coope a ion agencies, a esea che a he Cen e o Pa icipa ion and
Sus ainable Human De elopmen (Boli ia) and pos g adua e lec u e . She
has published books and a icles in a ious coun ies in La in Ame ica and
Eu ope on social secu i y, ca e, employmen and o he issues ela ed o social
policies. She is a membe o he Na ional Pla o m o Social and Public
Co- esponsibili y o Ca e (Boli ia), he Global Ca ewo k Ne wo k and he
La in Ame ican Council o Social Science’s (CLACSO) Gende and Ca e
Wo king G oup.
x i
FEMINISM IN PUBLIC DEBT
Ul ike Ma x is Lec u e in Accoun ing a Queen Ma y Uni e si y o
London. He esea ch mainly ocuses on social s udies o accoun ing, such as
he eme gence and ansla ion o new (managemen ) accoun ing phenomena
as a esponse o c isis and poli ical p oblema iza ions, o example he
eme gence o gende budge ing as ‘accoun ing o equali y’, o mo e ecen ly
he eme gence o managing and measu ing wellbeing. In e disciplina y in
na u e, he esea ch d aws upon o ganiza ion heo y, eminis heo y, poli ical
philosophy and science and echnology s udies in o de o de elop insigh s
o in o m o ganiza ional, social and poli ical ac ion. He esea ch has been
published in in e na ional jou nals such as Gende , Wo k and O ganiza ion
and she is a membe and a ilia ed esea che in a wide ange o na ional
and in e na ional esea ch ne wo ks and communi ies.
Pa icia Mi anda holds a Mas e ’s deg ee in Finance om he Technological
and High S udies Ins i u e (ITES) o Mon e ey in Mexico unde an
ag eemen wi h EMI in Boli ia, and a pos g adua e deg ee in Ex e nal
Finance om Deb Relie In e na ional in England. She was P og amme
O ice o La in Ame ica a De elopmen Finance In e na ional in England,
and a he Cen e o La in Ame ican Mone a y S udies in Mexico in a
capaci y building p og amme in public inance o highly indeb ed poo
coun ies. As a Deb Analys a Fundación Jubileo, she p omo ed and
conduc ed a deb sus ainabili y analysis wi h a human de elopmen app oach.
Cu en ly, she is Di ec o o Global Ad ocacy and Coo dina o o he New
Financial A chi ec u e A ea o he La in Ame ican Ne wo k o Economic
and Social Jus ice (LATINDADD).
Flo encia Pa enio is a sociologis (Uni e si y o Buenos Ai es) and holds a
PhD in Social Sciences om he Uni e si y o Buenos Ai es. She is a membe
o he execu i e commi ee o he global sou h eminis ne wo k Women
o Al e na i e De elopmen o a New E a (DAWN). She coo dina es he
Feminis Digi al Jus ice P ojec p omo ed by DAWN and IT o change and
co- coo dina es he School o Feminis Economics. She has been an expe
consul an o he In e - Ame ican Cen e o Knowledge De elopmen
and Voca ional T aining (CINTERFOR), ECLAC and ILO. She eaches in
unde g adua e and g adua e p og ams a public uni e si ies in A gen ina. She
eaches in he Mas e in Feminis S udies a he IDAES- UNSAM School.
She is co- au ho , join ly wi h Co ina Rod íguez En íquez, o he book
Sos enibilidad de la ida desde la pe spec i a de la economía eminis a, published
by Mad esel a Edi o ial.
Lau a Pau assi is a p incipal esea che a A gen ina’s CONICET and he
Ins i u e o Legal and Social Resea ch, A. Gioja, School o Law, Uni e si y
o Buenos Ai es and Adjunc P o esso a he School o Law (Uni e si y o
NOTES ON CONTRIBUTORS
x ii
Buenos Ai es). She is a lawye (Uni e si y o Có doba) and holds a PhD
in Social Righ om Uni e si y o Buenos Ai es. She is di ec o o he
In e disciplina y Wo king G oup on Social Righ s and Public Policy and
a ounding membe and p esiden o he La in Ame ican Team o Jus ice
and Gende (ELA). She specializes in economic, social and cul u al igh s,
gende app oach and public policies.
Ma i a Pe ce al is P o esso o Philosophy, eache and A gen ine poli ician.
She se ed as Na ional Sena o o he p o ince o Mendoza in he Na ional
Cong ess be ween 2001 and 2009. She was A gen ina’s Ambassado o
he Uni ed Na ions be ween 2012 and 2015 and he UN Child en’s Fund
(UNICEF) Regional Di ec o o La in Ame ica om Ma ch 2016 un il
Sep embe 2019. She was Sec e a y o Equali y and Di e si y Policies o he
Na ional Minis y o Women, Gende and Di e si y om 2021 o 2022;
and as o 2023 she was appoin ed, by P esiden ial dec ee, as he i s Special
Rep esen a i e o Feminis Fo eign Policy in he Minis y o Fo eign A ai s
and Wo ship o he A gen ine Republic.
Diane Pe ons is P o esso Eme i a in Feminis Poli ical Economy a he
LSE. She au ho ed Is Aus e i y Gende ed? (Poli y 2021 – blog a h ps://
www.poli ybo oks.com/ blog- de ail/ is- aus e i y- gende ed); Globalisa ion
and Social Change (Rou ledge, 2004); and co- au ho ed Gende , Mig a ion
and Domes ic Wo k. Masculini ies, Male Labou and Fa he ing in he UK, wi h
Majella Kilkey and Ania Plomien (MacMillan, 2013). She co- di ec ed he
LSE’s Gende , Inequali y and Powe Commission (2016) and is a membe
o he UK Women’s Budge G oup Policy Ad iso y G oup.
Ma ía Nie es Rico is A gen inian, a eminis and a mig an . She holds
a Social An h opology deg ee om he Na ional Uni e si y o Rosa io,
A gen ina, and has a Mas e ’s in Sociology o De elopmen and in
U ban De elopmen and Local Adminis a ion, and a Bachelo ’s deg ee
in In e na ional Rela ions om Sociedad de Es udios In e nacionales de
Mad id in Spain. She was a UN o icial be ween 1992 and 2020, o me
Ac ing Di ec o o he Social De elopmen Di ision and o me Di ec o
o he Gende A ai s Di ision o ECLAC. She was also an ad iso o La in
Ame ican and Ca ibbean go e nmen s on gende equali y policies. She is
he au ho o se e al books and a icles on women’s igh s and he igh s o
child en and adolescen s in ields such as ca e, po e y, he labou ma ke ,
educa ion and en i onmen al sus ainabili y. Cu en ly, she is an in e na ional
consul an on public policies wi h a gende and human igh s app oach.
Co ina Rod íguez En íquez is an economis (Uni e si y o Buenos Ai es),
a Mas e in Public Policy (Ins i u e o Social S udies, he Ne he lands) and
x iii
FEMINISM IN PUBLIC DEBT
has a PhD in Social Sciences (La in Ame ican School o Social Sciences –
FLACSO). She is an independen esea che a A gen ina’s CONICET,
based a he In e disciplina y Cen e o he S udy o Public Policy (CIEPP),
a membe o he Execu i e Commi ee o De elopmen Al e na i es wi h
Women o a New E a (DAWN), chai o Economics and Gende a he
Uni e si y o Buenos Ai es, a pos g adua e lec u e a se e al na ional
uni e si ies and a consul an o UN agencies. She wo ks om eminis
economics on issues ela ed o iscal and social policies, o ganiza ion o ca e,
co po a e powe and public- p i a e pa ne ships.
Julie a Rossi is a lawye who g adua ed om he Law School o he
Uni e si y o Buenos Ai es. She holds a Mas e ’s Deg ee in Law om
New Yo k Uni e si y. She is a PhD candida e in Human Righ s om he
Na ional Uni e si y o Lanús. She is a membe o he Uni ed Na ions
Commi ee on Economic, Social and Cul u al Righ s o he pe iod
2023– 26.She is also Di ec o o he Mas e in Human Righ s a he
Na ional Uni e si y o Lanús, esea ch p o esso a he same uni e si y and
P o esso o he Mas e ’s Deg ee in Human Righ s a he Law School o he
Uni e si y o Buenos Ai es and o he Mas e ’s Deg ee in Human Righ s and
Democ a iza ion a he Na ional Uni e si y o San Ma ín. She is Assis an
A o ney Gene al o he A o ney Gene al’s O ice in he a ea o p oceedings
be o e he Sup eme Cou o Jus ice o he Na ion (on lea e o absence).
Ma iana Rulli holds a PhD in Social Sciences om FLACSO. She is
a poli ical scien is (Uni e si y o Buenos Ai es), Mas e in Families and
Socie y (specializa ion in gende ) om he Uni e si y o Ba celona and
Mas e in Design and Managemen o Social Policies (FLACSO). She is
P o esso o Poli ical Science and a esea che a he Na ional Uni e si y o
Río Neg o. She has been a consul an on gende and human igh s issues
o UN Women, UNDP, he Uni ed Na ions Resea ch Ins i u e o Social
De elopmen (UNRISD), he In e na ional Ins i u e o Democ acy and
Elec o al Assis ance, In e - Ame ican De elopmen Bank, CLACSO and
Fede al Council o In es men s (CFI) in A gen ina. She has held schola ships
om CONICET, he Ge man Academic Exchange Se ice (DAAD)
and Fulb igh . She has done esea ch s ays a he Max Planck Ins i u e in
Heidelbe g and a UNRISD. She has been an ad iso o A gen ina’s Minis y
o Women, Gende and Di e si y and o he Special Rep esen a i e o
Feminis Fo eign Policy o A gen ina’s Minis y o Fo eign A ai s.
Ve ónica Se a ini Geoghegan is a eminis economis . She is a gende
ad iso o La indadd, she has a Mas e ’s deg ee in Social Sciences and a
PhD in Economics. She is a ca ego ized esea che in he na ional sys em
o esea che s o Pa aguay, as le el II. She esea ches opics ela ed o labou
NOTES ON CONTRIBUTORS
xix
ma ke s, po e y and inequali y wi h a gende pe spec i e, iscal policy and
social p o ec ion. She eaches a uni e si ies in Pa aguay and is a gues lec u e
in se e al coun ies. She coope a es wi h ci il socie y and in e na ional
coope a ion o ganiza ions.
Special P ocedu es o he Uni ed Na ions Human Righ s Council
is a body composed by independen human igh s expe s wi h (g oup and
indi idual) manda es o epo and ad ise on human igh s om a hema ic
o coun y- speci ic pe spec i e. The sys em o Special P ocedu es is a cen al
elemen o he Uni ed Na ions human igh s machine y and co e s all human
igh s: ci il, cul u al, economic, poli ical and social. Special P ocedu es
conduc hema ic s udies and con ene expe consul a ions, con ibu e o
he de elopmen o in e na ional human igh s s anda ds, unde ake coun y
missions, engage in ad ocacy and p o ide ad ice o echnical coope a ion.
A iel Wilkis holds a PhD in Sociology (EHESS- UBA), is a CONICET
esea che , p o esso a he Uni e si y o San Ma ín and dean o he
School o In e disciplina y Ad anced Social S udies (EIDAES) in he same
uni e si y. He specializes in economic sociology. He is he au ho o Las
sospechas del dine o (Paidos, 2013), The Mo al Powe o Money (S an o d UP,
2017) and ¿Po qué impo an las deudas? (Siglo XXI, 2023) and co- au ho o
Dóla . His o ia de una monedad nacional (C i ica, 2019). He edi ed he books
El labe in o de las inanzas (Biblos, 2015), El pode de (e) alua (Unsam edi a/
Uni e sidad del Rosa io, 2018) and Las o mas elemen ales del endeudamien o
(UNL ediciones, 2020). His books ha e been ansla ed in o English, F ench
and Chinese.
Camila Villa d Du an is an in e na ional legal expe wi h an
in e disciplina y esea ch backg ound. She wo ks on issues ela ed o
in e na ional mone a y law, cen al banking, egula ion o c yp o- asse s,
clima e inance and gende equali y. Cu en ly, Camila is an associa e law
p o esso a he ESSCA School o Managemen in F ance. F om 2013 o
2022, she was a p o esso a he Uni e si y o São Paulo (USP) in B azil,
whe e she was awa ded he ‘Li e docência / Habili a ion’ in in e na ional
economics om he Ins i u e o In e na ional Rela ions. Camila is a
o me Ox o d- P ince on Global Leade s Fellow. She holds a join PhD
in in e na ional economic law om he USP and he Uni e si y o Pa is 1
Pan héon- So bonne.
Ma ina Zucke - Ma ques is a pos doc o al esea che a SOAS, Uni e si y
o London (Depa men o Economics). She is a ilia ed o he p ojec ‘Deb
Relie o a G een and Inclusi e Reco e y’, which aims o add ess de eloping
coun ies’ deb c isis and suppo hei g een and sus ainable de elopmen .

xx
FEMINISM IN PUBLIC DEBT
P e iously, she wo ked a UNCTAD in he Deb and De elopmen
Finance B anch (Globaliza ion and De elopmen S a egies). Ma ina holds
a PhD om he F eie Uni e si ä Be lin, whe e she de ended he hesis on
ins i u ional and poli ical- economic d i e s o enminbi in e na ionaliza ion.
Ma ina is B azilian and holds a Bachelo ’s deg ee om FACAMP, and a
Mas e ’s om Zhejiang Gongshang Uni e si y.
xxi
Acknowledgemen s
We would like o hank he ollowing pe sons and ins i u ions:
Con ibu o s, o joining his polyphony o oices ha a e in e wo en
in he book.
Diane Elson, o ha ing con ibu ed wi h he o ewo d, and Jaya i Ghosh,
Isabel O íz and Ilias Ban ekas o hei e iews on he back co e .
B e on Woods P ojec (BWP), F ied ich Ebe S i ung (A gen ina o ice)
and he Open Socie y Founda ions (OSF), o suppo ing in a ious ways
he p oduc ion, publica ion and dissemina ion o his book.
Vale ia Ca dozo, Yessica Ce nus and Cecilia Pica iello, o ansla ing in o
English he chap e s o iginally w i en in Spanish.
Finally, B is ol Uni e si y P ess o i s en husias ic suppo o his
edi o ial p ojec .
Juan Pablo Bohosla sky and Ma iana Rulli (eds)
Viedma, Janua y 2024
xxii
Fo ewo d
Diane Elson
This pa h- b eaking book challenges con en ional app oaches o go e nmen
indeb edness by p oposing ha go e nmen deb is a eminis issue. I ocuses
on deb - dis essed low- and middle- income coun ies, especially in La in
Ame ica, p o iding new concep ual and empi ical analysis, and sugges ions
o al e na i e, mo e gende - equi able policies ela ing o so e eign deb . I is
pa icula ly o iginal in coun e posing he igh s o in e na ional c edi o s o
he human igh s o people li ing in deb - dis essed coun ies, and a guing
ha human igh s should ake p ecedence.
O cou se, lending and bo owing a e e e yday i al ac i i ies o
go e nmen s, businesses and people. In he igh ci cums ances, hey can
con ibu e o enhanced wellbeing, imp o ed li elihoods and accumula ion
o aluable communi y asse s, especially i o ganized h ough sys ems ha
ha e a high deg ee o mu uali y, such as c edi unions. Howe e , lending
and bo owing a e mo e o en ma ked by e y unequal powe . In inancial
ma ke s, ela ions be ween c edi o s and deb o s a e no symme ical: he
laws ha go e n hese ac i i ies a e ma ked by c edi o bias, p i ileging
he igh s o c edi o s o e hose o deb o s (Young e al, 2011). An
ex eme o m o c edi o bias can be seen in he de as a ing deb ap
in which almos all go e nmen s o low- and middle- income coun ies
now ind hemsel es. They a e held esponsible o S a e deb whe he o
no hey hemsel es accumula ed his deb . They a e acing inc easingly
un a ou able condi ions in he in e na ional economy ( ela ing o in e es
a es, exchange a es and demand o hei expo s) o e which hey ha e
no con ol. I has now become impossible o se ice his deb , on which
in e es has o be paid o o eign c edi o s in o eign cu encies. Businesses
aced wi h simila condi ions can epudia e hei deb s h ough applying
o bank up cy: he igh s o c edi o s a e o e idden by he impe a i e o
sus ain condi ions o capi alis en ep eneu s o lou ish, enabling hem o
s a up and close down deb - inanced businesses and mo e on (wi h maybe
a sho pause) un il hey ind a p o i able ac i i y. Bu no such op ion is
open o go e nmen s: he e is no egula legal mechanism o unwinding
FOREWORD
xxiii
so e eign deb . Go e nmen s mus apply o deb elie on a case- by- case
basis o he In e na ional Mone a y Fund (IMF), which conduc s a so- called
deb sus ainabili y analysis and in a iably concludes ha aus e i y measu es
a e equi ed o make he deb sus ainable. As his hough - p o oking book
demons a es, measu es ha supposedly make go e nmen deb sus ainable
a e making li e unsus ainable, wi h deepening po e y, wo sening heal h
and addi ional bu dens on poo women.
This book illus a es how his biased sys em o lending and bo owing
is a gende ed sys em, bo h in e ms o he way ha women and men a e
posi ioned in he inancial sys em, and he way ha he inancial sys em
in e ac s wi h he p ocess o social ep oduc ion, in which women ha e mos
o he esponsibili y o unpaid ca e wo k. Women a e disp opo iona ely
deb o s, men a e disp opo iona ely c edi o s. Men domina e mos o he
key inancial decision- making posi ions in businesses, banks, egula o y
ins i u ions, go e nmen s and in e na ional inancial ins i u ions (Young e al,
2011). Women a e disp opo iona ely among hose ad e sely a ec ed by
aus e i y measu es. Howe e , as con ibu o s o his book show, p omo ing
mo e women o leade ship posi ions in he inancial sys em will no sol e
he p oblem because he da a and models ha a e used o analyse deb
and deb sus ainabili y exclude he unpaid ca e economy which is i al o
social ep oduc ion. The e is a ‘s a egic silence’ abou he way ha he
unpaid ca e economy unde pins he inancial sys em (Bakke , 1994) and an
implici assump ion ha he impac o aus e i y measu es can be abso bed
by households wi hou i epa able ha m, in e ec assuming ha women’s
unpaid wo k can s e ch o compensa e o sho alls in p o ision o public
se ices and in income om he labou ma ke and he social p o ec ion
sys em (Elson, 1991). This book shows in hea - ending de ail ha his is
no he case.
In posing go e nmen deb as a eminis issue, his book highligh s issues
ha a e obscu ed in con en ional economic analysis, including he way ha
iolence (ac ual o h ea ened) and dispossession a e u ilized o discipline
deb o s. I illumina es he way ha a emp s o educe go e nmen deb
h ough aus e i y measu es lead o inc eases in household deb , especially o
he poo es women, a guing ha when social igh s ail, hei deb inc eases.
I a gues ha non- inancial deb s should be ecognized as well as inancial
deb s: inance capi al is indeb ed o women and o na u e o unpaid se ices
ha unde pin i s ac i i ies. In he balance shee o who owes wha o whom
his should be aken in o accoun . I e e ses he mo ali y ale ha is o en
old abou deb . Ins ead o seeing he deb o s as uniquely i esponsible, i
e eals he i esponsibili y o c edi o s in c ea ing a lawed in e na ional
inancial sys em ha gene a es booms and bus s in liquidi y. The isks in his
sys em a e no pooled and sha ed bu a e downloaded om he dealing ooms
o inancial ma ke s o he ki chens o poo women (Elson, 2002, 2011).
2
FEMINISM IN PUBLIC DEBT
also a componen o he capi alis sys em, and consequen ly o public deb
as we know i . F om he beginning o he capi alis sys em, women ha e
been subjec o iolence (Fede ici, 2010): he economic, poli ical and social
p ocesses o he consolida ion and ans o ma ion o he sys em un il he
cu en s age o he deepening o inancial capi alism ha e been iolen in
e ms o gende .3
Tha same iolence and gende un ai ness is no only ma e ialized in he
di e en ial e ec s o he con ac ual e ms o deb and ela ed iscal policies,
bu also in he p ocedu al aspec s and/ o pa icipa o y p ocesses. The idea
ha public indeb edness in democ a ic sys ems is a decision ha pu ely and
he oically e lec s he ‘people’s will’ is an illusion (Eusepi and Wagne , 2017).
Public deb is o en p omo ed, imposed and/ o jus i ied by domes ic powe
g oups o e he o he g oups o he socie y (Roos, 2019) ha will ha e o
wo k and p oduce o epay such deb , and e en sac i ice he ull exe cise
and enjoymen o hei igh s o sa e enough o hei c edi o s. Deb is
an ins umen o powe h ough which weal h is eg essi ely edis ibu ed
unde he slogan ‘ “we” all owe his deb ’ wi hin coun ies in a co e , deep
and las ing way. This is e en mo e e iden in coun ies whe e cons i u ional
p ac ices do no include a pa liamen a y, public and ex- an e deba e o
decide on aking ex e nal so e eign deb . Wi hin ha gene al con ac ualis
illusion, i can be no ed ha he g oups o popula ion ha will be a ec ed in
a di e en ial way by indeb edness, such as women in all hei di e si y, do
no ha e ins i u ional channels o ac ual pa icipa ion in deb managemen .
The e is an aspec on which, in heo y, o hodoxy and eminis economy
could ag ee: i ac ually he e is a mu ual ela ion be ween he mac oeconomic
pe o mance and he le els o inclusion and social equali y (Kolo ich, 2018;
Da oodi e al, 2022), hen iscal policy (expansi e o con ac iona y) and
he le els (and ypes) o so e eign indeb edness would eques ha decisions
in hese wo ields a e consis en and sensi i e o hose in e ela ions and
e en ually o hei impac on gende equali y. In o de o ensu e his
in e media e poin is eached, impac assessmen s on deb s a egies, and
economic policies and e o ms in e ms o gende equali y, should be
pa o he egula landscape in he na ional ins i u ional p ac ices (o he
minis ies o economy and inances, cen al banks, as well as mechanisms o
he ad ancemen o women’s igh s) and o in e na ional c edi ins i u ions.4
Howe e , his does no happen because hose assessmen s, implemen ed and
ully conside ed, would no be simple mone a y quan i ica ions, bu would
imply he c ea ion o he social eali y a ound he o igins o inequali ies.
And, as we know, aus e i y is a dange ous idea because i is o en immune
o empi ical e u a ion (Ma k Bly h dixi ).
A pa icula , speci ic and ecen example o ha con adic ion: he momen
he go e nmen o A gen ina app o ed a e i emen mo a o ia in Ma ch
2023, which mainly bene i ed women who ha e wo ked in ca e asks

INTRODUCTION
3
wi hou a social secu i y amewo k o make con ibu ions; he In e na ional
Mone a y Fund (IMF) ques ioned his measu e and eques ed a la ge iscal
es ic ion o compensa e o he cos o his e i emen mo a o ia.
The e o e, he main goal o his book is o ex end and s eng hen a eminis
app oach o he challenges posed by so e eign o e - indeb edness ( ypically
denomina ed in o eign cu ency) o low- and middle- income coun ies and
he equen ly esul ing economic policies, which in ol es esea ching and
e lec ing abou so e eign deb and economic gende iolence, de elopmen ,
clima e change, legal s anda ds, Uni ed Na ions (UN) de elopmen s
(including wo ld and egional UN con e ences on women), in e na ional
inancial ins i u ions’ (IMF and Wo ld Bank) and ocen ic policies, he igh
o ca e and he igh o educa ion, women’s p i a e indeb edness, budge and
deb (and li e) sus ainabili y analyses wi h a gende pe spec i e, social p og ess
indica o s and hei ela ion wi h deb , eminis e o ms in he in e na ional
inancial a chi ec u e, gende bonds and he ins i u ionaliza ion o a gende
app oach in he public deb ield. Al hough academic e o s we e made o
sepa a ely analyze hese issues, his book o e s o add ess hem in a holis ic
and in eg a ed manne , as well as in an in e disciplina y dialogue.
2. Deb dis ess and economic o hodoxy: bad news
o women
E en be o e he beginning o he COVID- 19 pandemic in 2020, a la ge
numbe o coun ies had high le els o so e eign deb , wi h deb se ices
ha ook he lion’s sha e and, in consequence, he possibili y o ensu e a
p ope expendi u e inancing o sa is y basic social needs. Wi h he need o
mobilize mo e esou ces du ing he pandemic, and he limi ed iscal op ions
ha low- income and middle- income coun ies ha e, he ex e nal deb (bo h
public and p i a e) o hese coun ies g ew du ing he heal h eme gency.
As o Oc obe 2022, 60 pe cen o low- income coun ies and 30 pe cen
o eme ging economies we e expe iencing o close o expe iencing si ua ions
o deb unsus ainabili y, wi h a global c isis o deb e y likely in he nex
ew yea s (UNCTAD, 2022a). In 2021, low- income and middle- income
coun ies paid US$400 billion o deb se ice, mo e han wice he amoun
hey ecei ed in o icial aid o de elopmen . Meanwhile, hei in e na ional
ese es we e educed by mo e han US$600 billion las yea , almos h ee
imes he amoun hey ecei ed in suppo o he COVID- 19 eme gency
h ough he alloca ion o he IMF special d awing igh s. Added o he
e y limi ed ex ension o he ini ia i e o suspend he deb se ice and he
ise o he in e es a e, a high numbe o coun ies educed hei budge s
in ended o ensu e he ull ul ilmen o he economic and social igh s o
he popula ion (O iz and Cummings, 2022). In acco dance wi h he e y
same IMF p ojec ions, in 2024, hal o low- income and middle- income
4
FEMINISM IN PUBLIC DEBT
coun ies will alloca e ewe esou ces o hei heal h budge s han he ones
alloca ed on a e age du ing he 2010– 20 decade, and one o he easons is he
signi ican inc ease o he amoun s alloca ed o epay he ex e nal deb . The
ela i e bu den o deb in he coun ies o La in Ame ica and he Ca ibbean
is conside able, as shown in igu e 1.1. The pe cen age o he ex e nal deb
compa ed o g oss na ional e enues o he coun ies o La in Ame ica has
been inc easing s eadily since 2010, eaching 50 pe cen in 2020, and abo e
he same indica o o all low- income and middle- income coun ies.
Besides, i is wo h men ioning ha his highe le el o indeb edness has
no ac ually bene i ed women. I we ake indeb edness o suppo g ow h
o inance in as uc u e as an example, he g ow h pe se does no ensu e
a highe o be e pa icipa ion o women in he labou ma ke , and he
in as uc u e does no usually conside he ca e economy.
Mo eo e , as he ax s uc u e o he coun ies o he egion is cha ac e ized
by being s ongly dependen on indi ec axes (consump ion ax, which is
disp opo ionally le ied on low- income households and especially on hose
whe e women a e heads o he household) (OECD e al, 2020), he inc easing
public deb epaymen has deepened he al eady exis ing inequali ies. This
is added o iscal e asion and a oidance, which acco ding o ECLAC (2019)
is s ill one o he main obs acles o mo e esou ces o he 2030 Sus ainable
De elopmen Agenda in he egion. The mos ecen es ima es show ha
iscal e asion eaches an amoun equal o 2.2 pe cen o he GDP in he
case o he alue- added ax (VAT) and 4.1 poin s o he GDP in he case o
he income ax, an amoun equal o US$335,000 million (ECLAC, 2019: 7).
Figu e 1.1: Pe cen age o ex e nal deb compa ed o g oss na ional e enues
o all low- income and middle- income coun ies, and he coun ies o La in
Ame ica and he Ca ibbean (2010- 21)
0%
10%
20%
30%
40%
50%
60%
2010 2017 2018 2019 2020 2021
La in Ame ica and he Ca ibbean All low-income and middle-income coun ies
Sou ce: Own c ea ion based on he da a om he Wo ld Bank (2022)
INTRODUCTION
5
While ich coun ies we e able o mo e illion- dolla aid and encou agemen
packages o de use he ecession caused by he pandemic, his iscal and
mone a y op ion was no a ailable o low- income and middle- income
coun ies, including he coun ies o La in Ame ica and he Ca ibbean. Capi al
ligh , he collapse o expo s and ou ism, he p ice d op o aw ma e ials and
demand, as well as he al eady exis ing bu den o he ex e nal deb , c ea ed he
pe ec s o m and helps us unde s and why hese coun ies eso ed o a highe
indeb edness du ing he pandemic. In e na ional inancial ins i u ions (IFIs)
p o ided a se ies o p og ammes o inancial assis ance, while he possibili y
o accep deb elie bo h on he p incipal and he in e es was limi ed o a
ew coun ies and o e y limi ed amoun s (IMF, 2022).
Deb ulne abili y exposes coun ies o cascade c ises (UNRISD,
2022): economic, inancial and mone a y c ises, which esul in known
and disp opo iona e impac s on women in all hei di e si y, whe he i
is measu ed in e ms o o mal pa icipa ion in he labou ma ke , hei
p esence in poli ics, educa ional achie emen s, o e ec s on heal h, among
o he indica o s (Blan on, Blan on and Peksen, 2019). In his aspec , he e
is a icious ci cle: inancial and deb c ises gene a e highe inequali y, which
in u n c ea es highe le els o deb (Bazillie and He icou , 2015).
IFIs, led by he IMF and he Wo ld Bank, ha e been sugges ing and
equi ing, e en du ing he pandemic (O iz and Cummins, 2021; Raza i e al,
2021), he need o implemen o hodox economic measu es (in o he wo ds,
p og ammes o s uc u al adjus men ) in o de o add ess o e - indeb edness.5
And coun ies did i : as o Sep embe 2022, 143 coun ies (including 94
low- income and middle- income coun ies) we e al eady implemen ing
adjus men measu es. As o 2023, 85 pe cen o he wo ld popula ion is
su i ing unde aus e i y measu es, which will con inue a leas un il 2025,
wi h 75 pe cen o he global popula ion (129 coun ies) unde adjus men
manda es (O iz and Cummings, 2022). The coun ies o La in Ame ica and
he Ca ibbean ha e no been exemp om his g owing end o implemen
aus e i y p og ammes: in a con ex ma ked by he s eady inc ease o inequali y,
all he 24 ag eemen s execu ed by he IMF wi h 14 coun ies o he egion
be ween Ap il 2020 and May 2022 ha e con ained, o a g ea e o lesse
ex en , condi ionali ies based on adjus men p og ammes (Ox am, 2022).
These p og ammes ha e a emale ace as hey o en disp opo ionally a ec
his popula ion g oup, wo sening p e- exis en gende inequali ies. The i s
sec o s ha usually su e om budge cu backs a e educa ion, heal h and
ca e (Ken ikelenis and S ubbs, 2023), all o which a e highly eminized in
labou e ms. These di e en ial and disc imina o y e ec s occu h ough
a se ies o causal channels, including he loss o access o public se ices,
ewe oppo uni ies o access (o keep) jobs wi h decen condi ions, a la ge
bu den o unpaid ca e wo k, he inc ease o deb in households, and he
weakening o ood sa e y, among o he s (UN Independen Expe , 2018;
6
FEMINISM IN PUBLIC DEBT
Se a ini and Fois, 2021; Saalb ink, 2022); all aspec s u he analyzed by
se e al chap e s o his book.
The la ge pa icipa ion o p i a e capi al in public se ices, d i en bo h
by he IMF and he Wo ld Bank be o e, du ing, and a e he pandemic, by
placing p o i as an omnipo en ac o , is ano he policy ha disp opo ionally
a ec s women (Ma io i and Rome o, 2022). The nega i e consequences
o women’s human igh s can be immedia ely no ed, in ways ha a e mo e
o less ob ious (Muchhala and Guillem, 2022), and hei e ec s can las o
decades. This is also pa o he in e gene a ional implica ion o so e eign deb .
In ac , e en in he con ex o he – limi ed and sho - li ed – expansi e
policy o public expendi u e ha ook place du ing he COVID- 19 pandemic,
and wi h he well- known and disp opo iona e socioeconomic e ec s on
women in all hei di e si y (ECLAC, 2022), when he a e o hese public
unds is closely obse ed, i u ns ou ha men ha e ecei ed wice he
esou ces women ha e ecei ed (Financial T anspa ency Coali ion, 2022: 9).
3. IMF and i s (a chaic and selec i e) ision o human
igh s in deb issues
In an unp eceden ed way, he IMF, which is an in e go e nmen al agency and
pa o he UN sys em, does no accep ha i is bound by in e na ional human
igh s law. Con i ming i s his o ical s and, in 2017, in a le e submi ed in he
con ex o he elabo a ion o he Guiding P inciples ela ed o he assessmen s
o he e ec s o economic e o ms on human igh s, he ep esen a i e o
he IMF s a ed be o e he UN: ‘The IMF has no accep ed he Decla a ion
on Human Righ s as he mo i a ing p inciple o ou ope a ions. UN
agencies ha e gene ally accep ed ou a gumen s as es ablishing he limi s o
ou engagemen and obliga ions on p omo ing human igh s.’ (IMF, 2017).
This s a emen is p oblema ic in a leas h ee aspec s. Fi s , because he
IMF is he only specialized agency o he UN sys em sel - pe cei ed as
being abo e human igh s. The Uni ed Na ions Cha e (A icle 1.3) is
unambiguous as o he impo ance o human igh s o he ac i i ies o he
o ganiza ion. Besides, he IMF A icles o Ag eemen does no men ion
‘human igh s’ in he a icle (IX) on immuni ies. Second, s a ing, as he
IMF does in i s le e , ha UN agencies ha e accep ed such c i e ion is
inco ec . On he con a y, bo h ea y bodies and he special p ocedu es
ha e epea edly s a ed ha IFIs (and he IMF is explici ly men ioned) should
espec human igh s and, he e o e, hey a e in e na ionally liable when hey
do no comply wi h such basic obliga ions. The e is no doub on his since
in he 1980s he UN Gene al Assembly o de ed he IMF o s op unding he
Sou h A ican Apa heid o p e en i om inancing a egime ha iola ed
undamen al human igh s. Thi d, conside ing ha se e al in e na ional
con en ions ecognize he igh o p ope y as a human igh , and in his
INTRODUCTION
7
aspec he IMF does no hesi a e when i mus pu sue i s p o ec ion, how
is his selec i e c i e ion jus i ied as o which human igh s a e binding and
ele an o he c edi agency and which a e no ?
In he con ex o his ou landish legal in e p e a ion ha he IMF upholds,
he agency launched he sel - p oclaimed ‘gende s a egy’ in July 2022. As is
sugges ed in a le e ha he manda e holde s o he UN special p ocedu es
submi ed o he IMF in 2022, as well as in a numbe o s udies ca ied ou
by academics and o ganiza ions o ci il socie y, he IMF ‘gende s a egy’
ies o be a jus i ica ion o o hodox policies.6 Unde his s a egy, women’s
in e es s a e ele an (‘mac oc i ical’ pu suan o he IMF ja gon) and wo hy
o being p omo ed as long as hey imp o e he iscal si ua ion o he deb o
S a e and p omo e GDP g ow h, e en a he expense o wo sening he igh s
o women, as is he case when women a e inco po a ed in o he labou
ma ke wi h p eca ious and in o mal condi ions.7
In Janua y 2024 he IMF eleased i s ‘In e im Guidance No e on
Mains eaming Gende ’, which o e s ope a ional guidance o s a o
implemen ing he gende s a egy, discussing ‘ligh ouch’ e sus ‘deep di e’
app oaches o gende analysis. Oddly, he pape does no e en men ion ‘deb ’
once. The pape s a es ha ‘s a would also examine comp ehensi ely how
shocks and ends, iscal, mone a y, and inancial policies, and s uc u al
e o ms can ha e di e en ia ed impac s on men and women and, hence,
na ow o exace ba e gende gaps’ (IMF, 2024: 9). Ye , his gende impac
assessmen o he IMF’s own condi ionali ies ne e akes place.
I anyone s ill has doub s abou he me ely ins umen al na u e o he IMF
‘gende s a egy’, ha pe son needs o know ha in 2017 he IMF pos ed an
a icle on i s websi e, w i en by (male) economis s, whe e hey explained why
i was wo h in es ing in he heal h o women in Rwanda: ‘Heal hy women
will p obably wo k ou side hei houses, hey will ha e mo e s amina and
ene gy o physical jobs, and hey will wo k mo e hou s’ (Bloom e al, 2017).
This s ep aken by he IMF o c ea e he ‘gende s a egy’ came o con i m
a g owing idea in indus ialized coun ies abou he impo ance o gende
equali y in e ms o economic e iciency and good go e nance, which
s eng hens he mains eaming o he gende - based app oaches in some
ins i u ions. Bu , a he same ime and almos inad e en ly, in many cases his
has led o he p omo ion o a mo e mode a e sec o o eminism – aligned
wi h neolibe al ideas – ha is mo e willing o ins umen alize and ' inse'
emancipa o y demands ins ead o challenging he neolibe al assump ions
ha c ea e and suppo gende inequali ies (Budgeon, 2019).
4. B ie genealogy o eminis and deb agendas
The indeb edness p oblem was included a leas ou decades ago in he
agenda o he eminis mo emen (including ac i is s and academics) in a

8
FEMINISM IN PUBLIC DEBT
b oad way and as a p io i y, highligh ing ha he deb issue is in insically
in e wined wi h o he demands and social and poli ical phenomena wi h a
di ec e ec on women’s igh s. Ye , he inclusion o hese opics in na ional
go e nmen al agendas has been sca ce o almos non- exis en . Thus, i is
key o in es iga e eminis agendas in a his o ical and c i ical manne so as
o ( e) hink he p og ess o eminism in economic and especially inancial
issues, as well as he limi s and challenges eminis demands ha e been acing.
In pa allel wi h he beginning o he c isis o he wel a e s a e and o paid
wo k, and join ly wi h he ex e nal deb c isis as a back as he 1970s, as well
as he incomple e eme gence o he ‘New In e na ional Economic O de ’, he
hi d wa e o eminism consolida ed, whe ein he main demands o women
ocused on powe ela ions ha s uc u ed amily and p ope y, being included
in he public scene and ans o ming he inequali ies o he p i a e space.
In he decades ha ollowed, women’s labou pa icipa ion inc eased
and he un ai , in isible and unpaid dis ibu ion o domes ic and ca e
wo k s a ed o be ques ioned. Howe e , when he phenomenon o mass
inco po a ion o women in o he labou ma ke s a ed, he e was no ai
( e)dis ibu ion o domes ic and ca e wo k among he ac o s o he ‘ca e
diamond’ (Raza i, 2007), and among men and women; ins ead, i esul ed in
he comme cializa ion o much o his wo k and, consequen ly, he ex ension
o he double wo king day o women. Women s a ed o wo k massi ely in
he labou ma ke and hey con inued wo king in hei houses. The ‘global
eminiza ion o wo k’ (S anding, 1989), which in ol ed he inc ease o
women’s pa icipa ion in he wo k o ce – and ha included he hi ing o
women o he Global Sou h wi h e y low sala ies o he in ensi e wo k
in ac o ies o expo s (Elson and Pea son, 1981) – was connec ed o he
libe aliza ion o in es men s and ade (Pe e son, 2005).
The 1990s and yea s well in o he 21s cen u y, wi h an upsu ge o
neolibe alism and he consolida ion o a new model o capi al accumula ion
h ough he inancial capi al and indeb edness p ocesses, wi nessed he p og ess
o he agendas o eminis s and dissiden s as o machis a iolence, pa icipa ion
in poli ics, he mechanisms o ad ancemen o women’s igh s, and he
ecogni ion o sexual and ep oduc i e igh s. Ins i u ional agendas linked
o he demands o economic au onomy, pa icipa ion in he labou ma ke
and especially he ecogni ion and he edis ibu ion o he un ai di ision o
unpaid domes ic and ca e wo k also s a ed o pe mea e. Du ing hese yea s,
p og ess was also made as o he mains eaming o he gende - based app oach
as a p inciple o public policy (Rod íguez Gus á, 2008; Payo, 2017), and i
was included in egula o y, p og amma ic and budge amewo ks.
As a back as he 1980s and he beginning o he 1990s, he eminis
mo emen , mainly om La in Ame ica, sugges ed ha he impac o he
mac oeconomic policies implemen ed in he con ex o he s uc u al
adjus men in pe iphe al coun ies was no neu al in e ms o gende (Bi gin,
INTRODUCTION
9
1992). Indeed, in he Women’s Regional Con e ences in Gua emala (1988)
and Ma del Pla a (1994) hese p oblems we e aised. In he Beijing Pla o m
o Ac ion (1995), which cons i u ed he basis o he eminis ac ion in he
decades ha ollowed, ex e nal deb and he o hodox economic policies
as ac ual h ea s o women’s igh s we e explici ly men ioned. The Beijing
Pla o m wen as a as sugges ing he need o g an deb elie o highly
indeb ed pe iphe al coun ies. This same diagnosis and complain has been –
incipien ly and inc emen ally – p esen du ing he decades ha ollowed in
wo ld and egional decla a ions and ag eemen s ha add ess his si ua ion and
women’s igh s.8 The e seems o be an e hical assump ion unde lying hese
posi ionings ha unde s ands deb is legi ima e p o iding i os e s human
(bodily, cogni i e and social) capabili ies (Padge Walsh and Lewis on, 2022).
Howe e , his speci ic complain linked o deb , included in o icial
documen s and subjec o academic esea ch, did no escala e conside ably
in speci ic na ional go e nmen al ac ions. The eminis and human igh s
app oach in deb issues quickly ound i s limi s. On he one hand, and in
a mo e gene al way, because in ecen decades a neolibe al coloniza ion o
human igh s has pe sis ed, ocusing mainly on ci il and poli ical igh s,
which was no able o ouch he economic oo s o inequali ies, and
assumes a pe ec compa ibili y be ween ma ke economy and human igh s
(Bohosla sky and Can amu o, 2022).
On he o he hand, and in a mo e speci ic way, due o he ecognized
ension be ween he economic edis ibu ion and he sociocul u al
ecogni ion o he demands o he eminis mo emen (F ase , 2000; 2008a;
2008b), which also explains he eme gence and consolida ion o a sec o o
mode a e eminism, connec ed o ‘p og essi e neolibe alism’, which, while
s ill ad oca ing o he ecogni ion o ce ain igh s and indi idual libe ies,
says no hing as o he o igins and implica ions o inancial libe alism, and
which has so ened (o e en ma ginalized) a numbe o demands o he
mos adical eminis s, as well as ins i u ionalized o he mo e mode a e ones,
wa e ing down i s ans o ma i e po en ial.
Fo ha same eason, he IMF can a o d o ha e i s own ‘gende s a egy’
ha in u n is eplica ed wi hou ea in a numbe o na ional go e nmen s,
esul ing in he ins i u ionaliza ion o a mode a e – washed – eminism ha ,
h ough non- pe o ma i i y, ends up doing some hing (ins i u ionalizing)
so ha no hing changes (Ahmed, 2022); ha is, ‘non- e o mis e o ms’.
In o he wo ds, using his new ‘gende s a egy’, sponso ed and suppo ed
by he neolibe al agenda, he IMF can app op ia e he no ion o gende
and elimina e any adical and emancipa o y ideas o eminis mo emen s o
p omo e public policies whose goal is ha women can be use ul o capi al.
Some hing simila can be said as o he gende - based app oach o he
Wo ld Bank ha is silencing he di e en ial e ec s o he e o m packages,
he ex ac i e p ojec s hey inance, he p i a e heal h sys ems hey p omo e
10
FEMINISM IN PUBLIC DEBT
and he un ai sys ems o mic oloans hey suppo . Among many o he
economic and and ocen ic delica essens, he Wo ld Bank ob iously ocused
on ‘economically empowe ing’ women (and, in ce ain cases, on speci ic
ci il and poli ical igh s – such as he p ohibi ion o disc imina ion based on
gende – wi h limi ed iscal impac ), as i gende inequali ies do no ha e a
deep s uc u al oo , including he unequal dis ibu ion o ca e asks, which
also equi es s uc u al solu ions (B uneau, 2023).
In 2018, he Wo ld Bank wi hd ew a loan o educa ion pu poses o
Tanzania un il he go e nmen changed i s policy o banning p egnan gi ls
om going o school. The e was no condi ionali y aimed a ensu ing ha a
social sa e y ne was in place in he coun y in o de o gua an ee ha hose
pe sons could con inue wi h hei s udies du ing he p egnancy and – when
his was he case – a e he deli e y.9 Also ega ding i s gende app oach, he
Wo ld Bank announced in May 2023 ha i was going o eeze new loans o
Uganda because o he coun y’s disc imina o y an i- LGBTIQ+ law. Ye , when
making his decision, he e was no e e ence o human igh s s anda ds bu o
‘ alues’; i only ocused on disc imina ion in law bu no in p ac ice, he e was
no comp ehensi e policy o p omo e he igh s o his g oup in a ulne able
si ua ion, and he same inancial decision was no aken in he case o o he
clien coun ies wi h simila disc imina o y laws; and i was made, in any case,
on an implici selec i e use o human igh s, as economic and social igh s did
no dese e any (no e en implici ) conside a ion om he Wo ld Bank.
The expansion o he Washing on Consensus, he exponen ial g ow h
o inancial neolibe alism, he consolida ion o he model o in ini e
g ow h le e aged by deb , ex ac i ism and o he ac i i ies ha damage he
en i onmen , as well as he highe de elopmen o highly masculinized sec o s,
all had speci ic consequences o women. The o hodox economic policies
o add ess public o e - indeb edness (disman ling public se ices, weakening
ne wo ks o social p o ec ion, labou lexibiliza ion, highe ela i e bu den
o indi ec axes, educ ion o s anda ds o en i onmen al p o ec ion, and so
on) had a di e en impac on women and caused, o ins ance, highe p i a e
indeb edness o women o sa is y he needs ela ed o social ep oduc ion
(Gué in, Kuma and Venka asub amanian 2023). The esul has been he
‘ inancializa ion o ep oduc ion’ ha subjec s women o be simul aneously
exploi ed as domes ic wo ke s and ca egi e s, as paid wo ke s, as consume s
and now also as deb o s (Fede ici, Ca alle o and Gago, 2021). The so- called
‘gende bonds’ ha we e ecen ly c ea ed, subjec ing gende equali y o he
‘ o ces o he inancial ma ke ’, imply he deepening o his inancializa ion
p ocess up o pa oxysm.10 Ano he i e u able p oo ha neolibe alism can
cannibalize e e y hing (Nancy F ase (2023) dixi ).
Deb , whe he public o p i a e, is key o he sys emic and s uc u al
discussion o capi alism (Lazza a o, 2015). Jus like he co e o he capi alis
hea has been a ge ed by he eminis economy denouncing he un ai
INTRODUCTION
11
dis ibu ion o domes ic and ca e asks (Can ilon, Macke and S e ano,
2023), he limi s o indeb edness also a ec he logic o mode n inancial
capi alism. Ou poin he e is ha eminism om he inside and he ou side,
as an emancipa o y social mo emen , should no only con inue ad oca ing,
bu also s eng hen i s demands and imp o e i s s a egies in e ms o he
egula ion o he in e na ional low o capi al, he in e na ional ade o
goods and se ices, he p og essi eness o ax egimes, and he ac ual e ec s
o o hodox economic policies on he human igh s o women, as well as
he c i e ia ha should guide he g an ing, sus ainabili y and es uc u ing o
deb ha eminism has been de ending in he las decades. This is a challenge
ha goes beyond eminism and o e laps wi h a numbe o poli ical s uggles,
including he wo ke s’ s uggle connec ed o p oduc ion and sala y, social
p o ec ion and he en i onmen . I is e iden ha he poli ical aspec , as Nancy
F ase sugges s, is an essen ial elemen o ace his challenge and es ablish
he ules and s a egies o con on a ion, and is he s age o he s uggles
o edis ibu ion, ecogni ion and ep esen a ion. I is c ucial o con inue
con ibu ing o he na a i e as o how weal h and i s concen a ion is c ea ed,
he ole o deb in hem, and hei e ec on human igh s in gene al, as well
as on gende inequali ies in pa icula . Tha is o say, accep ing he sac i ice o
human igh s on he al a o sho - e m iscal discipline – so as o ensu e he
ull epaymen o so e eign deb – and admi ing ha deb can be sus ainable
e en when li e is no , implies a majo h ea o women. The goal o his book
is o con ibu e o he na a i e so as o aise awa eness and poli ical ac ion.
5. Poli ics and human igh s as ans o ma i e
eminis ools
The c i e ia o assess deb sus ainabili y, economic e o ms and hei esul s
in e ms o human igh s, including gende equali y, a e media ed by poli ics
(Kend ick, 2020). I he poli ical and social con ex is and ocen ic, and he
capi alis sys em is pa ia chal, is i ealis ic o hink ha economic policies
esul ing om i will no ha e ha machis a bias? The e o e, e o s should
no only aim a unde s anding and epo ing he causal connec ions be ween
economic policies and hei e ec s in e ms o gende , hey should also
ocus on how powe is c ea ed wi h an and ocen ic bias, which in u n is
he esul o a dynamics o in e dependen dimensions (Padamsee, 2009); in
o he wo ds, o e- ecognize he sup emacy o poli ics (Ka l Polanyi dixi ).
Among hese dimensions, posi ional ac o s (how people a e placed in ma e ial
s uc u es o how cu en ins i u ions and ules a e o med) and in e p e a i e
ac o s (how we unde s and and see he wo ld, whe he h ough cul u al o
psychological means) a e ound. The eedback dynamics o hese dimensions
e en ually de e mine he ounda ions o he social o de , and wi h ha he
economic e o ms and hei consequences in e ms o gende (Kend ick, 2020).
18
FEMINISM IN PUBLIC DEBT
his is a s a egy by he IMF o app op ia e he gende discou se and shape
i o he goals o neolibe al poli ics.
The ou h pa o he book sheds ligh on ‘IMF, women and di e si ies
in La in Ame ica and A gen ina’, s a ing wi h chap e 12 w i en by Ma ía
Nie es Rico, which enqui es in o he in e ela ion ha exis s among deb
sus ainabili y, li e sus ainabili y and ca e, which happens in a con ex o
al eady deep s uc u al inequali ies. In he analysis, Rico shows how public
indeb edness and i s consequences ha e a complex meaning when analyzing
hei impac on he daily li e o people, speci ically how he measu es
adop ed (conside ing he commi men s wi h he IMF) ha e as one o hei
g ea es consequences – whe he di ec ly o indi ec ly – he ep oduc ion
and deepening o gende inequali ies. Fu he mo e, he au ho analyzes how,
conside ing ha socioeconomic si ua ion, women ace he cos s o amily
managemen o ca e h ough he implemen a ion o di e en s a egies, such
as he educ ion o equen expenses and he need o u n o o mal o
in o mal loans and indeb edness so as o sa is y cu en basic needs. Finally,
he au ho shows he impo ance o implemen ing comp ehensi e ca e
sys ems in he egion o mo e owa ds li e sus ainabili y.
In chap e 13, F ancisco Can amu o and Agos ina Cos an ino analyze
om a gende pe spec i e he impac o public deb and o hodox economic
policies on he human igh o educa ion in La in Ame ica and he
Ca ibbean. To ha pu pose, he au ho s analyze how comme cializa ion
and p i a iza ions d i en by neolibe al e o ms, as well as iscal aus e i y
(including non- compliance wi h in es men goals in educa ion), ha e
been pa icula ly damaging o he igh s o gi ls, adolescen s and women,
by excluding hem om access and pe manence in he educa ion sys em,
blocking aining and labou oppo uni ies. The chap e also explains he
ela ion be ween in es men de ici s in he educa ion sec o and public
indeb edness in La in Ame ica and he Ca ibbean: by inc easing he deb
se ice expense in ela i e e ms, in es men in educa ion is educed, wi h
i s di e en ial consequences o gi ls, adolescen s and women.
In chap e 14, Flo encia Pa enio and A iel Wilkis analyze, in he con ex
o he COVID- 19 pandemic and using a quali a i e and quan i a i e s udy
o households o popula classes in A gen ina, he ela ions be ween he
inc ease o p i a e indeb edness and he deepening o inequali ies. In his
chap e , he au ho s sugges ha he e exis s a clea di e ence o exposi ion
o indeb edness be ween households wi h ca e asks and households wi hou
ca e asks, and ha p i a e indeb edness was used o inance expenses and
consump ion o main ain daily ca e asks. Then hey analyze he dynamics
ha enhance economic ulne abili y when he mechanisms o p o ec
labou igh s ail and how economic ulne abili y deepens when igh s a e
no ecognized pa adoxically in an indi idual way. Besides his, hey explain
he in e ace be ween p i a e and public indeb edness. Finally, hey o e

INTRODUCTION
19
e lec ions as o indeb edness, he ca e c isis and he lack o access o igh s,
all o which is e lec ed in households o popula classes. Thus, he au ho s
show he exis ing ela ion be ween he o e load o unpaid ca e wo k ha
is linked o o e - indeb edness and he lack o access o social p o ec ion o
women, lesbians and ans pe sons.
The i h pa o he book ocuses on ‘Gende impac analysis: amewo ks
and expe iences’. In chap e 15, Pa icia Mi anda and Ve ónica Se a ini o e ,
om he heo e ical guidelines o he Feminis Economy, a c i ical look a
he p e ailing analysis o deb sus ainabili y. To ha end, he au ho s analyze
he heo e ical s uc u e o he economic o hodoxy – and he me hodology
used by he IMF – ha gi es absolu e p io i y o capi al, uses and ocen ic
indica o s, excludes ax jus ice as a key ac o , gi es an ins umen al (non-
in insic) cha ac e o gende equali y and in isibilizes he e ec s o iscal
ules on women. This pa ia chal bias o deb sus ainabili y analyses ha he
IMF uses is a poli ical ac wi h deep legal implica ions.
In chap e 16, Ul ike Ma x enqui es in o he connec ion be ween
eminism and quan i ica ion o manage public inances ‘using numbe s’,
based on a s udy o he implemen a ion o gende - esponsi e budge s in
Aus ia be ween 2009 and 2012. The quan i a i e ansla ion o eminis s’
demands in he ans e saliza ion o he gende - based app oach, speci ically
he budge ing p ac ice, isks lique ying eminis s’ demands by p io i izing
e iciency, op imiza ion and compe i ion. While he au ho ecognizes and
wa ns abou he poli ical biases in accoun abili y (‘numbe s a e poli ical’), she
emphasizes ha , e en when quan i ica ion may depoli icize and democ a ize
eminism, i can also be a powe ul poli ical ool o make eminis s’ demands
isible, placing hem a he co e o he deba e and gi ing hem poli ical
legi imacy, including on discussion on public deb .
In chap e 17, Fla ia Na a o and Lau a Pau assi ocus on he impo ance
o including he gende - based app oach bo h in he ield o S a e inancial
obliga ions and in he ield o p i a e deb s o women and sexual di e si ies,
and pa icula ly on he de elopmen o p og ess indica o s and hei
implemen a ion. Fo ha pu pose, he au ho s p esen he main (quan i a i e
and quali a i e) indica o s o p og ess ha , in acco dance wi h he In e -
Ame ican sys em, a e used in cu en moni o ing mechanisms in he egion,
and conside hei po en ial o measu e, wi h a gende - based app oach, he
deg ee o compliance wi h S a e obliga ions connec ed o deb and hei
incidence on he le el o ul ilmen o human igh s. Finally, om a c i ical
look a he au onomy app oach, he au ho s highligh he need o p omo e
he ecogni ion o a li e ee o indeb edness ha enables women and sexual
di e si ies o enjoy economic au onomy in all i s dimensions.
In he six h and las pa o his book, we ocus on ‘Wo k agenda o
egali a ian ans o ma ions’, which s a s wi h chap e 18, whe e Ch is ina
Laska idis analyzes om a eminis pe spec i e he ope a ion o he
20
FEMINISM IN PUBLIC DEBT
in e na ional mone a y and inancial sys em (IMFS) h ough hei wo co e
ins i u ions: he G oup o 20 (G- 20) and he IMF. The au ho a gues ha
hese ins i u ions ha e shown, a a he o ical le el, a g owing in e es in
gende equali y, bu ha conce n has no been e lec ed in e icien policies
and ac ions when educing gende inequali ies, which ac ually in isibilizes
he ways in which he IMFS ein o ces gende inequali ies and o he ype o
inequali ies h ough he way in which capi al lows, so e eign deb and ela ed
economic policies, cu ency hie a chies, liquidi y cycles and he ope a ional
s uc u es o global economic go e nance oday. The inal ema ks iden i y
a se ies o needed e o ms om a eminis pe spec i e.
In chap e 19, Juan Pablo Bohosla sky and Lena La inas s udy wha he
so- called ‘gende bonds’ a e, how hey wo k, he economic ideas ha suppo
hem, and which ac o s p omo e hese gende bonds ha ha e in he las
yea s had an exponen ial g ow h, deepening he gene al phenomenon o
inancializa ion. Mo eo e , he au ho s c i ically analyze he limi a ions,
con adic ions and p oblems ha hese ypes o bonds pose ha – in heo y –
end o educe gende inequali ies and p omo e women’s igh s h ough
public policies and p ojec s inanced by in es o s ha in u n gene a e p o i s,
bu a he end o he day, acco ding o he au ho s, a e ‘ano he b ick on
he neolibe al wall’.
In chap e 20, he las one, Magalí B osio and Ma iana Rulli wa n
ha , despi e he gene al end o he las ou decades owa ds a g owing
ins i u ionaliza ion o gende a eas o he S a e in La in Ame ica and he IFIs,
speci ically as o gende ins i u ionali y in public inances, and pa icula ly as
o public deb , p og ess has been low and, in any case, imid. The au ho s
also p o ide c i ical e lec ions on he p oli e a ion o ins umen alis and
pe o ma i e s a egies ha ha e been e lec ed in gende ins i u ionali y a
he S a e (in he case o gende - esponsi e budge s) and IFIs le els (as in
he gende s a egy o he IMF), limi ing uly ans o ma i e app oaches.
Finally, he au ho s o e a se ies o p oposals o discuss whe e and how
o deepen gende ins i u ionali y in he ield o public inances and, mo e
speci ically, o so e eign deb .
Acknowledgemen s
The au ho s hank F ancisco Can amu o, Lau a Pau assi, Emilia Reyes and
Ve ónica Se a ini o hei c i ical eedback o his in oduc ion.
No es
1 The hea e play called Con la deuda al cuello (Up o hei neck in deb ) o he hea e
company ‘Las Reinas Chulas’, ha p emie ed in Mexico in July 2022, con ibu es o ha
end, as by explaining he ela ions among mac oeconomic indica o s, ma e ial condi ions
o li e, inequali ies and gende s e eo ypes, social indica o s, and he inc ease o public
and p i a e deb , i shows how his combina ion can become a li e sh edde , mainly o
women. In o he wo ds, gende iolence.
INTRODUCTION
21
2 In ac , i we ake he pe iod 2009– 21 o s udy he condi ionali ies imposed by he
In e na ional Mone a y Fund (IMF) o i s deb o S a es, we ind ha S a es wi h he
closes diploma ic connec ions wi h he US end o ecei e a mo e bene olen ea men
by he IMF, while hose S a es closes o China ace g ea e equi emen s in e ms o
aus e i y (Ray, Gallaghe and K ing, 2022).
3 In his ega d, see chap e 2 by Rod íguez En íquez in his book.
4 See he chap e 20 B osio and Rulli in his book.
5 Some o hese policies include public se ice p i a iza ions, heal h comme cializa ion,
public expendi u e educ ion in highly in luen ial budge a y lines as o he ul ilmen
o economic and social igh s, labou de egula ion, weakening o he social p o ec ion
sys em, sala y and pension educ ion, highe ax eg essi eness and educ ion o s anda ds
o en i onmen al p o ec ion.
6 See chap e 6 in his book on he 2022 le e sen by manda e holde s o he UN
special p ocedu es.
7 Rega ding he ‘gende s a egy’ o he IMF, see chap e s 2 by Rod íguez En íquez, 9 by
Villa d Du an, 10 by Pe ons, 11 by K ubnik and 20 by B osio and Rulli in his book.
8 See he chap e 8 by Pe ce al and Rulli in his book.
9 And his goes wi hou men ioning ha legal and p ac ical ba ie s o accessing sa e abo ion
implies a iola ion o human igh s.
10 See he chap e 19 by Bohosla sky and La inas in his book.
11 See he chap e 16 by Ul ike Ma x in his book.
12 This would lead o a conside a ion o he immedia e e ec s o deb on human igh s and
he long- e m e ec s on de elopmen pe spec i es o deb o coun ies, as well as he le el
o social esis ance o adjus men and o he con ac iona y policies.
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24
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INTRODUCTION
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PART I
Deb and Feminis Agendas
34
FEMINISM IN PUBLIC DEBT
e idenced. O iz and Cummins (2022) make a ho ough analysis o he
aus e i y measu es implemen ed o p ojec ed in he wo ld be ween 2022 and
2025. They indica e ha , in acco dance wi h he In e na ional Mone a y
Fund (IMF) p ojec ions, public expendi u e cu backs a e expec ed in 143
coun ies, which will a ec 85 pe cen o he global popula ion. Coun ies
o he Global Sou h will be he mos a ec ed ones, wi h es ima ed cu backs
in 3.5 pe cen o he GDP. Mo e han hal o he coun ies analyzed will
make cu backs ha will ake hei public expendi u e o le els lowe han
be o e he pandemic.
The ype o cu back measu es analyzed ha e di ec social impac s and a ec
signi ican ly women: i) a ionaliza ion o social wel a e p og ammes (many
o hem a e eminized); ii) educ ion o sala ies in public jobs ( ha ha e a
eminized pay oll, pa icula ly in he lowes ca ego ies); iii) p i a iza ion
o companies and public se ices, as well as p omo ion o public- p i a e
pa ne ships; i ) labou lexibiliza ion; ) social secu i y e o ms ( ha
o en limi he access o social secu i y bene i s o hose who ha e weake
con ibu o y eco ds, among whom women a e o e ep esen ed); and i)
educ ion o educa ion and heal h expendi u e ( ha mainly a ec women
due o hei ole in ca e a angemen s, bu also because he wo k o ce in
hese sec o s is eminized).
The go e nmen in A gen ina, which has signed a new ag eemen wi h
he IMF in 2022 ( hus con i ming and legi imizing he indeb edness om
Mac i’s go e nmen ), is also unde he p essu e o aus e i y, whose impac
can clea ly be seen in he las budge s. Fo ins ance, in acco dance wi h
he epo s o he A gen ine Budge O ice, public in es men d opped by
38.3 pe cen in eal e ms in 2022.11 Meanwhile, he na ional go e nmen
ga e 33 pe cen less in esou ces in eal e ms in 2022 o p o inces and
municipali ies, compa ed o he p e ious yea . This is expec ed o a ec
p o incial and municipal budge s, and, he e o e, he p o ision o educa ion
and heal h se ices ha a e decen alized a hese subna ional le els.
Expendi u e on he pension sys em ( he main componen o he social
public expendi u e) wen om 8 pe cen o GDP in 2021 o 7.7 pe cen
in 2022, and i is 1.9 pe cen lowe han in 2017.
As he budge o he na ional go e nmen in A gen ina includes a
me hodology o gende - esponsi e budge ing (GRB),12 i can be pa icula ly
analyzed how his aus e i y a ec s budge a y lines conside ed o po en ially
educe gende inequali y gaps. This is wha Asociación Ci il po la Igualdad y
la Jus icia (Ci il Associa ion o Equali y and Jus ice) (ACIJ, 2022) does and
indica es o he 2023 budge : i) a educ ion o 6.8 pe cen in eal e ms
compa ed o 2022 o social secu i y bene i s gi en h ough he Plan de
Inclusión P e isional (pension inclusion p og am, ha essen ially women
ecei e) and 8.8 pe cen o non- con ibu o y pensions o mo he s o se en
o mo e child en; ii) a d op o 11.5 pe cen in eal e ms o he uni e sal

DEBT, ECONOMIC VIOLENCE AND FEMINIST AGENDA
35
child allowance (Asignación Uni e sal po Hijo, AUH) and he uni e sal
allowance o p egnancy (Asignación Uni e sal po Emba azo, AUE), and 32
pe cen in Ta je a Alimen a (mone a y ans e s o buy ood); iii) a educ ion
o 19 pe cen in he budge a y line o implemen he cash ans e p og am
a ge ed a he child en o ic ims o gende - based iolence; i ) a d op o
45.5 pe cen in eal e ms o he lines ha inance he ea ly childhood
educa ion p og amme ‘P ime os Años’; ) a d op o 37.2 pe cen o unds
o he p o ec ion o ic ims o gende - based iolence.
The aus e i y policy o he A gen ine go e nmen is also exp essed in
he educ ion o bene icia ies o he main wo k a e p og amme, called
‘Po encia T abajo’. This educ ion also comes wi h a campaign o symbolic
iolence ( om sec o s o he go e nmen , he opposi ion and he hegemonic
mass media) agains he bene icia ies o his p og amme (and o wel a e
p og ammes o cash ans e s in gene al, who a e mainly women), who a e
accused o co up ion (because in some cases he bene i is ecei ed wi hou
complying wi h all he equi emen s), bu mo e ex ensi ely a e accused o
laziness and li ing a he expense o he S a e (in a discu si e u n ha hides
huge bene i s ecei ed by he concen a ed capi al and high- income sec o s
o he popula ion h ough ax launde ing, special ea men s wi h espec
o he exchange a e policy, ax exemp ions and so on).
In o de o gi e pe spec i e o he case o he Po encia T abajo p og amme
as an example o he economic iolence implied by adjus men policies
ha also a ec s ela i ely mo e women han men, i is wo h men ioning
ha cu en ly he p og amme has mo e han 1 million bene icia ies, 63
pe cen o whom a e women, p edominan ly young women (83 pe cen
a e be ween 18 and 45 yea s old), and mos o whom ha e a low le el o
educa ion (66 pe cen ha e no comple ed seconda y educa ion). Almos
50 pe cen o he bene icia ies comply wi h he wo king equi emen by
wo king in communi y ki chens and can eens, in o he wo ds, ha ing an
essen ial ole o he social ep oduc ion o popula sec o s (as was e idenced
du ing he pandemic). Small ag icul u al ac i i ies also p edomina e o
gua an ee ood sa e y.
As Giosa Zuazúa (2022) s a es, despi e i s ole o suppo he income
o he mos disad an aged popula ions, bu also i s key ole in he social
ep oduc ion o hese sec o s, he p og amme has been c i icized and
educed since 2021. In Oc obe 2021, he Minis e o Social De elopmen
o ha ime exp essed he in en ion o suspend he subsc ip ions o he
p og amme and o ans o m i in o a ool o encou age egis e ed paid
labou (al hough he ne e men ioned how he would do i ). In June 2022,
he ice- p esiden o A gen ina c i icized he p og amme managemen ,
especially he ole o social o ganiza ions as in e media ies be ween he
S a e and he bene icia ies. In Augus 2022, he go e nmen announced
ha i would audi he bene icia ies o he p og amme, a measu e ha
36
FEMINISM IN PUBLIC DEBT
was well ecei ed by conse a i e poli ical and media sec o s ha de end
he con o e sial na a i e o me i oc acy. A he beginning o Decembe
2022, 20,000 bene icia ies o he p og amme we e cu o . Ul ima ely,
he con ex o adjus men and he e ec i e educ ion o budge a y
lines o his ype o p og amme ends up damaging he ma e ial li ing
condi ions o he bene icia ies due o ans e loss o paymen delays,
while a iolen na a i e is encou aged ha accuses hem o abuse o he
public budge , denying he ole ha many o hese pe sons play whe e
he S a e ails (p o iding ood, ca e and basic social in as uc u e in
poo neighbou hoods).
The inc easing weakness o S a e mechanisms o p o ide income and
social ep oduc ion o ce households o inc ease ma ke exchanges, and as
hey do no ha e enough sou ces o income, hey a e o ced o become
indeb ed.13 This is how he di ec ela ion be ween public indeb edness and
domes ic indeb edness is exp essed. Deb as discipline o S a es, bu also
o households.
Ul ima ely, deb sus ainabili y, ul illing iscal de ici commi men s and
how o do i (always h ough cu backs o expendi u e wi h ques ionable
p io i ies, ins ead o ocusing on he sec o s ha sys ema ically pe o m ax
abuse and de und he S a e) become a p ac ice o economic iolence ha
pu s li e sus ainabili y a isk.
4. Feminis esis ance o indeb edness
The expansion con ex o he eminis mo emen has been a ou able o
gene a ing esis ance o deb om a pe spec i e ha aims o challenge bo h
capi alis and pa ia chal iolence. As Gago (2019: 84) explains, ‘(i) is he
appea ance o a mass eminism ha has enabled (and enables) o ead he map
o he di e en ypes o iolence as a ne wo k’. This s age o eminis ac i ism
a ose in he mass mobiliza ions o June 2015, summoned by he mo o ‘No
e en one mo e dead: We wan ou sel es ali e’, p ecisely as a eac ion o one
o he mo e ex eme o ms o iolence agains women: emicides.
This claim agains he S a e as being esponsible o he iolence agains
women and as an ac o ha speci ically could ans o m he si ua ion wi h
ac i e policies o elimina e all o ms o iolence was la e connec ed o he
so- called ‘g een wa e’, he eminis mo emen ha massi ely ough o he
legaliza ion o abo ion (which was achie ed a he end o 2020).
I is in he con ex o his ac i ism ha he e a e ac ions ha show how
economic issues, and pa icula ly he deb issue, a e pe ading he eminis
agenda. As old by Ca alle o and Gago (2019), on 2 June 2017, an ac ion in
on o he Cen al Bank o he A gen ine Republic was o ganized, whe e
pamphle s we e gi en and a mani es o i led ‘We wan ou sel es ali e, ee,
and deb - ee’ was ead. The mani es o explained his sys emic unde s anding
DEBT, ECONOMIC VIOLENCE AND FEMINIST AGENDA
37
o indeb edness p ocesses, and p i a e, domes ic and amily indeb edness was
made isible and cen ed in public deba e as a eminis issue.
This ac i is app oach o deb p oblema izes he abs ac dynamics o
inances in hei ela ion wi h daily li e, he di e en o ms o iolence
(domes ic and ins i u ional) and cu en mechanisms o labou exploi a ion
( ha can also be unde s ood as o ms o iolence). This app oach is
summa ized in he mo o epea ed in eminis s ikes on each 8 Ma ch: ‘ he
deb is owed o us’.
Ac i ism agains economic iolence and deb is ex ended o di e en
ields. I is clea ly exp essed in a pa o he eminis ade union ac i ism.
I is coo dina ed wi h o he global social mo emen s in he esis ance o
and in he G20 and he Wo ld T ade O ganiza ion (WTO).14 I challenges
he p e ailing discou se o inancial inclusion as an oppo uni y.15 And i is
exp essed when i c i icizes he hypoc i ical gende s a egies o in e na ional
inancial ins i u ions.16
A he same ime, eminis esis ance o deb is ans o med in o speci ic
p ac ices. They hold hemsel es in an a i ude ha p oposes o be insubmissi e
o inances, and ha p omo es disobedience . Fo ins ance, eminis inance
is implemen ed as loans p o ided by social o ganiza ions, hey a e channelled
h ough expe iences o ‘e hical inances’,17 hey a e econ e ed o p ac ices
o communi y sa ings (as in he case o pasanaku in he Boli ian communi y),
and hey a e o ganized o esis he e ic ions o eal es a e deb s ha canno
be epaid o o p opose new egula ions in he en ma ke .18
Ul ima ely, eminis esis ance o deb gene a es collec i e o ganiza ion,
i epo s sys emic o igins o indeb edness, i makes economic iolence
isible and i calls o insu ec ion agains wha was es ablished as ue.
Finances can be ques ioned, challenged and ans o med. And his is u gen
and impe a i e.
No es
1 The au ho akes he e he no ion o economic iolence de eloped by San illana O íz
e al (2021).
2 This mo emen enables us o ‘coin a poli ical wo d ha no only epo s he iolence
agains women’s body, bu i also opens he discussion abou o he eminized bodies, and
e en mo e i mo es om a unique de ini ion o iolence ( ha i is always domes ic and
in ima e, and he e o e con ined) o unde s and i in ela ion o an idea o economic,
ins i u ional, labou , colonial, e c iolence’ (Gago, 2019: 62).
3 To lea n mo e abou he genealogy o he concep o body- e i o y, see Ulloa (2021).
4 Gago (2019) iden i ies ou scenes o iolence ha ep esen he upda e o his ‘wa
agains women’: 1) The implosion o iolence wi hin homes as a consequence o he
de- hie a chiza ion o he igu e o he male p o ide ; 2) he appea ance o new ypes
o iolence in popula neighbou hoods in he con ex o he p oli e a ion o illegal
economies; 3) he pillage o land and common goods by ansna ional capi al; and 4) he
coo dina ion o exploi a ion and ex ac ion o alue h ough he inancializa ion o
social li e.
38
FEMINISM IN PUBLIC DEBT
5 An example o his ha p e ails oday in he global agenda o de elopmen is he
secu i iza ion p ocesses ha ans o m he expec ed e u ns o in es men s om he ield
o de elopmen inancing in o inancial asse s. This is linked o he p ocesses ha seek
o le e age he inancing o he p i a e sec o , and i is e y equen in public- p i a e
associa ions. To lea n mo e abou hese p ocesses, see Gabo (2019).
6 This is how he inancial sec o s a s ad ancing o e social sec o s ha i dis ega ded in
he pas , bu now conside s as new ma ke s. This is clea ly he case o loan ins umen s
o low amoun s ha a e sp ead in popula sec o s. To unde s and his p ocess and i s
pa icula eminiza ion cha ac e is ic, see Ca alle o (2021).
7 See chap e 19 by Bohosla sky and La inas in his book.
8 Cobham and Jansky (2020) p esen a sys ema iza ion o exis ing es ima es ha o
de eloping coun ies a y om US$77 billion o US$240 billion wi h espec o he
losses o co po a e income ax.
9 To lea n mo e abou his idea o co po a e cap u e o S a es and he de elopmen agenda,
see Rod íguez En íquez (2021).
10 La inas (2017) ex ensi ely de elops his idea in he s udy o inancializa ion p ocesses o
social policies, wi h special emphasis on he B azilian case.
11 Da a a ailable online a : h ps:// www.econo mia.gob.a / onp/ ejecuc ion/ 2022#ai
12 Al hough he exis ence o GRB is a s ep o wa d, i is also impo an o men ion ha
his is a i s s ep, which is limi ed o he iden i ica ion o budge lines ha could ha e
a posi i e impac on he si ua ion o women and di e si ies, o on he educ ion o
gende inequali y gaps. In he u u e, i would be expec ed ha a budge analysis om
a eminis pe spec i e be a wide and in eg a ed exe cise ha analyzes ex ensi ely bo h
expendi u e and mac oeconomic policies (including indeb edness), combining quan i a i e
and quali a i e s a egies, and ha can no ice he eal impac o public policies on he
condi ions and quali y o li e o people.
13 Pa enio (2022) sys ema izes he indings o a p ojec ha pa icula ly esea ched he
ela ion among deb , wo k and ca e in he popula sec o s o A gen ina, emphasizing he
expe ience o women. The e he consequences o he ela ion be ween public indeb edness
and domes ic indeb edness can be seen embodied.
14 On his ma e , see he July 2018 issue o De elopmen Al e na i es wi h Women o a
New E a (DAWN) In o ma ha summa izes he ac ions and pe spec i es made in on
o he summi o he WTO ha ook place in Buenos Ai es a he end o 2017: h ps://
dawn ne .o g/ publ ica ion/ dawn- in o ma- junio- 2018/
15 On his ma e , see he pos o Ve ónica Gago and Luci Ca alle o om May 2018 in
Ca og a ie: h ps:// s ud ique s io nec imin ale.wo dp ess.com/ 2021/ 05/ 26/ los- mo i mien
os- y- las- deu das- e on ica- gago- y- luci- ca abe llo/
16 On his ma e , see Elson and Rod íguez En íquez (2021), as well as he mani es o signed
by mo e han 100 eminis o ganiza ions ha ejec s he IMF gende s a egy: h ps://
www.camp aign o ca mpai gns.com/ index.php/ en/ ou - wo k/ ac i ons/ 354- ejec ion- o -
in e n a io nal- mone a y- und- s- s a egy- ow a d- mains eam ing- gen de - 2
17 To lea n mo e abou he pa adigm o e hical inances, see De la C uz (2014).
18 Fede ici e al (2021) collec a se ies o expe iences o esis ance o indeb edness.
Re e ences
Asociación Ci il po la Igualdad y la Jus icia - ACIJ (2022) Géne o en el
P oyec o 2023, Buenos Ai es: ACIJ.
Ca alle o, L. (2021) ‘La deuda como disposi i o de iolencia inancie a en las
economías popula es eminizadas’, PhD hesis, Uni e si y o Buenos Ai es.
DEBT, ECONOMIC VIOLENCE AND FEMINIST AGENDA
39
Ca alle o, L. and Gago, V. (2019) Una lec u a eminis a de la deuda, Buenos
Ai es: Fundación Rosa Luxembu go.
Cobham, A. and Jansky, P. (2020) Es ima ing Illici Financial Flows. A C i ical
Guide o he Da a, Me hodologies and Findings, New Yo k: Ox o d
Uni e si y P ess.
De la C uz, C. (2014) ‘Una lec u a eminis a sob e el ca ác e polí ico y
el pode emancipado de las inanzas é icas’, in Yolanda Jube o Ruiz,
Me xe La añaga, C is ina Ca asco Bengoa, Magdalena Leon T ujillo,
Yayo He e o Lopéz, C is ina de la C uz Ayuso, e al (eds), Sos enibilidad
de la ida. Apo aciones desde la Economía Solida ia, Feminis a y Ecológica,
Bilbao: Red de Economıía Solida ia and Al e na i a Euskadi, pp 81– 96.
Elson, D. and Rod íguez En íquez, C. (2021) ‘Del dicho al hecho: la
na a i a de géne o del FMI y los de echos humanos de las muje es’,
De echos en Acción, 6(18): 275– 310.
Fede ici, S. (2010) Calibán y la b uja. Muje es, cue po y acumulación o igina ia,
Mad id: T a ican es de Sueños.
Fede ici, S., Ca alle o, L. and Gago, V. (2021) ¿Quén le debe a quién?: ensayos
asnacionales de desobediencia inancie a, Buenos Ai es: Tin a Limón.
Gabo , D. (2019) Secu i iza ion o Sus ainabili y. Does i Help Achie e he SDGs?
Washing on: Hein ich Boell S i ung No h Ame ica.
Gago, V. (2019) La po encia eminis a. O el deseo de cambia lo odo, Buenos
Ai es: Tin a y Limón.
Gago, V. and Mezzad a, S. (2017) ‘A c i ique o he ex ac i e ope a ions o
capi al: Towa d an expanded concep o ex ac i ism’, Re hinking Ma xims,
29(4): 574– 91.
Giosa Zuazúa, N. (2022) ‘¿Vic ima ias o íc imas? El con lic o con el
p og ama po encia abajo’, Coyun u as. La polí ica en Dispu a [online]
Decembe , A ailable om: h ps:// coy un u as.com.a / ic ima ias- o- ic i
mas- el- con li c o- con- el- p og ama- po enc ia - ab ajo/ ?u m _ sou ce= new
sle e &u m_ c ampa ign= 68430- Lanz amie n o+ COY UNTU RAS&u m _
med ium= email
La inas, L. (2017) The Takeo e o Social Policy by Financializa ion. The B azilian
Pa adox, New Yo k: Palg a e Macmillan.
O iz, I. and Cummins, M. (2022) End Aus e i y. A Global Repo on Budge
Cu s and Ha m ul Social Re o ms in 2022– 2025, London: Ac ion Aid.
Pa enio, F. (2022) Deudas, cuidados y ulne abilidad. El caso de las muje es de
hoga es de clases popula es en la A gen ina, Buenos Ai es: CEPAL.
Rod íguez En íquez, C. (2021) ‘Co po a e Accoun abili y and Women’s
Human Righ s: an Analy ical App oach o Public- P i a e Pa ne ships
(PPPs)’ (DAWN’s Discussion Pape #31, Feb ua y).
San illana O íz, A., Pa enio, F. and Rod íguez En íquez, C. (2021) Si
nues as idas no alen, en onces p oduzcan sin noso as. Re lexiones eminis as
sob e la iolencia económica, Buenos Ai es: Fundación Rosa Luxembu go.

40
FEMINISM IN PUBLIC DEBT
Sassen, S. (2015) Expulsiones. B u alidad y complejidad en la economía global,
Buenos Ai es: Ka z Edi o es.
Sen, G. (2014) ‘Reconside ando la acumulación o igina ia’, in G. Sen and
M. Du ano (eds), Re undando los con a os sociales: Feminis as en un mundo
e oz, London: Zed Books, pp 139– 142.
S ampa, M. (2019) Las on e as del neoex ac i ismo en Amé ica La ina. Con lic os
socioambien ales, gi o eco e i o ial y nue as dependencias, We zla : Calas.
Ulloa, A. (2021) ‘Repoli iza la ida, de ende los cue pos- e i o ios y
colec i iza las acciones desde los eminismos indígenas’, Ecología Polí ica,
61: 38– 48. ( he issue numbe is 61)
41
3
Deb , De elopmen and Gende
Penelope Hawkins and Ma ina Zucke - Ma ques
1. In oduc ion
Aus e i y, associa ed wi h inancial c isis, has long been shown o
disp opo ionally a ec women (Elson, 1993; Pé i ie 2018; Geoghegan and
Fois 2021). This chap e makes he poin ha gende disc imina ion om
so e eign deb ela ions is no , howe e , limi ed o c isis phases, and he
seeds o women bea ing he b un o public deb bu dens a e sown du ing
he expansiona y phase o an economic de elopmen model dependen on
deb - led g ow h. The chap e goes on o iden i y some o he pa hways ha
link de elopmen policies, deb and gende disc imina ion h oughou he
deb - led g ow h cycle.
Sec ion 2 se s he scene by desc ibing he p oblem o deb - led g ow h and
gende disc imina ion. In sec ion 3, he g owing indeb edness o de eloping
coun ies is discussed. In sec ion 4, we conside some o he channels
impac ing women du ing he deb - acquisi ion phases and aus e i y phases o
deb - led g ow h. Sec ion 5 concludes wi h some p oposals on he so e eign-
deb agenda, including a e ised concep ual amewo k o conside ing deb
sus ainabili y ha employs a de elopmen lens o add ess gende equali y.
2. Deb - led g ow h and disc imina ion
The e is a widesp ead accep ance among economis s om di e en adi ions
ha , apa om mobilizing domes ic esou ces, de eloping coun ies also
need o channel ex e nal esou ces o g ow and mee de elopmen challenges.
To add ess his, in 1961, a Uni ed Na ions (UN) Gene al Assembly esolu ion
called on membe s a es ‘ o pu sue policies ha lead o an inc ease in he low
o de elopmen esou ces, public and p i a e, o de eloping coun ies’.1 Bu
six decades on, he mechanisms o in e na ional inancial deb a chi ec u e
42
FEMINISM IN PUBLIC DEBT
s ill ail o gene a e he necessa y quan um o unding and inancing a a
p ice ha enables such de elopmen . Ins ead, ne inancial ans e s (o ne
esou ce lows) con inue o low om de eloping coun ies o ad anced
ones, c ea ing a pa adox (K egel, 2004): ex e nal esou ces a e deemed
necessa y o und de elopmen , bu his in u n gene a es e u n lows o
in e es paymen s and p o i emi ances which may domina e he cu en
accoun in excess o capi al lows (UNCTAD, 2020). Raúl P ebisch, who
la e became he i s Sec e a y Gene al o he UN Con e ence on T ade
and De elopmen (UNCTAD), poin ed ou , ‘as he s ock o o eign capi al
inc eases, i s inancial se ices also g ow, which will demand an inc easing
p opo ion o esou ces om expo s, and he mo e he p opo ion o hese
se ices g ows, he less he e will be oom o impo ing capi al goods wi h
hese esou ces’ (P ebisch, 1950: 480, au ho s’ ansla ion).
Fo his eason, some economis s ha e a gued ha de elopmen hinges
on he e ms o ade and de elopmen aid (P ebisch, 1952).2 Bu much-
desi ed aid om de eloped coun ies has mos ly disappoin ed and be e ade
condi ions o de eloping coun ies ha e ailed o ma e ialize (see sec ion 3).
Ins ead, wi h o eign di ec in es men di icul o a ac , he de aul op ion
o g ow h s a egy has become deb - led g ow h, esul ing in a deb eadmill
o de eloping coun ies: ising indeb edness o de eloping coun ies has
inc eased ulne abili y and unde mined g ow h p ospec s, wi h he impac
on women mos isible du ing he aus e i y phases. In he deb - led g ow h
model, inancial ma ke s and moun ing inancial le e age d i e he eal
economy and, inc easingly, he deb sus ainabili y o de eloping coun ies
is no longe in he hands o he a ec ed so e eigns. In an en i onmen o
agili y and spillo e s, alling commodi y p ices and weakening g ow h,
o mone a y policy decisions, in de eloped economies can quickly lead
o unsus ainable deb bu dens in de eloping coun ies (UNCTAD, 2019).
Unde his deb - led g ow h s a egy, de eloping coun ies can be seen o
al e na e be ween deb acquisi ion and aus e i y phases, and while his may
no be en i ely bina y, i is use ul o he la e discussion in his chap e o
di e en ia e be ween hem.
In he deb acquisi ion phase, capi al in lows pu upwa d p essu e on
exchange a es and ese e accumula ion akes place. The exchange a e
app ecia ion ends o educe he compe i i eness o he domes ic indus y
(K egel, 2018), which se es o chill domes ic expo - led en e p ise and
expo ea nings in gene al. Gi en ha de eloping coun ies end o impo
capi al goods, a long- e m educ ion in expo ea nings may unde mine
he abili y o he coun y o impo necessa y inpu s o in es men . Mo e
insidiously, as capi al lows inwa d, de eloping coun ies ha e shown a
s ong p edilec ion o accumula e o eign exchange ese es. Rising ese e
accumula ion means an oppo uni y o gone in e ms o much- needed
in es men and social expendi u e (Elhi aika and Ndikumana, 2007).
DEBT, DEVELOPMENT AND GENDER
43
In he aus e i y, o c isis, phase, he coun y is obliged o p io i ize
epaymen o c edi o s, pa icula ly ex e nal c edi o s. Cu en no ions o
deb sus ainabili y as he abili y o a go e nmen o mee i s cu en and u u e
paymen obliga ions wi hou excep ion a angemen s o de aul hus depends
on he willingness and abili y o go e nmen s o sac i ice domes ic objec i es
o mee o eign claims (7). By doing so, go e nmen s pu aside human igh s
commi men s, once esou ces o ensu e he ealiza ion o economic and social
igh s a e di e ed o pay deb claims. While K egel calls o a new de ini ion
o deb sus ainabili y ha suppo s he long- e m p ocess o de elopmen ,
which UNCTAD is in he p ocess o leshing ou (see sec ion 5), coun ies
aced by inancial c isis ha e been obliged o educe iscal expendi u e, in
he a emp o gene a e enough esou ces o a oid de aul .
Gende equali y is a c ucial componen o success ul de elopmen .
Financial c isis can o ce a disp opo iona e cos on women, inc easing
hei economic ulne abili y, and a ec ing socie al ou comes (Flo o and
Dymski, 2000). Con e sely, economic g ow h ha leads o inc eased emale
labou o ce pa icipa ion wi hou compensa o y in es men s in social
ca e p o isioning and be e dis ibu ion o ca egi ing esponsibili ies will
ul ima ely comp omise in es men and g ow h (B auns ein, Seguino and
Al inge , 2021).3 Since imp o ing women’s s a us and economic ac i i y has
mac oeconomic bene i s o economic g ow h and de elopmen (S o sky,
2006), whe e e ising deb bu dens and deb se ice paymen s compe e
wi h sca ce iscal esou ces o heal h, educa ion and social assis ance in
no mal imes – o lead o he cu backs associa ed wi h aus e i y – p og ess
on gende equali y is unde mined and de elopmen ou comes a e unwound.
Building on his, he chap e aces h ee key dimensions o women’s
engagemen wi h socie y and he economy – as employee, as ca egi e and
as ci izen – each o which c ea es pa hways o gende disc imina ion du ing
he cycle o deb - led g ow h, no only du ing c isis. The analysis sugges s ha
he acquisi ion o so e eign deb i sel may inhibi he possibili y o necessa y
compensa o y in es men s in social ca e p o isioning o equali y- inducing
in es men and g ow h (see sec ion 4). Ins ead, in de eloping coun ies whe e
deb is a ac ed a in e es a es which a exceed hose associa ed wi h he
cos o capi al in de eloped coun ies, he acquisi ion o he so e eign deb
c ea es a se icing equi emen which imposes a ceiling on in es men in
public and social se ices (Pe saud, 2022), e ec i ely locking in inequali y
and ul ima ely a lowe de elopmen pa h.
3. G owing indeb edness o de eloping coun ies
Du ing he las 20 yea s, ex e nal deb le els ha e inc eased a an unp eceden ed
pace in de eloping coun ies, wi h he o al ex e nal deb s ock o low- and
middle- income coun ies (excluding China) ising om US$1.9 illion in
50
FEMINISM IN PUBLIC DEBT
o GDP on heal h expendi u e, less han hal he global a e age o 9.8 pe
cen (WHO, 2021).
O he de eloping coun ies also ace simila deb - se icing challenges,
as can be seen in Figu e 3.3. Nine y- ou pe cen o all ma e nal dea hs
occu in low- and middle- income coun ies (WHO, 2023), whe e deb -
se ice ou weighs expendi u e on heal h – excep o uppe -middle- income
coun ies (excluding China). Du ing he pandemic, in 2020, some 62
coun ies spen a la ge sha e o hei budge on se icing deb han heal hca e
expendi u e, and o 36 coun ies, deb se icing was la ge han educa ion
expendi u e (Mune a , 2021).
The lack o an adequa e public heal hca e sys em may impose a pe sonal
inancial bu den on women. Lowe public expendi u e on heal h is likely
o dep i e ou lying a eas o hospi als, clinics and medical pe sonnel, and
o going ea men may be a poo woman’s only op ion (Smi h, 1999).
Mo eo e , gi en he accumula ed backlog in heal hca e p o ision, and
he emphasis on gene a ing su icien public e enues o se ice he deb ,
go e nmen s a e mo e inclined o acquiesce o p essu e o p i a ize public
se ices, and adop a use - pays sys em, while a he same ime shi ing budge
om social se ices o ensu e adequa e deb se icing (see o example, he
case o Ecuado in Muchhala and Guillem, 2022).
Use - pays sys ems a e eg essi e and he mos ulne able a e simply
excluded om wha should be uni e sal, publicly p o ided se ices (Elson,
1993). Bo h cos s and geog aphical p oximi y a e co ela ed wi h women’s
Figu e 3.3: Public and publicly gua an eed deb se ice as sha e o heal h
expendi u e budge , by coun y g oups, 2000– 19
0
50
100
150
200
250
12345678910
Lowe middle income Low income
LDCUppe middle income ex. China
Sou ce: Own elabo a ion based on WB In e na ional Deb S a is ics and IMF. Classi ica ion as
pe WB (2022)

DEBT, DEVELOPMENT AND GENDER
51
use o heal hca e se ices, wi h women om poo e households seeking
less o delaying ea men as i becomes mo e expensi e o less accessible.
(Dupas and Jain, 2021). Such beha iou can be de imen al o women’s
heal h, pa icula ly o p egnan women, and ul ima ely esul s in a highe
mo ali y a e (Taneja and Jadha , 2022).
Fo hose who a e obliged o incu deb bu dens o pay o heal hca e, his
can lead o impo e ishmen . Acco ding o he WHO (2020), in 2015 alone,
ou - o - pocke heal h expendi u e pushed 89.7 million people in o ex eme
po e y (below US$1.90 pe pe son pe day). The same epo indica es ha ,
as o 2015, he e we e a leas 927 million people ha incu ed ca as ophic
heal h spending, meaning hey spen o e 10 pe cen o hei income on a
heal h c isis o ch onic condi ion. Fo 200 million people, i co esponded o
o e 25 pe cen o hei income, leading in many cases o unmanageable deb .
The use o deb o pay o heal h expendi u e (see Figu e 3.4) shows ha
women end o bo ow as much o mo e han men ( he excep ion being in
uppe - middle- income coun ies), al hough men a e ypically mo e inancially
included and a la ge p opo ion o hem incu deb han women. The endency
o women in poo e na ions o bo ow mo e o heal h se ices highligh s
he impo ance o ha ing a well- esou ced, publicly unded heal hca e sys em.
Women as ca egi e s
A ound he wo ld, women spend mo e ime pe o ming unpaid household
wo k (cooking, cleaning, e ching wa e and i ewood, aking ca e o child en
and so on), and in some coun ies, hei unpaid wo kload is en imes longe
Figu e 3.4: Sha e o esponden s ha ‘bo owed any money’ e sus ‘bo owed
o heal h pu poses’, by income g oup, 2021
No e: LIC = lowe -income coun y; LMIC = lowe -middle-income coun y; HIC = high-
income coun y
Sou ce: Own elabo a ion based on WB Findex Da abase 2021
52
FEMINISM IN PUBLIC DEBT
han ha o men (Fe an e al, 2014). Consequen ly, women a e cons an ly
ime- poo which o en limi s o e en impedes hei pa icipa ion in paid
emune a ion (Pé i ie , 2018). This p oblem is e lec ed in he gap be ween
he labou pa icipa ion a es o men and women.
As Figu e 3.5 shows, o all income g oups, emale labou pa icipa ion is
conside ably and consis en ly lowe han o men, and in 2021, he di e ence
be ween emale and male labou pa icipa ion emained s ubbo nly high a
38 pe cen in lowe - middle- income coun ies. Al hough he labou ma ke
pa icipa ion gap is dec easing, a decline in he gap o 10 pe cen be ween
1990 and 2021 was achie ed only in high- income coun y g oups.
Public expendi u e is key o lowe ing he bu den o ca egi ing on women
and eeing hem o inc ease hei ( enume a ed) labou ma ke pa icipa ion
a es. Publicly unded social se ices, including childca e, ha e been shown
o be o pa amoun impo ance, wi h p o ision o day ca e o child en
inc easing ma e nal employmen (Thé enon, 2013; Nishi a eno and Shika a,
2017; And esen and Ha nes, 2019). In gene al, coun y compa isons show
ha a dec ease in women’s unpaid ca e wo k by wo hou s a day may inc ease
women’s labou o ce pa icipa ion a e by up o 10 pe cen ( o a gi en
le el o GDP pe capi a, e ili y a e, emale unemploymen a e, emale
educa ion, u baniza ion a e and ma e ni y lea e) (Fe an e al, 2014).
Figu e 3.5: Labou pa icipa ion gap be ween men and women, by income
coun y g oup, 1990, 2000, 2010 and 2021
0%
5%
10
%
15
%
20
%
25
%
30
%
35
%
40
%
45
%
1990
2000
2010
2021
1990
2000
2010
2021
1990
2000
2010
2021
1990
2000
2010
2021
LICs LMICsUMICsHICs
No e: LIC = lowe -income coun y; LMIC = lowe -middle-income coun y; UMIC =
uppe -middle-income coun y; HIC = high-income coun y
Sou ce: Own elabo a ion based on WB Gende Da a Po al
DEBT, DEVELOPMENT AND GENDER
53
Public- sec o spending in in as uc u e (including elec ici y, oads, wa e
and sani a ion) can ease he ba ie s o women en e ing he labou ma ke
(Dinkelman, 2011; Lei, Desai and Vanneman, 2019; Fab izio e al, 2020).
Elec i ica ion b ings gene al bene i s, bu women’s ela i e household
esponsibili ies means access o elec ici y can imp o e e iciency in ime-
in ensi e ac i i ies like laund y, ood p epa a ion, s o age and cleaning, eeing
up women o pu sue paid wo k. Despi e his o ical imp o emen s in access o
ene gy, in 2019, o o e 940 million people (o abou 13 pe cen o he wo ld’s
popula ion) li ing wi hou elec ici y was s ill a eali y (Ri chie e al, 2022).
Women as employees
The public sec o is he la ges employe o women, and globally women
ep esen 46 pe cen o he public sec o wo k o ce compa ed wi h 33
pe cen in he p i a e sec o (Mukh a o a e al, 2021). Da a om he
In e na ional Labou O ganiza ion (ILO) show ha in 2019, in 78 o an
a ailable sample o 96 ad anced and de eloping economies, he sha e o
women wo king in he public sec o is highe han in he p i a e sec o .
This pa e n may be explained by he size o public budge s in heal hca e
and he gende ed di ision o labou . Globally, women make up o o e
70 pe cen o wo ke s in he heal h sec o , p edominan ly as nu ses and
midwi es. As igu e 3.6 demons a es, women can be conside ed o e -
ep esen ed in heal hca e and educa ion sec o s while he same canno be
Figu e 3.6: Female pa icipa ion in cons uc ion and ci il enginee ing,
educa ion and human heal h sec o s, by income g oup, 2019
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
LMICsUPMICsHICsLMICs UPMICs HICs LMICsUPMICsHICs
Cons uc ion and
ci il enginee ing
Educa ionHeal h
No e: LMIC = lowe -middle-income coun y; UMIC = uppe -middle-income coun y;
HIC = high-income coun y. Gi en lack o da a, low- income coun ies a e no included
Sou ce: Own elabo a ion based on In e na ional Labou O ganiza ion. Classi ica ion as pe WB (2022)
54
FEMINISM IN PUBLIC DEBT
said o cons uc ion and manu ac u ing sec o s. The la e sec o can be
conside ed be e enume a ed and less subjec o iscal budge a y cu s. Bo h
o hese ac o s – he gende ed di ision o labou and he lowe a e o pay
in women- domina ed sec o s – se e o disad an age women.
Gi en he ac ha he public sec o is a key employe o women, aus e i y
measu es as well as cons ain s o public budge s a e de imen al o emale
employmen . While employmen losses caused by public expendi u e
cu s in a eas domina ed by women – like heal hca e – a e an ob ious
conce n, he lack o public in es men in he heal hca e sys em cu bs
job oppo uni y- c ea ion, which he e o e a ec s mos ly emale wo ke s.
Suppo ing he public heal h sys em b ings double bene i s o women: as
ci izens, hey would ha e be e heal hca e condi ions, and as employees,
highe employmen oppo uni ies. This, in u n, is associa ed wi h gains in
de elopmen (Ba gawi and Cozzi, 2017).
5. A eminis deb agenda is a de elopmen agenda
To build a eminis agenda on deb , i is c ucial o e hink he p e ailing
g ow h model elian on ex e nal deb , especially om p i a e c edi o s
who o e wo se bo owing condi ions o de eloping coun ies when
compa ed o mul ila e al and o icial lende s. A deb - led g ow h model
makes de eloping coun ies agile o ex e nal shocks, which in u n wo sens
gende inequali ies. Du ing he deb acquisi ion phase, inc easing deb
bu dens limi social p og ess as deb se ice paymen s compe e wi h sca ce
iscal expendi u e o heal h, educa ion, social assis ance and in as uc u e
in es men – a eas whe e public expendi u e is essen ial o imp o e he
socioeconomic condi ion o women. Du ing he aus e i y phase, ha d-
ea ned imp o emen s in social expendi u e end o be undone, di ec ly and
indi ec ly inc easing gende inequali y h ough women’s ulne abili y o
educed social p o ision, social p o ec ion and employmen oppo uni ies.
This in u n unde mines de elopmen .
Suppo ing de eloping coun ies o ge ou o deb - led g ow h and
expand iscal space o gende equali y- boos ing de elopmen equi es an
al e na i e app oach o deb sus ainabili y ha can accoun o social and
economic goals, pu ing human igh s a he o e on o his discussion.
The UN Human Righ s Council has ad anced owa ds his goal by
se ing up ‘Guiding p inciples on human igh s impac assessmen s o
economic e o ms’, as p esen ed by he UN Independen Expe on
deb and human igh s in 2018 (Independen Expe , 2018), and wi h
ollowing an adop ed esolu ion (Human Righ s Council, 2019) which
emphasizes he need o conside deb issues o espec human igh s. Pa
o his shi also equi es a new app oach o deb sus ainabili y assessmen s
ha be e b idge c edi o and deb o needs and commi men s, om
DEBT, DEVELOPMENT AND GENDER
55
an e alua ion o sho - e m lexibili y in mee ing domes ic and o eign
claims o c edi o s o one whe e mo e lexibili y in o se icing deb s
is in oduced, wi hou sac i icing long- e m de elopmen objec i es
(K egel, 2007). In an e o o con ibu e o his shi , UNCTAD has
de eloped he Sus ainable De elopmen Finance Assessmen (SDFA)
amewo k o policy make s o de eloping coun ies wi h explici
ocus on he achie emen o basic de elopmen goals and s uc u al
de elopmen . The UNCTAD SDFA aims a assessing a coun y’s
de elopmen inance needs o achie e s uc u al ans o ma ion h ough
he i s ou SDGs (men ioned ea lie ) while a he same ime ensu ing
he sus ainabili y o he ex e nal and public sec o inancial posi ions
(Hawkins and P a es, 2021). This amewo k inco po a es sus ainable
de elopmen inance as a whole, conside ing all sou ces o ex e nal
inancing, ha is, o eign di ec in es men (FDI), o eign po olio
in es men , emi ances and ex e nal deb (bo h public and p i a e).
I s objec i e is o unde line ha he e a e a ange o policy op ions o
main ain ex e nal inancial and public sec o sus ainabili y while also
achie ing he SDGs, wi h he SDFA amewo k allowing he assessmen
o hese op ions (UNCTAD, 2022).
A sea- change in deb sus ainabili y analysis ha allows o , a he han
sac i ices, de elopmen is needed. Deb sus ainabili y is linked o he
pe cei ed agili y o de eloping coun ies and hei abili y o wi hs and
ex e nal shocks. S a egies o scale up de elopmen inance need o minimize
he exposu e o ex e nal shocks, c oss- bo de capi al lows and ex e nal deb
se ice bu dens (UNCTAD, 2019). This in u n equi es he ekindling o
mul ila e alism o boos o icial de elopmen assis ance, he s aunching o
illici inancial lows and a edesigned in e na ional inancial a chi ec u e
whe e de eloping coun ies ha e access o a o dable deb and imely and
o de ly deb wo kou s.
Such an app oach o deb sus ainabili y upholds gende equali y as pa o
a de elopmen agenda which ensu es public inances deli e necessa y public
se ices. Wi hou his, a eminis de elopmen agenda will emain elusi e.
Acknowledgemen s
We a e g a e ul o he help ul commen s p o ided by Ga y Dymski and
Ka ie Gallogly- Swan on ea lie d a s o his chap e . The iews exp essed
he e a e ou own and do no necessa ily e lec he iews o UNCTAD.
No es
1 Gene al Assembly esolu ion 1710 (XVI), ‘‘Uni ed Na ions Decade – A p og amme o
in e na ional economic co- ope a ion’’, A/ RES/ 1710(XVI) pa ag aph 2 (19 Decembe
1961), a ailable om undocs.o g/ en/ A/ RES/ 1710(XVI).
2 Fo mo e abou his deba e, see Faja do (2022).

56
FEMINISM IN PUBLIC DEBT
3 B auns ein e al do no explici ly conside he ole o deb in hei analysis o g ow h.
4 F om 2000 and 2020, he inc ease was om US$644 o US$2,399 billion o lowe -
middle- income coun ies, and om US$1,180 o US$4,127 billion o uppe - middle-
income coun ies.
5 Inc eased om US$79 billion o US$166 billion be ween 2000 and 2020.
6 UNCTAD II (1968) adop ed esolu ion 27(II), en i led ‘‘G ow h, De elopmen
Finance and Aid’’, conside ed a supplemen a y a ge o ne ODA o 0.75 pe cen
o he g oss na ional p oduc (GNP) o de eloped coun ies in addi ion o an o e all
a ge o inancial esou ce ans e s ‘‘o a minimum ne amoun o 1 pe cen o he
GNP’’. UNCTAD II was ins umen al in pu ing de elopmen inance and ODA on
he in e na ional agenda. In 1970, UN Gene al Assembly (UNGA) esolu ion 2626
(XXV, § 43) adop ed a 0.7 pe cen o GNP a ge o ODA, changed o a 0.7 pe cen
o GNI a ge in 1993.
7 Au ho s’ own calcula ion based on WB In e na ional Deb S a is ics and O ganisa ion o
Economic Coope a ion and De elopmen (OECD) De elopmen Assis ance Commi ee
(DAC) C edi o Repo ing Sys em (CRS).
8 A ull lis ing is a ailable he e: h ps:// unc ad.o g/ opic/ leas - de elo ped- coun ies/ lis
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Eu opean labou ma ke s’, In e na ional Labou Re iew, 157(1): 1– 37.
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DEBT, DEVELOPMENT AND GENDER
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FEMINISM IN PUBLIC DEBT
hei lack o owned land o p ope y. In his con ex , ‘women and gi ls ace
inc eased ulne abili ies o all o ms o gende - based iolence, including
con lic - ela ed sexual iolence, human a icking, child ma iage, and
o he o ms o iolence’ (UN Women, 2022). E idence also sugges s ha
clima e displacemen disp opo iona ely a ec s women and gi ls in he
Global Sou h (Ca e, 2020). No only a e gi ls mo e likely o be aken ou
o school o suppo household du ies, i he si ua ion de e io a es, some
amilies migh ‘ eel hey ha e no choice bu o gi e hei daugh e s away o
ea ly ma iage, o en esul ing in ea ly p egnancy’ (Ac ion Aid, 2022). In
ac , abou 12 million mo e young gi ls a e hough o ha e been ma ied
o a e en i onmen al haza ds and wea he - ela ed ca as ophes ha e been
shown o inc ease sex a icking by 20 o 30 pe cen (Ha ey, 2020).
En i onmen al deg ada ion and na u al esou ces sca ci y linked o clima e
b eakdown ampli y gende inequali ies and iolence agains women and
gi ls (Cas añeda Camey e al, 2020). Gende - based iolence is inc easingly
being in lic ed on emale clima e e ugees who ace ex o ion, exploi a ion,
ape, sexual ha assmen , su i al sex, o ced ma iage and human a icking
in ansi and/ o in des ina ion coun ies (Ha ey, 2020). In he con ex o
o e - indeb ed coun ies, he lack o iscal esou ces makes go e nmen s less
capable o p o iding adequa e suppo and shel e o women a e a clima e
e en , o secu e se ices o gende iolence su i o s, o o pu policies
in place o p o ec gi ls om ea ly ma iages and a icking, among o he
policies o educe gende iolence (Bohosla sky, 2019).
Finally, clima e change and i s impac s, and en i onmen al deg ada ion,
also ha e di e en ial gende heal h e ec s. These can exace ba e women’s
and gi ls’ unde nu i ion and exposu e o diseases such as mala ia o anaemia,
and nega i ely impac in accessing heal h ca e se ices, agg a a ing exis ing
gende gaps and damaging sexual and ep oduc i e heal h and igh s (UN,
2022a). This adds o he impac s o deb dis ess on public heal h sys ems
and, consequen ly, on women’s heal h and ep oduc i e igh s. Acco ding
o UNICEF, ‘e en be o e he cu en c isis, one i h o LMICs spen mo e
on deb se ice han on educa ion, heal h and social p o ec ion combined’,
and inc easing deb bu dens h ea en ‘ o c owd ou social spending s ill
u he ’ (UNICEF, 2021). All while a leas hal o he wo ld’s popula ion
s ill do no ha e access o essen ial heal h se ices and only hal o women
in de eloping coun ies ecei e he ecommended amoun o ma e nal and
ep oduc i e heal h ca e (UN, 2020).
In conclusion, clima e change, as well as deb c ises, ac as mul iplie s
o exis ing in e sec ional gende - based inequali ies. Acco ding o he
In e go e nmen al Panel on Clima e Change (IPCC) epo on impac s,
adap a ion and ulne abili y, ‘clima e change impac s can be gende ed as a
esul o cus oma y oles in socie y, such as iple wo kloads o women ( ha
is, economic labou , household and amily labou , and du ies o communi y

DEBT AND CLIMATE CHANGE: TWIN CRISES
67
pa icipa ion)’ (IPCC, 2022). By ca ying ou clima e adap a ion measu es
and di e ing hei ime away om o he p io i ies, women inc ease hei
non- paid domes ic and ca e wo kload. This inc eased bu den also ac s as a
ba ie o hem engaging in communi y pa icipa ion and poli ical decision
making on measu es ha di ec ly a ec hem. Va ious Uni ed Na ions
(UN) agencies ha e highligh ed ha women and men can ha e di e en
solu ions o add essing he same clima e impac and hese esponses can
impose highe cos s and nega i e consequences o speci ic g oups, shi ing
exposu e and ulne abili y (IPCC, 2022). Howe e , when engaging women
in de ining solu ions, i esul s in be e ou comes o all pa s o a communi y
(Achampong, 2022b). Which is why i is c ucial ha women a e in ol ed in
decision making, p ojec de elopmen and policy implemen a ion p ocesses.
Ye , mul iple ba ie s exis o women, including emale exclusion no ms
in socie y on including women wi hin decision and policy making. This
o ced emo al o hei poli ical agency means women’s knowledge and
expe iences a e missing om decision making, which is exace ba ed in he
con ex o inc easing clima e impac s.
5. Deb and clima e inance a chi ec u e: un i
o pu pose
The deb a chi ec u e and clima e inance a chi ec u e a e no i o pu pose
o add ess he compounded impac s o he win deb and clima e c ises on
women. The con inued absence o a mul ila e al deb esolu ion amewo k
ha ensu es a sys ema ic, ules- based and imely app oach o o de ly, ai ,
anspa en and du able so e eign deb c isis esolu ion is a pe sis ing gap in
he in e na ional inancial a chi ec u e (Pe e a, 2019). Agains his backd op,
in 2020 he G20 app o ed wo ini ia i es o add ess he deb p oblems
a ising om he COVID- 19 shock. The Deb Se ice Suspension Ini ia i e
(DSSI), p o iding empo a y deb paymen mo a o ia o a limi ed numbe
o coun ies, and he Common F amewo k (CF), aspi ing o deli e on
imely and comp ehensi e deb ea men o coun ies wi h unsus ainable
deb le els. Howe e , hey ha e p o ed o be insu icien and inadequa e,
pa icula ly o clima e ulne able coun ies and om a de elopmen and
people’s igh s app oach. Bo h ini ia i es a e limi ed o a lis o 73 coun ies,
lea ing ou qui e a numbe o middle- income coun ies, bo h in c i ical
deb si ua ions and e y ulne able o clima e impac s. Fu he mo e, he
pa icipa ion o p i a e c edi o s in bo h ini ia i es is olun a y, and he DSSI
expe ience cas s doub s on he capaci y o he IMF o he G20 o en o ce
p i a e sec o pa icipa ion in any deb es uc u ing o cancella ion. Wi hin
oday’s deb a chi ec u e, he only way o ensu e pa icipa ion o p i a e
c edi o s in deb esolu ion is o s op paying hem. Howe e , coun ies
ha de aul on hei deb paymen s isk legal ac ion om p i a e c edi o s,
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FEMINISM IN PUBLIC DEBT
pa icula ly o deb issued unde New Yo k o London law. Thus i is c ucial
o ensu e he e is adequa e inance and legisla ion o p o ec de aul ing
coun ies agains uncollabo a i e c edi o s.
The unce ain ies and lack o cla i y ega ding he implemen a ion o
he CF emains high. Fu he mo e, pa icipa ion in he CF is condi ional
on ha ing an IMF p og amme. As ou lined ea lie , such p og ammes can
become a T ojan ho se o impose u he gende ed aus e i y measu es,
h ea ening women’s igh s and inc easing gende inequali ies. This is also
because deb es uc u ings a e based on he IMF and Wo ld Bank deb
sus ainabili y analysis, which de e mines how much deb is sus ainable
o a coun y. Howe e , he p eeminen app oach o deb sus ainabili y
is ai ly limi ed o ha o capaci y o paymen , ega dless o he esou ces
a ailable o in es in social p o ec ion, public se ices, gende equali y o
clima e esilience. A new app oach o deb sus ainabili y should conside
he impac o a coun y’s deb bu den on i s abili y o mee i s Sus ainable
De elopmen Goals (SDGs) o igh clima e change and o c ea e he
condi ions o he ealiza ion o all uni e sal human igh s, including
women’s igh s, o e coming he gende blindness o he exis ing deb
sus ainabili y analysis. In conclusion, he cu en in e na ional inancial
a chi ec u e does no o e an op imal amewo k o gua an ees o a ai ,
las ing, comp ehensi e and imely esolu ion o he deb challenges. No
does i o e an app op ia e app oach o deb es uc u ings conside ing
he clima e and gende equali y challenges.
In pa allel, he cu en clima e inance a chi ec u e also comes wi h
impo an challenges o deli e ai and gende jus esponses. I is a complex
and di e se sys em o di e en s a e and non- s a e s akeholde s e y much
a ec ed by global economic condi ions, such as high in la ion, p ice changes
and economic shocks caused by global uphea als. This a chi ec u e d aws on
he de elopmen inance model o sou ce solu ions, o ill he quan i y and
quali y gap on clima e inance. Un o una ely, his has led o he p oli e a ion
o lending in de elopmen inance o be eplica ed in clima e inance, as 70
pe cen o public clima e inance in 2020 was deli e ed in he o m o loans
(OECD, 2022). Fu he mo e, public clima e inance lows amoun ed in
2020 o US$68.3 billion, alling sho o he exis ing global, annual US$100
billion clima e inance goal, which he OECD p edic ed would no be me
un il 2023 (OECD, 2022). Mo eo e , EURODAD calcula ions based on
OECD da a show ha he inabili y o mee he yea ly US$100 billion goal
has le de eloping coun ies a a de ici o US$381.6 billion in bila e al
public clima e inance and mul ila e al public clima e inance a ibu able o
de eloped coun ies be ween 2013 and 2020 (Achampong, 2022a).
In his bleak con ex o insu icien esponses and inadequa e deb and
clima e inance a chi ec u e, nume ous oices ha e been poin ing a clima e
o deb swaps as a possible inno a i e solu ion. Deb - o - clima e swaps
DEBT AND CLIMATE CHANGE: TWIN CRISES
69
(whe e libe a ed unds a e in es ed in clima e adap a ion and mi iga ion
measu es) o deb - o - na u e swaps (whe e unds a e in es ed in conse a ion
goals) a e seen by some as ‘win- win’ solu ions ha could bo h elie e
some o a coun y’s deb bu den and ee up esou ces a a na ional le el o
add ess he clima e c isis. Howe e , his o ical expe ience ells us ha deb
swaps ha e no been e icien when i comes o educing deb signi ican ly,
pa icula ly in cases o unsus ainable deb le els. While well- designed deb
swaps can ee up esou ces o clima e esilience in es men s, he e a e
isks and challenges ha should be aken in o conside a ion. Fo ins ance,
deb o go e nmen s can ace challenges in mobilizing coun e pa esou ces,
pa icula ly i hey we e unable o epay he o iginal deb in he i s place.
T adi ionally, deb swaps also ha e high ansac ion cos s and nego ia ing deb
swaps ends o be a leng hy p ocess. When p omo ing deb swaps, coun y
owne ship should always be p o ec ed, a oiding any kind o condi ionali y
o ied aid imposed by he dono . People’s igh s, including indigenous
and o he communi ies’ ances al igh s o e land use o use o esou ces,
should be gua an eed. Fo ins ance, as And e S anding has a gued, ‘deb
swaps can come wi h a wide se o obliga ions, including he p i a iza ion
o ishing igh s, ad ancing blue ca bon ading, expanding high end eco-
ou ism and comme cial ish a ming. These a e policies ha small- scale
ishing communi ies ha e o en opposed’ (S anding, 2022). To a oid such
isks, ci il socie y pa icipa ion should be a key elemen in deb swaps,
including by women’s and gende mino i y g oups, bu in many cases his
hasn’ been he case. Finally, clima e- o - deb swaps should be addi ional o
aid and clima e inance commi men s. In summa y, while p og ess on deb
swaps could help o ee up esou ces o in es men needs i well de ined,
wi h ci il socie y and women’s pa icipa ion and subs an ially scaled up, i
should no be seen as a solu ion o unsus ainable deb s no as a subs i u e
o clima e inance commi men s.
The need o adequa e and accessible clima e inance and inance o
add ess loss and damage ha does no exace ba e exis ing deb p oblems is
i al o coun ies in he Global Sou h. This was u he echoed a COP27,
whe e coun ies exp essed ‘deep conce n ega ding he signi ican inancial
cos s associa ed wi h loss and damage o de eloping coun ies, esul ing
in a g owing deb bu den and impai ing he ealiza ion o he Sus ainable
De elopmen Goals’ (UNFCCC, 2022b). Also, he possibili y o au oma ic
deb paymen s’ s ands ills in he a e ma h o a clima e ex eme e en would
ease he ha dship o highly indeb ed coun ies when being hi by clima e
change. Ba bados, o ins ance, is al eady including clima e clauses o i s
deb issuance o enable a deb se ice suspension (Clea y Go lieb, 2020).
Lende s such as he In e - Ame ican De elopmen Bank and he go e nmen
o he Uni ed Kingdom a e also explo ing his op ion (Wailhe, 2019; UK
Expo Finance, 2022).
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FEMINISM IN PUBLIC DEBT
Mo eo e , despi e he Uni ed Na ions F amewo k Con en ion on Clima e
Change (UNFCCC) ecommending ha clima e inance p o ide s ‘imp o e
acking and epo ing on gende - ela ed aspec s o clima e inance, impac
measu ing and mains eaming’, da a gaps emain (UNFCCC, 2018). Clima e
inance epo ing ables used unde he Pa is Ag eemen do no include space
o gende o be acked, bu coun ies may on a olun a y basis include
such da a unde ‘addi ional in o ma ion’ (UNFCCC, 2022a). As we ha e
seen, clima e change a ec s membe s o communi ies in di e en ways, so
unde s anding he gende esponsi eness o clima e inance is essen ial o
knowing i he di e ing needs and igh s o women, gi ls and non- gende ed
communi ies a e adequa ely being accoun ed o and add essed in clima e
ac ion (Achampong, 2022a).
6. Exploi ing na u al esou ces o epay deb s
Wi h high le els o deb , and in a con ex o inc easing ene gy and
commodi y p ices, coun ies in he Global Sou h ha e been exploi ing
hei na u al esou ces – including ossil uels, mining o o es s – in o de o
inc ease expo s and use he e enue in o eign cu ency o epay inc easing
deb s. We ha e ecen ly seen, o ins ance, how coun ies like Su iname a e
being pushed by i s p i a e c edi o s o pu sue u u e oil ex ac ion in o de
o be able o epay i s deb s (Maki, 2022). Se e al Paci ic Island s a es a e
al eady expanding hei mining ac i i ies in he ace o inc easing deb s. And
in he case o Chad, he coun y has been denied deb elie on he accoun
o inc easing oil p ices, and he e o e he assump ion ha oil exploi a ion
needs o be con inued o e en inc eased. Some coun ies can e en ind
hemsel es in a deb - ossil uel p oduc ion ap. Acco ding o Deb Jus ice,
‘coun ies ely on ossil uel e enues o epay deb , an icipa ed e enues
om ossil uels a e o en o e in la ed and equi e huge in es men s o each
expec ed e u ns, leading o u he deb alongside he en i onmen al and
human ha ms caused by such p ojec s’ (Wool enden, 2022b).
When coun ies u n o inc eased exploi a ion o na u al esou ces,
women end o be mo e impac ed; gi en, o example, he p edominan
ole hey play in i ewood collec ion and engagemen in o es y alue
chains as a supplemen o hei household income (FAO, 2014). In he end,
in ensi ying he exploi a ion o na u al esou ces o epay public deb s will
e en ually inc ease clima e ulne abili ies, by gene a ing dese i ica ion,
soil deg ada ion and an inc ease in ca bon emissions. I also exace ba es he
coun ies’ dependency on commodi ies, oge he wi h he addi ional deb
ulne abili ies ha his may b ing, as he in as uc u es needed a e usually
deb inanced. In many o hese cases, he exploi a ion o na u al esou ces
is encou aged by in e na ional inancial ins i u ions, dono s and c edi o s.
Acco ding o a epo by Ac ionAid USA and he B e on Woods P ojec , in
DEBT AND CLIMATE CHANGE: TWIN CRISES
71
o e hal o IMF’s 105 membe coun ies, IMF policy ad ice had endo sed,
o di ec ly suppo ed, he expansion o ossil uel in as uc u e be ween
when he Pa is Ag eemen was signed in Decembe 2015 and Ma ch 2021,
despi e he u gen need o educe emissions (Swa d e al, 2021). A s iking
example o his is he IMF push o A gen ina o exploi i s oil and gas
ese es in Vaca Mue a in o de o educe i s eliance on expensi e ene gy
impo s and inc ease hei iscal capaci y o be able o epay i s deb s. ‘Such
incen i es o ossil uel expansion con adic he IMF’s ad e ised clima e
o ien a ion ha cen es on aiding coun ies phasing ou o ossil uel usage’
(S ubbs and Ken ikelenis, 2022).
O e consump ion o ossil uels, pa icula ly in he Global No h, spu s his
dynamic. The hegemony o he Global No h dis o s he domes ic economic
p io i ies o Global Sou h coun ies, and he ex ac ion o esou ces o uel
indus ializa ion in he Global No h has been a ecu ing ool o main ain
hegemony. S udies on spa ial inequali y and economic jus ice show ha
he economic p owess o iche economies in luences o he coun ies’
mac oeconomic policies (McKay and Pe ge, 2015). Speci ically, in some
cases he highe consump ion a es o iche coun ies a ec s wha poo e
coun ies choose o p oduce and expo (Felipe e al, 2014), which in u n
con ibu es o c ea ing he poo en i onmen al and social condi ions unde
which p oduc ion is ca ied ou .
The e is a clea colonial mindse o deca bonizing Global No h coun ies
by shi ing i s ossil uel in as uc u e o de eloping coun ies and ex ac ing
he esou ces necessa y o building enewable ene gy in as uc u e
om he Global Sou h. All in o de o main ain he s a us quo o ene gy
and o e all consump ion le els in he No h, enabling in e gene a ional
weal h accumula ion in he Global No h and in e gene a ional inequi y
in he Global Sou h. Such s a egies a e ac i ely p omo ed by mul ila e al
de elopmen banks such as he Wo ld Bank (Wo ld Bank, 2020). This
ex e naliza ion o impac s, o en a gued o by he need o inc ease e enue
o epay exis ing deb s, no only dis o s global powe dynamics, bu i also
inc eases he isk o se e e clima e impac s in he Global Sou h, which as
we ha e seen a e s ongly gende ed.
7. How o add ess he deb and clima e c ises in a
comp ehensi e, sys emic and eminis way
The wo ld oday aces se e al game- changing challenges, among which
he clima e eme gency and he ise o new deb c ises s and ou . As we
ha e seen in p e ious sec ions, he in e sec ion o clima e change and deb
eme gencies has esul ed in pe asi e inequali ies, pa icula ly exace ba ing
gende inequali ies. As e idenced, he win deb and clima e c ises ha e a
cumula i e impac on communi ies and amilies, which can be pa icula ly

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FEMINISM IN PUBLIC DEBT
de as a ing o women ha expe ience in e sec ing inequali ies based on
class, ‘ ace’, e hnici y, cas e and age . The use o aus e i y measu es and iscal
consolida ion o con ain deb is a ec ing he ange and quali y o public
se ices, inc easing unpaid wo k, and exposing women and gende mino i ies
o mo e physical clima e change and inancial ulne abili ies han hei male
coun e pa s. These dynamics a e made wo se by an un i deb and clima e
inance a chi ec u e ha is ill- equipped o p o ide ai and las ing solu ions o
he cu en win deb and clima e c ises. The in e play o hese phenomena
is pu ing a isk he ul ilmen and ad ancemen o women’s human igh s
and owa ds gende jus ice in he wo ld, pa icula ly in he Global Sou h,
and impac ing he Global Sou h jou ney o sus ainable de elopmen .
The in e na ional communi y has so a ailed o p o ide adequa e
suppo o Global Sou h coun ies o be able o deal wi h he dual and
compounded impac s o he clima e and deb c ises. The unwillingness
o Global No h coun ies o e o m he exis ing in e na ional inancial
a chi ec u e and o ul il hei clima e inance and de elopmen assis ance
commi men s a e a he co e o his ailu e. By endo sing he p inciple
o common bu di e en ia ed esponsibili ies (CBDR) on he clima e
c isis, bu no ul illing he clima e inance commi men s, coun ies in he
Global No h a e showing ha he e is no eal acknowledgemen o he
esponsibili y hey ha e o clima e change. They ail o acknowledge
he clima e deb ha he Global No h has wi h he Global Sou h due o
hei disp opo iona e con ibu ion o ca bon and o he g eenhouse gas
emissions (Callahan and Mankin, 2022).
Howe e , he co e o he p oblem is he pe sis ing neocolonial and
pa ia chal economic dynamics and he ossil uels and g ow h obsessions o
he capi alis sys em. Main aining he cu en dependency and exploi a ion
o ossil uels, a om esul ing in sus ainable de elopmen , is a ecipe o
long- e m economic ca as ophe, social and en i onmen al disas e , and he
exace ba ion o exis ing po e y and inequali ies. A undamen al shi in
he global economy owa ds a new model ha pu s ca e and people’s igh s
a he cen e, espec ing he ma e ial and na u al limi s o he plane and
a mosphe e, is impe a i e o a oid u he clima e change. Fu he mo e,
sus ainable de elopmen is unde h ea om he disas ous implica ions o
he clima e eme gency, dwindling na u al esou ces, changing ecosys ems
and en i onmen al haza ds.
A ai esponse o he mul iple c ises in he Global Sou h should also add ess
he ecogni ion o clima e and o he ecological, social and his o ical deb s
ha coun ies in he Global No h ha e wi h hem. A deb ha s a ed wi h
sla e y and colonialism, bu ha con inued wi h neocolonial esou ce pillage
and un ai ade, inancial and poli ical ela ions ha ha e las ed o cen u ies.
In his his o ical con ex , esponses o he clima e and deb c ises should
s a wi h he ecogni ion and epa a ions o clima e and ecological deb .
DEBT AND CLIMATE CHANGE: TWIN CRISES
73
Global No h coun ies, which ha e his o ically con ibu ed he mos o
clima e change, need o li e up o hei commi men s in ela ion o clima e
ac ion, which a e no comple ed unless hey also con ibu e wi h inancial
suppo o help add ess he clima e impac s hey ha e caused in Global Sou h
coun ies. Doing so is a epa a ion o causing i e ocable clima e change. In
his sense, clima e inance ep esen s a edis ibu ion o esou ces be ween
coun ies o add ess his o ical unequal esponsibili ies o cu en ongoing
clima e change (Achampong, 2022a). Clima e inance commi men s and
deb cancella ion should be pa o a wide se o s uc u al and inancial
epa a ions ha should also include ecological es o a ion, phasing ou ossil
uel subsidies, ending ex ac i ism and shi ing o deca bonized modes o
p oduc ion, dis ibu ion and consump ion.
Beyond he p o ound change ha we need o see in he wo ld and
economic sys em in o de o ed ess he clima e eme gency and he
unsus ainable deb accumula ion, he e is an u gen need o e o m he
in e na ional inancial a chi ec u e and clima e inance a chi ec u e. Such
e o ms should add ess he need o a ai , anspa en and mul ila e al
amewo k o deb c isis esolu ion ha includes unsus ainable and
illegi ima e deb , unde he auspices o he UN and no in lende - domina ed
a enas. This should include he deli e y o uncondi ional deb cancella ion
o clima e ulne able coun ies and o he na ions in need and a new
app oach o deb sus ainabili y, bu also o equi able, high quali y and new
and addi ional clima e inance ha con ibu es o sus ainable de elopmen
in de eloping coun ies in he Global Sou h. The en i e clima e inance
a chi ec u e needs o be e amed o ocus no on in es men s and cos ,
bu on owne ship, deb sus ainabili y, economically- jus clima e inance
lows, anspa ency and accoun abili y. Finance o add ess loss and damage,
and an au oma ic mechanism o hal deb paymen s in he wake o clima e
ex eme e en s, mus also be enac ed. Uncondi ional deb cancella ion and
e ec i e clima e inance lows can be an oppo uni y o mo e away om
de elopmen models ha ha e p io i ized g ow h, indus ializa ion, ade
and he in e es s o de elopmen inance p o ide s. Pa icula ly i social
s uc u es ha acili a e equal access o inance, decision making and policy
de elopmen and implemen a ion a e a ailable.
Re e ences
Abed, D. and Kellehe , F. (2022) ‘The assaul o aus e i y. How p e ailing
economic policy choices a e a o m o gende - based iolence’ Ox am
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Achampong, L. (2022a) ‘E icien , Equi able and E ec i e High- Quali y Clima e
Finance: Recommenda ions o he Pos - 2025 Global Clima e Finance Goal’, Eu odad
[online] 12 Augus , A ailable om: h ps:// www.eu o dad.o g/ ncqg_ 2 022
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FEMINISM IN PUBLIC DEBT
Achampong, L. (2022b) ‘How lessons om de elopmen inance can
s eng hen clima e inance’, in C. Cash and L. Swa uk (eds), The Poli ical
Economy o Clima e Finance: Lessons om In e na ional De elopmen , Cham:
Palg a e Macmillan, pp 21– 44.
Ac ion Aid (2022) Clima e Change and Gende , [online] 27 Sep embe , A ailable
om: h ps:// www.ac ion aid.o g.uk/ ou - wo k/ eme genc ies- disas e s-
human i a ian- espo nse/ clim a e- cha nge- and- gen de
Bohosla sky, J.P. (2019) ‘The impac o economic e o ms and aus e i y
measu es on women’s human igh s’, Cen e o Women’s Global
Leade ship – OHCHR, A ailable om: h ps:// www.ohch .o g/ Docume
n s/ Iss ues/ De e lopm en / IED eb / Wom enAu s e i y/ Use F ien dlyV e si
onRe po _ EN.pd
Callahan, C.W. and Mankin, J.S. (2022) ‘Na ional a ibu ion o his o ical
clima e damages’, Clima ic Change, 172(40): h ps:// link.sp in ge .com/ a i
cle/ 10.1007/ s10 584- 022- 03387- y
Ca e (2020) ‘E ic ed by clima e change. Con on ing he gende ed impac s
o clima e- induced displacemen ’, [online] 6 July, A ailable om: h ps://
ca ecl ima echa nge.o g/ e ic ed- by- clim a e- cha nge/
Ca e (2022) ‘Food secu i y and gende equali y: A syne gis ic unde s udied
symphony’, Ca e E alua ions [online] 27 July, A ailable om: h ps://
www.ca e e al ua i ons.o g/ e a lua ion/ ood- secu i y- and- gen de - equal i y/
Cas añeda Camey, I.; Saba e , L.; Ow en, C. and Boye , A.E. (2020) Gende -
based Violence and En i onmen Linkages. The Violence o Inequali y, Gland,
Swi ze land: In e na ional Union o Conse a ion o Na u e (IUCN),
A ailable om: h ps:// po als.iucn.o g/ lib a y/ node/ 48969
Chamon, M.D., Klok, E., Thakoo , V.V. and Ze elmeye , J. (2022) ‘Deb -
o - Clima e Swaps: Analysis, Design, and Implemen a ion’ (No. 2022/ 162),
In e na ional Mone a y Fund [online] 12 Augus , A ailable om:h ps://
www.im .o g/ en/ Publi ca i ons/ WP/ Iss ues/ 2022/ 08/ 11/ Deb - o - Clim
a e- Swaps- Analy sis- Des ign- and- Imp leme n a ion- 522 184
Clea y, G. (2020) ‘Go e nmen o Ba bados in $774 million ex e nal
deb es uc u ing’, Clea y Go lieb News [online] 21 Janua y, A ailable
om: h ps:// www.cle a yg o l ieb.com/ news- and- insig h s/ news- lis ing/
go e nm en - o - ba ba dos- in- 774- mill ion- ex e nal- deb - es u c u ing
DRGR (2020) ‘PM Mia Mo ley’s Keyno e a he launch o he epo
“Deb Relie o a G een and Inclusi e Reco e y” ’, Deb Relie o
G een and Inclusi e Reco e y (DRGR) [online] 18 No embe , A ailable
om: h ps:// d g .o g/ 2020/ 11/ 18/ pm- mia- mo l eys- spe ech- a - he- lau
nch- o - he- ep o /
FAO (2014) ‘Women in o es y: Challenges and oppo uni ies’ (I3924E/ 1/
07.14), Food and Ag icul u e O ganiza ion o he Uni ed Na ions (FAO),
A ailable om: h ps:// www. ao.o g/ 3/ i39 24e/ i39 24e.pd
DEBT AND CLIMATE CHANGE: TWIN CRISES
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Felipe, J.; Kuma , U. and Abdon, A. (2014) ‘How ich coun ies became
ich and why poo coun ies emain poo : I ’s he economic s uc u e …
duh!’, Japan and he Wo ld Economy, 29: 46– 58.
F esnillo, I. (2020) ‘Ou o se ice: How public se ices and human igh s
a e being h ea ened by he g owing deb c isis’, Eu odad [online] 17
Feb ua y, A ailable om: h ps:// www.eu o dad.o g/ ou o se ice
F esnillo, I. and C o i, I. (2022) ‘Ride s on he s o m— How deb and
clima e change a e h ea ening he u u e o small island de eloping s a es’,
Eu odad [online] 11 Oc obe , A ailable om: h ps:// www.eu o dad.o g/
deb _ in_ s ids
Ghosh, J. (2021) Gende Conce ns in Deb Relie , London: IIED, A ailable
om:h ps:// www.iied.o g/ si es/ de a ul / iles/ pd s/ 2021- 12/ 20691i ied.pd
Ha ey, F. (2020) ‘Clima e b eakdown “is inc easing iolence agains
women” ’, The Gua dian [online] 29 Janua y, A ailable om:h ps:// www.
heg ua d ian.com/ en i onm en / 2020/ jan/ 29/ clim a e- b eakd own- is- inc
eas ing- iole nce- agai ns - women
ILO (2016) ‘Women a Wo k: T ends 2016’, In e na ional Labou
O ganiza ion [online] 8 Ma ch, A ailable om:h ps:// www.ilo.o g/
gen de / In o ma i on e sou ces/ Publi ca i ons/ WCMS _ 457 317/ lang- - en/
index.h m
IPCC (2022) ‘Clima e change 2022: Impac s, adap a ion and ulne abili y’.
IPCC Wo king G oup II [online], A ailable om: h ps:// www.ipcc.ch/
ep o / a 6/ wg2/
Jensen, L. (2022) ‘A oiding “Too Li le Too La e” on In e na ional Deb
Relie ’ (De elopmen Fu u e Se ies Wo king Pape s), Uni ed Na ions
De elopmen P og am (UNDP) [Resea ch- Discussion Pape s] 11 Oc obe ,
A ailable om: h ps:// www.undp.o g/ publi ca i ons/ d s- a oid ing- oo- li
le- oo- la e- in e n a io nal- deb - el ie
Keeling, A. (2022) ‘Subsidizing global heal h: Women’s unpaid wo k in
heal h sys ems’, Women in Global Heal h [Policy Repo ], A ailable
om: h ps:// womeni ngh.o g/ ou - ad oc acy/ paywo men/
Maki, S. (2022) ‘Su iname s anded in de aul as bondholde s ogle oil
oyal ies’, Bloombe g [online] 25 July, A ailable om: h ps:// www.bloomb
e g.com/ news/ a ic les/ 2022- 07- 25/ oil- d e ams- quash- deb - deal- p og
ess- a e - su in ame- s- de a ul
McKay, A. and Pe ge, E. (2015) ‘Spa ial inequali y and i s implica ions
o g ow h – po e y educ ion ela ions’, in And ew McKay and E ik
Tho becke (eds), Economic G ow h and Po e y Reduc ion in Sub- Saha an
A ica: Cu en and Eme ging Issues, Ox o d: Ox o d Academic, pp 197–
226, A ailable om: h ps:// doi.o g/ 10.1093/ acp o :oso/ 978019 8728
450.003.0007
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FEMINISM IN PUBLIC DEBT
and c edi o s. In sec ion 3, he speci ic obliga ions esul ing om he ea lie -
desc ibed p inciples a e explained, and in sec ion 4 conclusions a e o e ed.
2. In e na ional and egional s anda ds
Gene al legal amewo k
The de elopmen o human igh s – mainly economic, social and cul u al
ones (ESCR) – la gely depends on he a ailabili y o ma e ial esou ces. Due
o he indi isibili y and in e dependence o all human igh s, he a ailabili y
(o sho age) o esou ces in u n a ec s he igh o equali y and gende -
based non- disc imina ion in i s o mal and subs an i e dimensions (Aldao
and Clé ico, 2022).
Economic policies (including public deb managemen ) may ha e a
deep and long- las ing e ec on he e ec i e gua an ee o all igh s, o
ins ance, h ough he s eng hening o weakening o he iscal space o
deploy e icien social policies so as o e e se si ua ions o ulne abili y
o ce ain g oups o people, which has an impac on he inc ease o
dec ease o po e y and inequali y le els, and di e en ial e ec s based on
‘ ace’, e hnici y, social posi ion, age, na ional o igin, gende and sexual
o ien a ion, which a e agg a a ed when hose ac o s a e combined and/
o accumula ed. In his espec , i is impo an o conside ha , in he
ield o he economy and human igh s, bo h S a es and hei c edi o s
ha e in e na ional and egional obliga ions ha will be iden i ied and
sys ema ized in he ollowing sec ions.
I is wo h men ioning ha he app oach p esen ed in his documen is no
limi ed o he s ic ela ion be ween ‘deb and human igh s’, comp ising
no only he usual inancial aspec s o loan con ac s, bu also he b oad and
g owing a ie y o condi ionali ies ha In e na ional Financial Ins i u ions
(IFIs), especially he In e na ional Mone a y Fund (IMF) (see chap e s 9, 10
and 11), usually add o loans, including aspec s o iscal, budge ing, mone a y,
ax, exchange a e, social, labou , gende and en i onmen al policies (S ubbs
and Ken ikelenis, 2021).
P inciples ela ed o bo owe S a es
The Uni e sal Decla a ion o Human Righ s gua an ees he igh no
o be disc imina ed agains (A icle 2), which was la e b oadened and
speci ied in he wo In e na ional Co enan s o he in e na ional sys em.
In he In e - Ame ican sys em, bo h he Ame ican Con en ion on Human
Righ s (ACHR) and i s Addi ional P o ocol o ESCR exp essly p ohibi
disc imina ion based on sex (A icles 1 and 3, espec i ely), o which was la e
added disc imina ion based on gende , gende iden i y, gende exp ession
and sexual o ien a ion (OC- 24/ 17 on gende iden i y, p 35). This includes

LEGAL STANDARDS ON DEBT AND WOMEN’S RIGHTS
83
equal access o a g oup o human igh s. The In e - Ame ican Con en ion
on he P e en ion, Punishmen and E adica ion o Violence agains Women
gua an ees he ull exe cise o all igh s wi hou iolence.
Mo eo e , he Con en ion on he Elimina ion o All Fo ms o
Disc imina ion agains Women (CEDAW) equi es S a es o adop by
all app op ia e means and wi hou delay a policy owa ds elimina ing
disc imina ion agains women (A icles 2 and 3). The CEDAW Commi ee,
which moni o s he compliance o his con en ion, has add essed on se e al
occasions he dange implied by he economic e o ms ha adop policies
con a y o gende equali y.
A mapping o he si ua ion shows ha globalized mac oeconomic and
poli ical ac o s, including he p i a iza ion o public asse s, he un egula ed
labou ma ke s, he sh inkage o he wel a e s a e, and he aus e i y measu es
ha a e pa o policies o s uc u al adjus men and ha a e equi ed as a
condi ion o loans, o en wo sen unemploymen and po e y, and esul in
economically un ai si ua ions ha disp opo ionally a ec women. These
iscal con ac ion policies se e ely e ode he capaci y o S a es o execu e
social policies ha can be used as a basis o elimina e s uc u al inequali ies,
including gende inequali y and iola ions o women’s human igh s in
di e en a eas (CEDAW Commi ee 2020: pa ag aph 3). Based on his,
when making i s Final Obse a ions on Ecuado in 2021, his body no ed
wi h conce n ‘ ha he aus e i y measu es adop ed by he S a e pa y in an
e o o consolida e public inances ha e had a disp opo iona e impac on
women in all sphe es o li e’ (pa ag aph 9).
The Beijing Decla a ion and Pla o m o Ac ion o 1995 al eady p oposed
an economic agenda o e o ms om a eminis pe spec i e. One o i s
mos impo an s a egic goals was o adop mac oeconomic policies and
de elopmen s a egies ocused on women and i included a se ies o speci ic
measu es o educe po e y and economic inequali y. Some o hose measu es
a ge ed mul ila e al inancial and de elopmen ins i u ions, including he
Wo ld Bank, he IMF, and egional de elopmen ins i u ions, and o he s
a ge ed bila e al coope a ion (poin 59). Fu he mo e, he ecen posi ion
documen o he XV Regional Con e ence on Women in La in Ame ica
and he Ca ibbean (2022), he main in e go e nmen al o um on women’s
igh s and gende equali y in La in Ame ica, emphasizes ha he high le el
o indeb edness o coun ies is pa o he end owa ds he inancializa ion
o economies, which is ansla ed in o he g owing indeb edness o people
and pa icula ly women, which is called ‘ eminiza ion o deb ’ (ECLAC,
2022b: 151). I is wo h men ioning ha in o de o achie e sus ainable and
inclusi e de elopmen , gende inequali y is one o he mos impo an gaps
ha mus be closed, and ha he ca e economy is essen ial o boos g ow h
dynamics, educe gende inequali ies and acili a e he inco po a ion o
women in he labou ma ke (ECLAC, 2022b: 13).
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FEMINISM IN PUBLIC DEBT
Based on his in eg a ed egula o y amewo k, in e na ional human igh s
law has been de eloping and consolida ing legal s anda ds speci ically in
e ms o economic policies, public deb and i s po en ial impac on human
igh s. The In e na ional Co enan on Economic, Social and Cul u al Righ s
(ICESCR) se s o h ha S a es shall alloca e up o he maximum o hei
a ailable esou ces o ensu e he p og essi e de elopmen o ESCR and he
con inuous imp o emen o li ing condi ions (A icles 2 and 11). Besides,
he obliga ion o p og essi eness esul s in he p ohibi ion o eg essi eness,
bo h in e ms o he egula o y scope o igh s and he esul s o he public
policies ha a e implemen ed o i s ul ilmen . The ACHR and he P o ocol
o San Sal ado o e simila p o isions (A icles 26 and 1, espec i ely).
Be o e con inuing, i is necessa y o cla i y wo aspec s o he p inciples
ecen ly men ioned when hey a e cons ued wi h a gende pe spec i e.
On he one hand, he CEDAW does no e e o he p og essi eness o
igh s; he e o e, women’s igh s ela ed o equali y and non- disc imina ion
(e en when ESCR and he a ailabili y o economic esou ces a e a
s ake) shall be unde s ood as S a e obliga ions o immedia e compliance
(CEDAW, 2010: pa ag aph 29; CESCR Commi ee, 2009: pa ag aph 13);
an in e p e a ion ein o ced by he p o pe sonae in e p e a i e p inciple
(Pin o, 1997).
On he o he hand, he s anda d o con inuous imp o emen o li ing
condi ions (A icle 11, ICESCR) does no exclusi ely e e o ma e ial
aspec s, bu also o he ex a- economic ones, and he condi ions o social
ep oduc ion is one o hem (Goldbla , 2021); o , i s legal ansla ion: he
igh o ca e (Pau assi, 2018). This igh , which is key o elimina e one o
he decisi e ac o s o women’s opp ession, he un ai gende di ision o
wo k, has been ecognized and de eloped in di e en in e na ional and
egional ins ances, including he Beijing Pla o m o Ac ion (1995), he
B asilia Consensus (2010), he In e - Ame ican Con en ion on P o ec ing
he Human Righ s o Olde Pe sons (2015), he Mon e ideo S a egy (2016)
and, mo e ecen ly, he Buenos Ai es Commi men (2022).
In he a ea o so e eign deb speci ically, i is wo h men ioning ha he
p inciple o deb sus ainabili y exceeds he adi ional iscal c i e ia such as
he ones he IMF and he Wo ld Bank use. These agencies ocus on achie ing
a deb a e o change compa ible wi h he expansion o he economy and
iscal esou ces in o de o gua an ee he possibili y o epaymen (whe he
cancella ion akes place o no ). Howe e , he deb canno be conside ed as
sus ainable i i s epaymen equi es sac i icing human igh s, in pa icula ,
he human igh s o he mos disad an aged and disc imina ed social sec o s,
such as women.
This b oad p inciple o deb sus ainabili y has been e lec ed in a numbe o
o icial documen s passed by poli ical bodies o he UN sys em, including: he
‘Guiding p inciples o ex e nal deb and human igh s’ (pa ag aphs 48 e
LEGAL STANDARDS ON DEBT AND WOMEN’S RIGHTS
85
seq), app o ed by he Human Righ s Council in 2011 (A/ HRC/ 20/ 23);
he ‘Basic p inciples on so e eign deb es uc u ing p ocesses’ (A icle 8),
app o ed by he Gene al Assembly in 2015 (A/ 69/ L.84); and he ‘Guiding
p inciples on human igh s impac assessmen s o economic e o ms’
(he eina e e e ed o as Guiding P inciples) (A icle 12), app o ed by he
Human Righ s Council in 2019 (A/ HRC/ 40/ 57).
I is also wo h men ioning ha he maximum alloca ion o a ailable
esou ces limi s he op ions o economic policy. Measu es and e o ms in
he economic ield ha ha e a eg essi e e ec on human igh s in gene al
( ypically, o hodox economic policies – aus e i y and iscal consolida ion,
p i a iza ions, exchange a e de egula ion and labou lexibili y, among
o he s) and, especially, hose wi h disp opo iona e e ec s on women’s
igh s, e en mo e i he e a e cumula i e and in e sec ional si ua ions o
disc imina ion and inequali y, may be conside ed, p ima acie, as iola ing
he p ohibi ion o disc imina e based on gende (Independen Expe on
Deb and Human Righ s, 2019).
In his ega d, se e al ea y bodies ha e claimed ha policies o iscal
adjus men and aus e i y measu es ha a e o en included in IFI loans ha e
a nega i e and disp opo iona e impac on women’s igh s, bo h ESCR
and ci il and poli ical ones. In his con ex , i can equen ly be seen how
policies o iscal adjus men ha e pa icula ly se e e consequences o women
in e ms o o e load o ca e asks. In his espec , i is wo h men ioning
ha he educ ion o se ices and social expendi u e di e en ially impac s
on women as domes ic and ca e wo k is mos ly done by hem. This is a
nodal issue because he un ai di ision o domes ic and ca e wo k be ween
men and women is a he cen e o he discussion, and keeps and ein o ces
he si ua ion o opp ession and s uc u al disc imina ion. The CEDAW
Commi ee (2020) has exp essed ha ‘ educed social expendi u e u he
shi s he esponsibili ies o basic social se ices om he Go e nmen o
women. Those ac o s ein o ce, and a e pe pe ua ed by, disc imina o y
cul u al and social no ms ha engende he opp ession o a ious g oups
o women’ (pa ag aph 3).
In his same di ec ion, he CESCR (2016: pa ag aph 2) s a ed ha :
educ ions in he le els o public se ices o he in oduc ion o o
inc ease in use ees in a eas such as childca e, and p eschool educa ion,
public u ili ies and amily suppo se ices ha e a disp opo iona e
impac on women, and hus may amoun o a s ep backwa ds in e ms
o gende equali y. (A icles 3 and 10)
Thus S a es ha e he obliga ion o manage hei iscal policies and o adop
economic policies, ensu ing hey espec , p o ec and en o ce all human
igh s, including gende equali y om an in e sec ional and in e cul u al
86
FEMINISM IN PUBLIC DEBT
pe spec i e (In e - Ame ican Commission on Human Righ s – IACHR –
2017 and 2018). Resou ce gene a ion and mobiliza ion mus come wi h
cohe ence and consis ency among economic, inancial, mone a y, social
and gende policies (Guiding P inciple 11) p ecisely in line wi h as case
law o he bodies o he in e na ional sys em, as well as he In e - Ame ican
sys em o human igh s, including he In e - Ame ican Cou o Human
Righ s (ICHR) ha pa icula ly p o ec s he igh s o people in a si ua ion
o s uc u al inequali y, including women.1
Howe e , he e a e economic si ua ions whe e esou ce sho age is a ac
and whe e an eme gency may o ce go e nmen s o adop measu es o
p o ec esou ces and asse s ha in he long e m will be used o p o ec and
en o ce human igh s, bu which in he sho e m a e ad e sely a ec ed.
This is ypically he a gumen used o de end policies o iscal aus e i y;
sac i icing in he p esen o a mo e p omising u u e. Howe e , measu es
ha may cause se backs in he exe cise o hose igh s a e only allowed i
S a es can show ha hose eg essi e measu es a e empo a y, legi ima e,
easonable, necessa y, p opo ional and non- disc imina o y, ha hey p o ec
he minimum con en o social igh s, ha hey a e based on anspa ency
and he genuine pa icipa ion o a ec ed g oups, and ha hey a e subjec
o p oceedings o e iew and accoun abili y (CESCR, 2007, 2012, 2016
and 2018; Guiding P inciples, A icle 10). This way eg essi e measu es
can be compa ible wi h he in e na ional amewo k o human igh s only
as an excep ion.
P inciples ela ed o c edi o s
Bo h public and p i a e c edi o s ha e in e na ional and egional obliga ions
ega ding human igh s ha include conside a ions wi h a gende pe spec i e
and pa icula ly in ol e he ield o so e eign deb .
In gene al, IFIs a e sel - pe cei ed as being abo e human igh s. Howe e ,
IFIs a e no and could ne e be abo e human igh s; ac ually, no S a e o
non- S a e ac o , ei he na ional o sup ana ional, could aspi e o igno e
in e na ional human igh s law wi hou a nega i e legal consequence
(Bohosla sky and Can amu o, 2022).
E en when IFIs, unde hei own s a u es, canno make poli ical
conside a ions in he cou se o hei du ies, i would be p oblema ic o claim
ha he iola ion o human igh s may be pa o ‘domes ic ju isdic ion’
(A icle 2[7] o he Uni ed Na ions Cha e ). In ac , al hough i is seldom
men ioned, he IMF and he Wo ld Bank a e specialized agencies o he
Uni ed Na ions and, he e o e, hey mus ac in acco dance wi h he UN
Cha e ha ecognizes human igh s as one o i s pilla s and, in case o
con lic , he obliga ions imposed by he Cha e p e ail (compa e A icle
103). In mo e gene al e ms, as in e na ional agencies, IFIs a e clea ly subjec
LEGAL STANDARDS ON DEBT AND WOMEN’S RIGHTS
87
o in e na ional law. The CESCR (2016) has highligh ed ha IFIs and o he
in e na ional o ganiza ions a e ‘bound by any obliga ions incumben upon
hem unde gene al ules o in e na ional law, unde hei cons i u ions
o unde in e na ional ag eemen s o which hey a e pa ies’. This body
also speci ied ha hose o ganiza ions ‘a e he e o e obliga ed o comply
wi h human igh s, as lis ed in pa icula in he Uni e sal Decla a ion
o Human Righ s, ha a e pa o cus oma y in e na ional law o o he
gene al p inciples o law, bo h o which a e sou ces o in e na ional law’
(CESCR, 2016).
Mo eo e , he ICESCR emphasizes he obliga ion o he in e na ional
communi y o coope a e wi h he en o cemen o ESCR. This way
S a es could no igno e hei in e na ional obliga ions by simply c ea ing
an in e na ional o ganiza ion ha ac s on behal o hem. F om ano he
pe spec i e, IFIs a e o med by S a es ha a e obliged o espec human
igh s and, he e o e, hey a e esponsible o he ac ions aken by he agency
(CESCR, 2016).
Wi h ega ds o he obliga ions o p i a e c edi o s, and unde Guiding
P inciple 16, when nego ia ing ansac ions wi h S a es o o he public
en i ies, ha kind o c edi o shall no e ode he capaci y o S a es o espec ,
p o ec and comply wi h hei obliga ions ega ding human igh s (Guiding
P inciples on Business and Human Righ s, 2011). These c edi o s shall assess
he e ec s o hei own ac ions and he ac i i ies hey und on human igh s
and gende equali y.
3. Speci ic obliga ions o deb o s and c edi o s
As esul s o he p inciples p esen ed in he wo p e ious subsec ions, he e
he speci ic obliga ions o c edi o s and deb o s a e desc ibed, which a e
no suspended in si ua ions o deb c isis; on he con a y, hey ake special
e ec in hose c i ical con ex s p ecisely because he imminen h ea on
human igh s is bigge in hose ex ao dina y con ex s.
Fi s o all, deb o S a es mus adop a comp ehensi e and gende equali y-
esponsi e app oach when add essing economic and inancial policies; his
obliga ion is also in o ce in si ua ions o inancial ulne abili y. The CEDAW
Commi ee (2013) ecommended G eece ha
due o he se iousness o he si ua ion and lack o any gende - sensi i e
app oach o he cu en c isis policy wi hin he S a e pa y, he
Commi ee ecommends ha all impo an policymake s in G eece,
including he Eu opean Union ins i u ions and he IMF, coope a e
in se ing up an obse a o y o ully e alua e he impac on women
o he many measu es aken du ing he economic and inancial c isis.
(CEDAW Commi ee, 2013: pa ag aph 40)

88
FEMINISM IN PUBLIC DEBT
Likewise, as in imes o c isis and iscal es ic ions when S a es o en limi
social bene i s and se ices, he CEDAW Commi ee has emphasized
he s a e du y o p oceed p ecisely in he opposi e di ec ion, edi ec ing
esou ces and social in es men o a oid damaging and disp opo iona e
e ec s on women. This body has been consis en in exp essing o se e al
coun ies, including Ecuado (CEDAW, 2021: pa ag aph 9), I aly (CEDAW,
2017: pa ag aph 9) and Spain (CEDAW, 2015: pa ag aph 8), ha e en in
imes o iscal p essu e and an economic c isis hey mus adop speci ic
ini ia i es o p omo e women’s igh s, keep and ex end social in es men and
p o ec ion, and include a gende pe spec i e in policies and p og ammes,
ocusing on disad an aged and ma ginalized g oups o women, and ying
o a oid eg essi e measu es.
Likewise, as ega ds G eece, he CEDAW (2013: pa ag aph 6) has said
ha , e en in imes o iscal limi a ions and an economic c isis, special e o s
shall be made o espec human igh s, keep and ex end social in es men
and p o ec ion and use an app oach ha conside s gende , gi ing p io i y
o women in ulne able si ua ions.
In his con ex , i is wo h men ioning ha he p inciple o maximum
esou ce alloca ion has a signi ican implica ion in he ield o so e eign deb
and human igh s. Fi s o all, i obliges all S a es o conside i paymen s
made o epay he p incipal and in e es o public deb , as well as ela ed
ex a mone a y commi men s (condi ionali ies), do no nega i ely a ec he
exe cise o human igh s, including he p ohibi ion o disc imina e based on
gende (CESCR, 1990 and 2017). How much can be paid o a deb o he
de imen o o he p io i ies di ec ly linked o human igh s, in pa icula ,
when e ec s a e disp opo iona ely damaging and eg essi e o ce ain
social sec o s, such as women?
An essen ial sub- ques ion in his discussion is how many a ailable esou ces
o he S a e, in o he wo ds, how much o he con en o he ‘baske o
esou ces’, is o med by a iables unde he domes ic con ol o he S a e
(Kend ick, 2017). I is no he same ha he iscal es ic ion comes om
he unwillingness o o he S a es o comply wi h he du y o in e na ional
coope a ion h ough g an ing deb elie due o deb insol ency i i esul s
om he ee implemen a ion o a s a egy o deb ha a ec s igh s o he
implemen a ion o eg essi e o ine ec i e ax egimes when i comes o
iscal aud.
In his espec , in e nal edis ibu ion o esou ces shall be ensu ed o
social inclusion and gende equali y. In e ms o p oac i e measu es o be
adop ed in si ua ions o economic c ises and o ace esou ce sho age,
he CEDAW Commi ee has ou lined he du y o S a es o make e o ms
ha imply an in e nal edis ibu ion o esou ces so as o a oid a ec ing
igh s and cu backs o public expendi u e in sensible a eas o women’s
igh s. Thus i has ecommended he S a e o Ecuado (2021) o enable an
LEGAL STANDARDS ON DEBT AND WOMEN’S RIGHTS
89
in e nal edis ibu ion o esou ces ha can o e come he consequences
o he inancial c isis, p io i izing ini ia i es ha os e social inclusion
and gende equali y. I e en ecommended adop ing measu es o co ec
p eexis ing gende inequali ies ha place women and gi ls in he cen e o
a eco e y s a egy in acco dance wi h he 2030 Sus ainable De elopmen
Agenda, ocusing on unemployed women and hose li ing in po e y, women
om e hnic mino i ies, indigenous women, elde women, women wi h
disabili ies, mig an women, e ugee women and hose eques ing asylum,
lesbians, bisexual women and ansgende and in e sex pe sons. Likewise,
i held ha Su iname shall ensu e ‘ensu e he in e nal edis ibu ion o i s
na ional esou ces o o e come he consequences o budge cu s and ensu e
women’s access o social bene i s and mic o inance and mic oc edi schemes
a low in e es a es’ (CEDAW, 2018: pa ag aph 41; and 2017b: pa ag aph
38a). This edis ibu ion obliga ion implies c ea ing p og essi e ax egimes,
ha is o say, elying less on consump ion axes and mo e on di ec axes,
and axing he la ges e enues and o unes, as well as he e ec i e igh
agains iscal aud.
Consequen ly, c edi o s (and in pa icula IFIs) shall no p omo e –
le alone eques – ha clien S a es implemen economic policies and
measu es ha iola e he p inciples o human igh s o hei own popula ions;
o he wise, hose c edi o s would incu accoun abili y o complici y in he
iola ion o human igh s. Mo eo e , S a es shall de elop budge s ( ha
include indeb edness and epaymen ) wi h a gende pe spec i e. In his
ega d, in 2018 he CESCR (2018) speci ied ha A gen ina mus ‘adop
and implemen he na ional budge while making e e y e o o a oid
e og essi e measu es, and ensu e ha he budge e lec s a human igh s
and gende - sensi i e app oach’ (pa ag aph C.6.d).
An addi ional equi emen o s a egic impo ance is o ca y ou assessmen s
o deb e ec s and condi ionali ies on women’s igh s by go e nmen s and
IFIs (Guiding P inciple 15.1) so as o ensu e ha he capaci y o he bo owe
S a e o espec , p o ec and comply wi h i s obliga ions ega ding human
igh s is no unde mined. One o he main elemen s o he human igh s
app oach is o assess i , how and o wha ex en economic policies a ec
women’s igh s and he igh s o LGBTIQ+ pe sons. Such assessmen shall be
ca ied ou assuming he inhe en alue o gende equali y and no wi h an
ins umen alis app oach o he se ices o pu ely iscal pu poses.2 Likewise,
hese analyses shall assume he ans o ma i e na u e o economic policies,
ins ead o a me e compensa o y ole conside ing he wo sening ha hose
policies eplica e on s uc u al gende inequali ies.
A ela ed obliga ion consis s in ensu ing e ec i e pa icipa ion and access o
in o ma ion. Bo h S a es and IFIs mus pu sue he b oades na ional dialogue
possible wi h he e ec i e, imely and signi ican pa icipa ion o all pe sons
and g oups, including he g oups in a disad an aged si ua ion and hose who
90
FEMINISM IN PUBLIC DEBT
a e pa icula ly a isk o being a ec ed by he policies o be implemen ed
(Guiding P inciple 19.1). Likewise, access o in o ma ion and anspa ency
mus be ensu ed, as well as he access o jus ice and accoun abili y (Guiding
P inciples 20 and 21).
As o c edi o s speci ically, he good ai h pa icipa ion in es uc u ing
p ocesses includes deb elie (such as deb o gi eness o swap, deb
escheduling, deb se ice educ ion and la e paymen in e es ) ha is
necessa y and p opo ional o ensu e he p o ision o public se ices ha
gua an ee he basic human igh s o he popula ion.
4. Concluding e lec ions
In he las decade, in e na ional human igh s law has been add essing in a
mo e o less sys ema ic way he impac o public indeb edness and he ela ed
condi ionali ies on he human igh s o popula ions, especially in de eloping
coun ies wi h high le els o indeb edness. Speci ic p inciples and s anda ds
ha e been de eloped and sys ema ized, esul ing om he cu en egula o y
amewo k, ha y o egula e he ac ions o S a es, c edi o s and IFIs so as
o a oid and add ess ad e se consequences in he ield o human igh s and
deb , including om a gende pe spec i e.
Today he e is a se o p inciples and ules o conduc ha alloca es
esponsibili ies and hus shows a pa h o be ollowed, a oadmap o se iously
conside human igh s wi h a gende pe spec i e in he ield o economy
in gene al and so e eign deb managemen in pa icula . E iden ly, i he
human igh s app oach is aken se iously, i has he po en ial o e e and
minimize he selec i e and oppo unis ic use by inancial ac o s o one o
he mos impo an s a e in as uc u es: he legal sys em (Pis o , 2022).
The in e na ional sys em o he p o ec ion o human igh s is he mos
de eloped one in e ms o legal accu acies and esponsibili y alloca ion, while
he In e - Ame ican sys em is s ill signi ican ly unde de eloped in he speci ic
ield o deb and human igh s. This is an u gen ask due o he e y high
le els o indeb edness a e he pandemic ha nume ous coun ies o he
egion ha e, and he pe sis en inequali ies, including gende inequali ies.
The e exis speci ic du ies bo h o deb o s and c edi o s. Fo ins ance,
ega ding impac assessmen s o deb policy on human igh s – including
he di e en ial impac s by gende and o he ele an ac o s – and he design
o gende - esponsi e budge ing, and he en o ceabili y o p opo ional deb
o gi eness in o de no o excessi ely e ode he iscal space o he poin
o a ec ing he capaci y o he S a e o gua an ee he basic igh s o he
popula ion. A pending aspec is he de elopmen o mo e sophis ica ed
gende indica o s in he analyses o deb sus ainabili y ha enable he
p omo ion o solu ions o deb dis ess and ensu e he esou ces o an equal
ans o ma ion (ECLAC, 2022b: pa ag aph 30).
LEGAL STANDARDS ON DEBT AND WOMEN’S RIGHTS
91
Besides, S a es a e equi ed o edis ibu e in e nal esou ces h ough he
adop ion o p og essi e ax measu es ha ax he la ges e enues and weal h,
and no consump ion. In he con ex o a c isis, adop ing eg essi e measu es
on igh s, including gende equali y, will only be alid as an excep ion. In
ac , in hose ex ao dina y con ex s, he S a e du y o s eng hen in es men
in se ices and social and ca e bene i s eappea s, ins ead o cu ing i as is
usually he case.
Mo e widely, he mains eaming o he gende app oach in mac oeconomic
policies in gene al, including iscal and public deb ones, is essen ial o p e en
women om being he ones ha cushion he e ec s o mul iple c ises h ough
he in ensi ica ion o unpaid domes ic and ca e wo k (ECLAC, 2022b).
A challenge in his ield is o ensu e consis ency o policies (economic,
social, mone a y, gende - based, iscal and so on), including he public
deb policy (Guiding P inciples 11.e). Fo ha pu pose, i is necessa y
o c ea e and implemen an expansion o he ins i u ionaliza ion o
eminis demands owa d he ield o public inances ha gua an ees a
gende pe spec i e in his a ea.3 This challenge also includes imposing
limi s o IFIs, pa icula ly he IMF, which wi h he so- called ‘gende
s a egy’ deepens – ins ead o elie es – public deb p o iles ha eplica e
inequali ies agains women.4
Rega ding he de ici o pa icipa ion o women and LGBTIQ+ pe sons
in he p ocesses o indeb edness and public deb managemen , his chap e
p oposes measu ing such pa icipa ion. The CEDAW Commi ee could
de elop an indica o o show he ex en o which such pa icipa ion o
women and LGBTIQ+ pe sons is gua an eed (in en ion) in na ional
legisla i e b anches and wha he ac ual e ec s (p ac ices) o hose ules
a e, all o which could be pe ec ly inco po a ed, and e en quan i ied, in a
‘Gende Legisla i e Index’ (Vijeya asa, 2021).
Las ly, he need o build b oade consensus among coun ies ega ding
speci ic ins i u ional ules in he ield o deb escheduling pe sis s; in
pa icula , i is necessa y o esume he decision he Uni ed Na ions Gene al
Assembly adop ed in 2015 as o he c ea ion o a mul ila e al legal amewo k
ha egula es he p ocesses o so e eign deb and makes hem compa ible
wi h he obliga ions and in e na ional ules o human igh s, including
gende equali y (Res. A/ RES/ 68/ 304, 09/ 09/ 2014; see Rossi, 2020).
The c ea ion o a widely ag eed egime in he ield o deb escheduling
cons i u es, along wi h some o he s uc u al changes, a pa o he necessa y
eminis e o ms in he ield o in e na ional inancial a chi ec u e,5 and he
equal ans o ma ion o socie ies depends on i s exis ence.
Acknowledgemen s
The au ho s would like o hank Julie a Le ín (a lawye g adua ed om
he Uni e si y o Buenos Ai es and an assis an o he cou se In e na ional
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FEMINISM IN PUBLIC DEBT
We would like o unde sco e he impo ance o he IMF p io i izing
he adop ion o a ully gende - esponsi e s a egy which would equi e
in eg a ing goals and me hods o wo k ha ake in o accoun no
only sys emic biases and he disad an ages ha hey p oduce bu also
he ideologically mo i a ed backlash agains gende equali y a he
hea o which lies an a emp o en o ce gende ed oles, which a e
un o una ely o en ein o ced by gende blind economic policies.
In his ega d, he COVID 19 pandemic has inc eased he e ec s
al eady obse ed by he Independen Expe on he e ec s o o eign
deb in he epo s o he Human Righ s Council and Gene al
Assembly as es ic ion o e p o ec ion policies agains gende - based
iolence, daily ca e policies, and he public heal h sec o du ing he
COVID pandemic esponse and a e ma h a ec ed women and gi ls
di ec ly. Fo example, cu s o con acep i e supplies in he public sec o
could inc ease unin ended p egnancy and igge unsa e abo ion.
Likewise, aus e i y measu es ha a ec social housing, and sho cu s
in p og ammes ha p o ide shel e o escape domes ic iolence,
exace ba e he cons ain s women ace o au onomy. (see A/ 73/ 179).
An IMF gende s a egy ha includes a human igh s app oach should
ecognize and add ess he di e en ia ed oles o women and gi ls in ou
socie ies and he cons ain s hey ace because o hei sex and gende .
Women’s ole as unpaid ca e ake s is e lec ed in he kind and quali y
o employmen hey access. Women a e gene ally seg ega ed o he
lowe - paid jobs and he in o mal economy. Also, jobs ha a e domina ed
by women, like domes ic wo ke s, a e la gely o e ep esen ed in he
in o mal sec o . As a esul , when social insu ance schemes a e ied
o wo k- ela ed c i e ia, women o en do no quali y as bene icia ies;
con ibu o y pension schemes, o example, ha e a di e en ia ed impac
on women. In addi ion, consump ion axes, especially VAT, ha e a
eg essi e impac on low- income households, which o en include
emale- headed households. This in o ma ion should be conside ed
when ecommending ax measu es, such as inc eases in VAT and o he
sales axes, ha could u he sh ink women’s a ailable income and
educe hei pu chasing powe (see A/ HRC/ 34/ 57).
The e o e, as s essed by he Independen Expe in hese epo s,
aus e i y measu es and o he es ic i e policies on public expendi u e
a ec women and gi ls disp opo ionally because o a wide ange o
socio- economic easons ha could no be explained and analyzed
only in e ms o mac oeconomic esul s o dispa i y in oppo uni ies.
Vulne abili y and economic disad an age o women a e exace ba ed
by mac oeconomic policies ha inc ease inequali ies and educe social
p o ec ion loo s. This is clea ly isible in pe iods o economic c isis,
pa icula ly when go e nmen s adop aus e i y measu es. Al hough

LETTER FROM UN SPECIAL PROCEDURES TO THE IMF
99
he speci ic e ec s o c isis di e by con ex , he o e all pic u e is one
o dispa a e impac on women, wi h deepening economic insecu i y,
an inc ease in p eca ious employmen and a hea ie bu den o unpaid
ca e wo k. None heless, economic c isis me ely accen ua es exis ing
s uc u al economic disad an ages o women. The e o e, add essing
he c isis p o ides an oppo uni y o ackle pa e ns o gende inequali y
and disc imina ion en enched in he economic s a us quo and shape
new gende equali y esponses. Al e na i es o aus e i y ha e been
applied success ully in some coun ies. G ounding de elopmen
p io i ies in women’s human igh s is no only a legal and mo al
impe a i e bu can also enhance e ec i eness and accoun abili y (A/
HRC/ 26/ 39).
Fo hese easons, as s a ed by he Independen Expe on Fo eign
Deb , he IMF should ensu e ha loan p og ammes a e ag eed upon
only a e human igh s wi h a p ecise gende dimension ha e been
conduc ed and ha any po en ial de iciencies a e emedied; and ha
isks o nega i e impac s on women’s human igh s esul ing om
condi ionali ies, a e moni o ed, and an al e na i e policy mix a e
p oposed i ad e se gende ed implica ions a e iden i ied (see A/ HRC/
40/ 57).
In he same line, he Special Rappo eu on he igh o de elopmen
has ecen ly s essed ha ax policy ad ice and condi ions issued by
mul ila e al de elopmen banks and de elopmen inance ins i u ions
o S a es, and in pa icula o de eloping coun ies, should be e iewed
o ake in o accoun hei impac on women’s income and wo k,
including unpaid labou and unpaid ca e wo k, and p ope y and
asse s owne ship (A/ 75/ 167, pa a 60) and ha in he amewo k o
COVID eco e y measu es, he public- p i a e pa ne ships p omo ed
h ough loans, p ojec s and o he inancing a angemen s in ol ing
mul ila e al de elopmen inance ins i u ions should be subjec o
independen e iews o hei de elopmen ou comes, including a
ho ough examina ion o hei human igh s and en i onmen al
impac s (A/ 75/ 167, pa a 62). The Guidelines and Recommenda ions
on he p ac ical implemen a ion o he igh o de elopmen s ess ha
in e na ional inancial ins i u ions should conduc sys ema ic human
igh s impac assessmen s and moni o and e alua e hei policies. In
pa icula , human igh s impac assessmen s should be conduc ed on
aus e i y measu es, s uc u al adjus men s, secu i ies and ade and
in es men ag eemen s; (A/ HRC/ 42/ 38 pa a 131).
Fu he mo e, he In e na ional Co enan on Economic, Social and
Cul u al Righ s es ablishes ha S a es should ensu e he p og essi e
ealiza ion o economic, social and cul u al igh s by using he
maximum o hei a ailable esou ces. Likewise, he Commi ee on he
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FEMINISM IN PUBLIC DEBT
Elimina ion o Disc imina ion agains Women has cla i ied ha hose
measu es should aim o accele a e he achie emen o gende equali y
and add ess “ he s uc u al, social and cul u al changes necessa y o
co ec pas and cu en o ms and e ec s o disc imina ion agains
women, as well as o p o ide hem wi h compensa ion”.
We would like o ei e a e ha he IMF gende s a egy should
suppo he ull enjoymen o all women and gi ls’ human igh s.
In he cu en con ex o pe sis en gende inequali y and ollbacks
which a e being exace ba ed by ising undamen alisms o all kinds,
coupled wi h poli ical populism, unchecked au ho i a ian ule,
disp opo iona e ocus on co po a e p o i s o e human igh s and
mos ecen ly he de as a ing impac o he COVID- 19 pandemic,
he IMF gende s a egy should ensu e ha i does no con ibu e o
u he e og essions in p og ess made by women and gi ls in he las
decades. We hink ha ou a ious epo s b ie ly e e enced in his
le e could suppo you gende mains eaming e o s. In his ega d,
we emain a ailable o con inue engaging wi h he IMF and o engage
in o a cons uc i e dialogue which could suppo he genuine and
comp ehensi e inclusion o women and gi ls’ igh s in he s a egy
and h oughou you wo k.
In e ms o he cu en consul a ion p ocess unde aken, he IMF
should ensu e public access o in o ma ion and ample consul a ion
in de eloping he s a egy. In his ega d, we welcome he online
consul a ion opened by he IMF on 10 Feb ua y, bu we hink ha
he ime ame p oposed migh be oo igh o a ious conce ned
s akeholde s o p o ide subs an i e con ibu ions, in pa icula i he
s a egy is supposed o be p esen ed o he IMF boa d his sp ing. In
addi ion, o gua an ee anspa ency, accoun abili y and meaning ul and
in o med consul a ions, a d a o he gende s a egy documen should
be made a ailable o allow o ci il socie y, women o ganiza ions,
and o he ac o s o pa icipa e in he p ocess. The IMF could also
es ablish an accoun abili y mechanism o in o m and p omo e he
pa icipa ion o women, gi ls and s akeholde s du ing he de elopmen
and implemen a ion o he gende s a egy.
In conclusion, and wi hou p ejudging he cu en p ocess ha
he IMF is unde aking o de elop i s gende s a egy, acco ding o
he esponsibili ies o ou manda es, and on he basis o he epo s
men ioned abo e, we would be g a e ul o you obse a ions on he
ollowing ma e s:
1. Please cla i y how he gende s a egy will ensu e ha all IMF
p og ammes will bene i om a human igh s impac assessmen
wi h a p ecise gende dimension and ha any po en ial de iciencies
a e emedied.
LETTER FROM UN SPECIAL PROCEDURES TO THE IMF
101
2. Please cla i y how he gende s a egy will add ess he isks o
nega i e impac s on women’s and gi ls’ human igh s esul ing om
condi ionali ies, moni o ing he e ec o subsequen e o ms and
p oposing an al e na i e policy mix i ad e se gende ed implica ions
om he p oposed condi ionali ies a e iden i ied.
3. Please cla i y how he gende s a egy will ensu e ha public
in es men , including in social and physical in as uc u e, is gua an eed
so ha i suppo s he ealiza ion o women’s and gi ls’ human igh s.
4. Please cla i y how he gende s a egy will add ess axa ion
and ensu e ha measu es and mechanisms lead o mo e e ec i e
edis ibu ion o esou ces be ween women and men.
5. Please cla i y how he gende s a egy es ablishes a anspa en
accoun abili y mechanism o gua an ee ha he s a egy is consul ed,
moni o ed, and e alua ed wi h all in e es ed pa ies’ pa icipa ion.
We would like o in o m you ha his communica ion will be made
public ia he communica ions epo ing websi e a e 48 hou s, as
well as any esponse ecei ed om you ins i u ion. They will also
subsequen ly be made a ailable in he usual epo o be p esen ed o
he Human Righ s Council.
Please accep , Ms. Geo gie a, he assu ances o ou highes
conside a ion.
A iya Wa is
Independen Expe on he e ec s o o eign deb and o he ela ed
in e na ional inancial obliga ions o S a es on he ull enjoymen o all
human igh s, pa icula ly economic, social and cul u al igh s
Saad Al a a gi
Special Rappo eu on he igh o de elopmen
Oli ie De Schu e
Special Rappo eu on ex eme po e y and human igh s
Melissa Up e i
Chai - Rappo eu o he Wo king G oup on disc imina ion agains
women and gi ls
102
7
Impac o Deb on Women’s
and Gi ls’ Human Righ s –
In oduc ion o he 2023 Repo
o he UN Wo king G oup on
Disc imina ion Agains Women
and Gi ls, ‘Gende ed Inequali ies
o Po e y: Feminis and Human
Righ s- Based App oaches’
Do o hy Es ada- Tanck
In oduc ion o he UN Wo king G oup’s wo k. The
epo in con ex
In o de o pu he ele ance o an o icial epo add essing deb and women’s
human igh s in o pe spec i e, his sho no e will p esen wha he Wo king
G oup does and i s ole in he in e na ional human igh s p o ec ion sys em,
a holis ic unde s anding o po e y and inequali y h ough a gende lens and
he deep gende implica ions o deb .
The baseline is ha women and gi ls e e ywhe e a e s ill subjec o
signi ican disad an age as he esul o disc imina o y laws and p ac ices.
Full equali y has no been achie ed in any coun y in he wo ld, and se e al
pledges o elimina e disc imina ion ha e no been ul illed.
In his con ex , he es ablishmen o he Wo king G oup on disc imina ion
agains women and gi ls (WGDAWG)1 by he Uni ed Na ions (UN)
Human Righ s Council in 20102 was a miles one on he long oad owa ds
women’s equali y wi h men. I is based on he ecogni ion ha while he e
IMPACT OF DEBT ON WOMEN’S HUMAN RIGHTS
103
ha e been many legal and policy e o ms o in eg a e women’s human
igh s ully in o domes ic law o e he yea s, p og ess emains insu icien .
Disc imina ion agains women and gi ls pe sis s in bo h public and p i a e
sphe es – in imes o con lic and in peace. I anscends na ional, cul u al
and eligious bounda ies. I is o en uelled by pa ia chal s e eo yping and
powe imbalances which a e mi o ed in laws, policies and p ac ices.
The WGDAWG is composed o i e independen expe s o balanced
geog aphical ep esen a ion, wo king collec i ely as a g oup, and p oducing
wo k in he name o he manda e.3 The Wo king G oup, in es ablishing i s
concep ual amewo k and wo king me hods, s esses ha he elimina ion
o disc imina ion agains women in law and in p ac ice equi es a
comp ehensi e and cohe en human igh s- based app oach. This app oach
ensu es ha women a e a he cen e o e o s o hold S a es accoun able o
implemen ing in e na ional s anda ds gua an eeing ci il, poli ical, economic,
social and cul u al igh s.4
The elimina ion o disc imina ion agains women and gi ls in all ields
is add essed by he WGDAWG om he pe spec i e o S a es’ obliga ions
o espec , p o ec and ul il women’s human igh s. I emphasizes ha
na ional, egional and in e na ional human igh s mechanisms, as well
as g ass- oo s ac i is s, play c i ical oles in ensu ing he ull enjoymen
by women and gi ls o hei human igh s. Fo legal gua an ees o
bene i all women, implemen a ion amewo ks and s a egies mus be
esponsi e o he in e sec ions o gende - based disc imina ion wi h o he
g ounds o disc imina ion. Indeed, he wo k o he Wo king G oup
co e s all women, acknowledging ha women a e no a uni o m g oup.
Ne e heless, he e a e sha ed aspec s o disc imina ion agains women
ha pe sis in all cul u es, al hough wi h di e ing le els o in ensi y and
di e ing impac s.
Fu he mo e, he e is a need o cons an ly ei e a e, e en wi hin he human
igh s sys em, ha women a e no jus ano he ulne able g oup, as hey
a e o en ea ed by some. They a e hal o he wo ld popula ion and o en
he majo i y o each o he ulne able g oups, hence elimina ing pe sis en
disc imina ion and backlashes agains women’s igh s should be add essed
bo h as a s and- alone goal and as a mains eaming issue.
To his end, he Wo king G oup engages in cons uc i e dialogue wi h
membe s a es, ci il socie y s akeholde s, UN en i ies, human igh s
mechanisms and di e en ac o s ele an o he ealiza ion o women’s and
gi ls’ human igh s. I does so by making ull use o a common se o ools
a ailable o UN special p ocedu es manda es, namely, communica ions,5
annual hema ic epo s6 and coun y isi s.7 In ecen yea s, he con en
o he annual hema ic epo s has also been displayed in an in e ac i e,
summa ized and mo e p ac ical and use / child- iendly e sion, including
g aphics, in he Wo king G oup’s mic osi e (in English and Spanish).8

104
FEMINISM IN PUBLIC DEBT
The Wo king G oup also holds an in e ac i e dialogue a he Human
Righ s Council du ing he June session on i s hema ic and coun y isi s
epo s. I epo s o ally o he Gene al Assembly in Oc obe / No embe
and pa icipa es in he Commission on he S a us o Women in Ma ch each
yea . Addi ionally, he WGDAWG unde akes o he ini ia i es, including
public s a emen s,9 amicus b ie s,10 posi ion pape s,11 pa icipa ion in
e en s12 and con ibu ions o he wo k o o he s in he UN human igh s
machine y o UN en i ies. Du ing 2023, he WGDAWG is Chai o he
EDVAW Pla o m – he Pla o m o Independen Expe Mechanisms
on he Elimina ion o Disc imina ion and Violence agains Women.
The EDVAW Pla o m was launched in Ma ch 2018. I is composed o
se en UN and egional independen expe mechanisms dedica ed o
add essing disc imina ion and iolence agains women and gi ls, p omo ing
accoun abili y, and ad ancing hei human igh s.13
The 2023 annual hema ic epo o he WGDAWG builds on he p e ious
hema ic ocus de eloped by he Wo king G oup o ad ancing equali y in
igh s and oppo uni ies o women and gi ls in all a eas, namely amily and
cul u al li e, economic and social li e, poli ical and public li e, and sa e y and
heal h, including sexual and ep oduc i e heal h. I also ei e a es he Wo king
G oup’s calling, made since 2018,14 o conce ed e o s o coun e ollbacks
and he inc easing a acks agains he uni e sali y o women’s human igh s,
and easse s women’s and gi ls’ undamen al igh o subs an i e equali y,
including socioeconomic equali y. I is also in line wi h he a gumen s made
and ques ions posed in he le e submi ed in 2022 by he WGDAWG and
o he special p ocedu es manda e holde s o he In e na ional Mone a y
Fund (IMF) ega ding i s so- called ‘gende s a egy’.15
As such, in i s 2023 epo o he UN Human Righ s Council,
‘Gende ed inequali ies o po e y: eminis and human igh s- based
app oaches’,16 he WGDAWG ocuses on po e y and socioeconomic
inequali y as ou comes o sys emic ailu es (a he co e o which is
ound o be deb ) ha iola e mul iple human igh s o women and
gi ls. I analyses he c osscu ing condi ions o gende ed socioeconomic
inequali y and examines he s uc u al disc imina ion and d i e s wi hin
poli ical, economic, cul u al and social sys ems ha cause, pe pe ua e
and deepen women’s and gi ls’ expe iences o po e y and inequali y.
I d aws a en ion o he de iciency o dominan economic models
and me hods o unde s anding, measu ing and add essing po e y and
inequali ies o accu a ely cap u e hei impac on he subs an i e equali y
o women and gi ls, and i highligh s p omising al e na i e app oaches.
The gende implica ions o deb cancella ion a e speci ically analysed.
Recommenda ions o S a es, and o in e na ional o ganiza ions and
co po a ions, insis upon he u gency o e aming po e y and inequali y
wi hin and be ween coun ies as issues o global conce n ha necessi a e
IMPACT OF DEBT ON WOMEN’S HUMAN RIGHTS
105
in eg a ed esponses in o med by in e sec ional eminis and human
igh s- based app oaches.17
De i ed om his ocus, his piece will concen a e on he pa s o he 2023
epo which p ima ily add ess he in e sec ions o women’s and gi ls’ human
igh s wi h iscal and deb policies. I will e iew he cumula i e e ec s
be ween bo h gende and socioeconomic inequali ies and he heigh ened
isks his c ea es o women and gi ls.
Based on his examina ion o he causes o s uc u al disc imina ion agains
women and gi ls, i will illus a e he way in which mac oeconomic policies,
including deb policies, a he in e na ional and na ional le els gene ally lack
a human igh s- based app oach and a gende ed pe spec i e, o example,
igno ing he highly eminized ac i i ies o unpaid ca e wo k and domes ic
wo k, while lacking a me hodology o he a icula ion o such policies ha
in eg a es women in decision- making; and i will also highligh he pa icula
and o en disp opo iona e impac on women and gi ls o o hodox economic
policies ha oo o en come wi h o e - indeb edness.
Las ly, he ex will include he ecommenda ions o he WGDAWG’s
epo o S a es and in e na ional and egional economic, inancial and
mone a y ins i u ions in ela ion o hei mul iple human igh s obliga ions.
A numbe o ecommenda ions add ess, speci ically, bo h so e eign deb o s
and hei c edi o s. These conc e e obliga ions mus be unde s ood unde
he ‘umb ella’ du y o such in e na ional and egional ins i u ions, and hei
membe s a es, o con ibu e o he c ea ion o an enabling economic and
inancial en i onmen o he p omo ion and p o ec ion o all human igh s
o all pe sons, in he spi i o A icle 28 o he Uni e sal Decla a ion o
Human Righ s, legally binding on he en i e UN in e na ional sys em, and
an essen ial co ne s one o human digni y, social jus ice and subs an i e
equali y o all women and gi ls.
WGDAWG Repo on ‘Gende ed inequali ies o
po e y: eminis and human igh s- based app oaches’
(selec ed pa ag aphs):
A. Con ex ual amewo k
12. The s eng hened neolibe al u n o he las o y yea s, e lec ed
in he policies o in e na ional economic ins i u ions and na ional
go e nmen s, has demons ably inc eased po e y and inequali y bo h
be ween and wi hin na ions.18 These inequali ies, unde pinned by
pa ia chy, sla e y, acism, colonialism, mili a ism and en i onmen al
des uc ion, ha e been exace ba ed by o hodox mac oeconomic
p esc ip ions, including s uc u al adjus men and aus e i y measu es19
designed o o se c ippling na ional deb s,20 he libe alisa ion o global
106
FEMINISM IN PUBLIC DEBT
ade and he inancializa ion o capi al ma ke s,21 in es men , mone a y
and iscal egimes,22 he p i a iza ion and commodi ica ion o public
goods and he e ea o he wel a e S a e.23 While i is beyond he scope
o his epo o analyse hese phenomena, i is impo an o highligh
ha ampan global socio- economic inequali y, cha ac e ised by he
concen a ion o weal h in he hands o a ew people ( he majo i y
men), co po a ions in a limi ed numbe o coun ies, and de eloped
S a es, has diminished he esou ces a ailable o policies, se ices, and
p og ams o ad ance women’s igh s and gende equali y.24
… 15. Dominan app oaches o secu i y in imes o c ises, including
economic c ises, ha e also been na ow in scope, human igh s being se
aside, and disp opo iona ely a ec ing women and gi ls. Unde s anding
secu i y in eg ally as g ounded in human igh s law,25 would p io i ise
p e en ing and add essing agg a a ed isks o po e y and inequali y
o women and gi ls. In his espec , alongside i s ole in exace ba ing
exis ing inequali ies, he Co id- 19 c isis has also p omp ed a e-
e alua ion o mains eam economic ideologies, including ecogni ion
o he cen al ole o ca e in ou socie ies, as called o by eminis s
o yea s, as well as e aluing he S a e’s posi ion ( is- à- is he ma ke )
as an ac o in de ining and esou cing public policies. The cu en
momen , he e o e, p esen s an oppo uni y o e isi concep s o
unlimi ed economic g ow h, o en based on deeply embedded o ms o
s uc u al disc imina ion, ansna ional economic inequali y, ailu e o
ul il in e na ional solida i y obliga ions o assis ance and coope a ion,
and inexis en o insu icien ne wo ks o social p o ec ion and public
se ices o gua an ee uni e sally ecognized human igh s such as
heal h, wa e , housing, ood and nu i ion, educa ion, a clean and
heal hy en i onmen and access o jus ice.
16. C ucially, po e y and inequali y a e no ine i able. They a e
he esul o s uc u al disc imina ion ha is e lec ed in he design
o laws and policies which ha e acili a ed p esen and his o ical
injus ices.26 Social mo emen s ad oca ing o ans o ma i e change
om he pe spec i e o eminis poli ical economy and human igh s,
pa icula ly economic, social, en i onmen al and cul u al igh s, ha e
highligh ed he eedback loops be ween global po e y and inequali ies
and hey ha e d awn a en ion o he exis ence o al e na i es o unjus
economic and social policies and ins i u ions.27 These igh s- based
eminis app oaches o inequali y and po e y p o ide key insigh s,
ools, accoun abili y measu es and emedies ha would enable he
s uc u al de e minan s o po e y and inequali y o be iden i ied,
challenged and o e come.
IMPACT OF DEBT ON WOMEN’S HUMAN RIGHTS
107
… 23. Se e al social mo emen s a e championing a eminis and
decolonial Global G een New Deal which would en ail a edis ibu ion
and e alida ion o labou , and in es men s in he ca e sec o as
well as eimagining global public commons and goods so ha hey
a e used equi ably and sus ainably.28 Feminis wo ke s’ alliances a e
also engaged in he de elopmen o al e na i e economic policies
ha would p omo e clima e iendly jobs, including hose in social
ca e; undamen al igh s a wo k ha emphasise adequa e wages and
maximum hou s o wo k; uni e sal social p o ec ion wi h a global
social p o ec ion solida i y und; an emphasis on subs an i e gende ,
ace and socioeconomic equali y; and an inclusi e agenda o peace
and sus ainable de elopmen .29
D. A eminis human igh s- based economy: subs an i e equali y, solida i y,
socioeconomic and en i onmen al jus ice
… 48. The igh o be ee om po e y canno be ealised in isola ion
om indi idual and collec i e igh s o subs an i e equali y.30 The
meaning ul pa icipa ion o di e se g oups o women and gi ls in
concep ualising, implemen ing, and moni o ing socio- economic
policies, no ms and s a egies is a co e pa o his p ocess. The
challenge is o mo e om non- disc imina ion as a ehicle o he
p o ec ion o indi idual igh s owa ds he ealiza ion o he ela ional
and edis ibu i e obliga ions ha a e also an in eg al bu , as ye la gely
un ealised, pa o in e na ional human igh s law.31
49. The igh o subs an i e equali y equi es esou ce mobiliza ion
and edis ibu ion wi hin and be ween coun ies. The obliga ions
incumben on S a es unde he ICESCR, pa icula ly i s A icle 2, and
o he human igh s gua an ees o ealize economic, social and cul u al
igh s ‘ o he maximum o hei a ailable esou ces’ inco po a es
posi i e du ies o p og essi ely achie e he implemen a ion o human
igh s and o seek ex e nal esou ces o ha pu pose.32 The cu en
momen o o e lapping c ises p o ides an oppo uni y o examine
he human igh s impac s o p e ailing sys ems o global economic
go e nance. The commi men s made by S a es unde A icles 1.1,
1.2, 5.1, 22 and 23 o he ICESCR, he Decla a ion on he Righ
o De elopmen and wi hin he amewo k o SDG 10, equi e
weal hy coun ies o assis low- income coun ies in he ealiza ion
o economic, social and cul u al igh s o e e yone wi hou
disc imina ion and o coope a e o educe inequali ies be ween and
wi hin na ions.33
114
FEMINISM IN PUBLIC DEBT
34 J.P. Bohosla sky and F. Can amu o (eds) (2021) ‘The IMF and Human Righ s: In e iews’,
LSE Human Righ s.
35 A/ 77/ 169.
36 Global Alliance o Tax Jus ice (2021) ‘F aming Feminis Taxa ion’.
37 A/ HRC/ 29/ 31 and A/ HRC/ 26/ 28. See also R. Balak ishnan, J. Hein z and D. Elson
(2016) Re hinking Economic Policy o Social Jus ice: The Radical Po en ial o Human Righ s,
New Yo k and OxonRou ledge.
38 Fo example, AMwA (Akina Mama wa A ika) (2021) A Feminis Tax Jus ice Handbook
o Women in he In o mal Economy.
39 Deb Jus ice (2022), ‘The g owing deb c isis in lowe income coun ies and cu s in
public spending’.
40 A/ 75/ 164.
41 J.P. Bohosla sky and F. Can amu o (eds) (2021) ‘The IMF and Human Righ s: In e iews’,
LSE Human Righ s.
42 Views exp essed du ing he Wo king G oup’s consul a ions.
43 I. G abel (2022) ‘Global Financial Go e nance and P og essi e Feminis Agendas’,
In e na ional Jou nal o Poli ical Economy, 51(4): 331– 45; IMF (2022) ‘IMF S a egy owa d
mains eaming gende ’.

115
8
Deb and Human Righ s in he
Wo ld and Regional Con e ences
on Women in La in Ame ica and
he Ca ibbean
Ma i a Pe ce al and Ma iana Rulli
1. In oduc ion
Since 1975 a a global le el, and since 1977 a a egional le el, Con e ences
on Women o ganized by he Uni ed Na ions (UN) ha e been aking
place. In hese con e ences, S a es – h ough he so- called Mechanisms
o he Ad ancemen o Women (MAW) – as well as women and ci il
socie y o ganiza ions, along wi h specialized agencies o he UN sys em,
nego ia e and es ablish ag eemen s in ela ion o he gende agenda and
ecommenda ions o mo e o wa d in he pa h owa ds equali y, which a e
embodied in poli ical decla a ions and ac ion plans. By eading hese o icial
documen s, he way S a es ha e add essed so e eign deb , ela ed economic
policies and hei di e en ial impac s on he human igh s o women can be
aced, econs uc ed and analyzed om an his o ical pe spec i e.
The goal o his chap e is o add ess he ag eemen s embodied in he o icial
documen s o wo ld and egional con e ences on women ha ook place in
he con ex o he UN ela ed o so e eign deb and i s consequences o
gende inequali ies. Fo ha pu pose, a sys ema iza ion, a pe iodiza ion and
a quali a i e analysis is made o a co pus composed o 20 o icial documen s
o he ou wo ld con e ences1 and he ones p oduced du ing he 15 egional
con e ences held in La in Ame ica and he Ca ibbean un il 2022.2 This esea ch
aims a con ibu ing o he lack o eminis li e a u e on he sys ema iza ion
and in e p e a ion o he o icial documen s p oduced by wo ld and egional
con e ences on women wi h a ocus on deb and human igh s.
116
FEMINISM IN PUBLIC DEBT
The s uc u e o his chap e is as ollows. A e his in oduc ion, sec ion 2
analyzes he o icial documen s p oduced in wo ld con e ences on women,
p oposing a pe iodiza ion. The i s s age was ma ked by mo e gene al
discussions among de eloped and de eloping coun ies, which a e amed
wi hin he deba es a ound he ‘New In e na ional Economic O de ’ (NIEO).
The second s age was ma ked by a mo e explici and di ec ecogni ion o he
h ea ha deb poses o women’s igh s simul aneously wi h he deepening
o he Washing on Consensus. In sec ion 3, he his o ical p og ession o he
o icial documen s and commi men s made du ing egional con e ences is
p esen ed, p oposing he ollowing h ee s ages: he i s s age co e s he
i s o he hi d con e ence, which highligh ed ha he unde de elopmen
o he coun ies o La in Ame ica and he Ca ibbean was a consequence
o he un ai global economic sys em, and wa ned abou he impac on he
inequali ies women su e . The second s age s a s wi h he ou h con e ence
held in Gua emala (1988) and begins o poin ou ha he p oblems o
he economic, inancial and ex e nal deb c ises, in line wi h adjus men
p og ammes, had a nega i e impac on he li ing condi ions o women.
Finally, he hi d s age begins wi h he Mon e ideo Con e ence (2016) and
ends wi h he Buenos Ai es Con e ence (2022), which, wi hou educing
he emphasis on he deb p oblem and i s di e en ial impac , included
an app oach based on human igh s o assess he impac o economic
measu es on women. In sec ion 4, he main indings a e summa ized and
he conclusions o he esea ch a e p esen ed.
2. F om Mexico o Beijing: deb in wo ld con e ences
on women
Al hough he Commission on he S a us o Women was c ea ed in 1946
as a commission dependen on he Economic and Social Council, sho ly
a e he c ea ion o he UN, as he main global in e go e nmen al
body exclusi ely de o ed o he p omo ion o gende equali y and he
empowe men o women, since 1975, ou (un il now) wo ld con e ences
on women and one Wo ld Con e ence on Human Righ s ha e aken place,
whe e a numbe o consensuses among membe s a es ha e been adop ed,
which a e analyzed in his sec ion.
These ou con e ences a e s udied he e conside ing wo di e en his o ical
pe iods. The i s one, which s a s wi h he Fi s Wo ld Con e ence
on Women held in Mexico (1975) and also includes he Second Wo ld
Con e ence in Copenhagen (1980) and he Thi d Wo ld Con e ence
held in Nai obi (1985), is ma ked by deba es a ound he so- called NIEO,3
which b ough oge he he demands ha he ‘unde de eloped’ coun ies
(as hey we e called a ha ime) posed o indus ialized coun ies, ocusing
on he pos colonialis unc ioning and he s uc u e o he in e na ional
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economy ha pe pe ua ed he inequali ies and po e y si ua ion in pe iphe y
coun ies. The poli ical ideas linked o he NIEO p oposed o e ound a new
in e na ional economic o de based on ules ha enabled a balanced and ai e
o de , including alle ia ing he bu den o ex e nal deb and acili a ing ha
mo e de eloping coun ies pa icipa e in he In e na ional Mone a y Fund.
Thus, du ing he i s pe iod, in 1975, he Fi s Wo ld Con e ence on
Women was held in Mexico, in he con ex o he In e na ional Women’s
Yea , whe e an Ac ion Plan was adop ed and he Gene al Assembly
p oclaimed he ‘Uni ed Na ions Decade o Women 1975– 1985’. Al hough
he con e ence had a decla a o y na u e in gene al (i did no discuss how
di e en igh s would be gua an eed o how iola ions would be add essed),
i was e y impo an om he iewpoin o women’s human igh s as he
Con en ion on he Elimina ion o All Fo ms o Disc imina ion agains
Women (CEDAW) was app o ed a e wa ds in 1979 (Facio, 2011).
Apa om being impo an o he e olu ion o women’s human igh s ha
we e included in he CEDAW, i is wo h e isi ing some o he discussions
and ensions ha ook place in he con ex o he i s con e ence be ween
wo di e en blocks: be ween women om ich coun ies and women om
‘Thi d Wo ld Coun ies’ (mainly om La in Ame ica). A signi ican aspec
was ha al hough he o icial amewo k in which he delega ions o S a es
nego ia ed was ancho ed du ing he con e ence in he d a ing o he Wo ld
Ac ion Plan, i was in he so- called amewo k o he ‘T ibune’ (a mee ing
o non- go e nmen al o ganiza ions) whe e he di e ences among women
acco ding o hei coun y block o o igin we e clea ly e iden .
On he one hand, he e was he posi ion o women o he ‘Fi s Wo ld’,
linked o pe sonal opics, he de ence o body indi iduali y and eedom: he
main demands we e ela ed o sexuali y, indi idual eedom, sala y equali y
and equali y wi hin amily. And, on he o he hand, he e was he posi ion o
women o he ‘Thi d Wo d’ ha conside ed as poli ical p oblems hose linked
o he economic disad an ages hey expe ienced in hei coun ies, compa ed
o indus ialized coun ies. The ‘Thi d Wo ld’ pe spec i e explici ly linked
women’s p oblems o he need o a wo ld eo de ing, making claims in
ha same di ec ion (Fuen es, 2014).
I is wo h highligh ing ha he documen o he Ac ion Plan ha a ose
om he i s con e ence al eady men ioned he link be ween inequali ies
be ween women and men (and among women), and he poli ical, economic
and social s uc u e dimensions and he le el o de elopmen o each coun y
(pa ag aph 7). Mo eo e , he de e minan unc ion o social se ices and he
ac ha women a e unequally a ec ed compa ed o men in he s ages o
de elopmen and indus ializa ion we e al eady ecognized (pa ag aph 154).
The Second Wo ld Con e ence on Women ook place in Copenhagen
in 1980, and, unlike he p e ious one, i had an e alua i e na u e and S a es
p oposed an Ac ion Plan o he second pa o he Decade o Women ha
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FEMINISM IN PUBLIC DEBT
would end in 1985 (Facio, 2011).4 E en hough he main opics we e ela ed
o educa ion, wo k and heal h, in a special sec ion he S a es ad anced he
heo y ha inequali ies we e he cause o he lack o access o esou ces
and he poli ical pa icipa ion o women. The documen o he con e ence
included a special sec ion on he o igin o women’s inequali ies ela ing
o he unequal pa icipa ion o men and women in he de elopmen and
impac o he in e na ional economic con ex . Thus, pa ag aph 12 explici ly
men ioned ha women’s inequali ies de i ed om he unde de elopmen
o coun ies ha in u n was a by- p oduc o impe ialism, colonialism,
neocolonialism and un ai in e na ional economic ela ions.
The Thi d Wo ld Con e ence on Women ook place in Nai obi in
1985 and, al hough he p og ess and obs acles o he Decade o Women
we e assessed, i had a s a egic na u e due o he ac ha S a es signed a
documen con aining he s a egies o he ad ancemen o women wi h a
ision un il he yea 2000 (Facio, 2011). E en hough his con e ence pu
special emphasis on espec ing economic, social and cul u al igh s, i s ill
alked abou women’s igh s and no abou he human igh s o women.
The second s age o he pe iodiza ion ha is p oposed in his chap e
s a s wi h he Wo ld Con e ence on Human Righ s held in Vienna in
1993 (e en hough i was no a speci ic con e ence on women, i was e y
impo an because he e women’s igh s we e ecognized as human igh s)
and ends wi h he Fou h Wo ld Con e ence on Women held in Beijing in
1995, whe e he Beijing Pla o m o Ac ion (BPA) was d awn up, which
is conside ed as he mos p og essi e one o p omo e he igh s o women.
This s age ook place in an economic con ex ma ked by he deploymen
and deepening o he Washing on Consensus and he ise o neolibe al
ideas, which we e embodied in he implemen a ion o s uc u al e o ms
and g ea e public indeb edness and o hodox economic condi ionali ies
ha came wi h his highe deb , pa icula ly in he coun ies o he Global
Sou h, which had a deep and nega i e impac on li ing condi ions and
women’s human igh s.
The subs an i e and p og essi e ad ance o he Wo ld Con e ence on
Human Righ s o Vienna (UN, 1993) (wi h i s co esponding ac ion plan
and decla a ion) can be seen in h ee ic o ies o he eminis mo emen ,
ac i is s and ad oca es o women’s human igh s: i s , iolence agains
women was conside ed as a iola ion o human igh s. Second, i was ag eed
ha women’s human igh s5 should be included in all he ac i i ies o he
UN and a special call was made o s eng hen he CEDAW and o c ea e an
Op ional P o ocol ha allows o indi iduals’ eques s. Thi d, which in u n
is he mos impo an aspec o his esea ch, women human igh s ac i is s
managed o ha e social and economic igh s ecognized as being o he same
impo ance as ci il and poli ical igh s, ecognizing he in e dependence and
in e ela ion o all human igh s (Facio, 2011).
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119
In 1995, he Fou h Wo ld Con e ence on Women ook place in Beijing,
whe e a e ha ing de e mined ha he e we e s ill obs acles in he way o
achie ing equali y as o oppo uni ies and women’s igh s, S a es adop ed he
BPA. Apa om he ad ances made in Vienna, he Beijing Con e ence is
conside ed as a con e ence wi h a ‘binding’ na u e because i connec ed h ough
i s pla o ms he measu es ha we e p oposed o he S a es o adop wi h he
legal obliga ions ha we e al eady es ablished in he CEDAW (Facio, 2011).
Fu he mo e, in he BPA, he unequal impac (based on gende ) o
ex e nal deb , he economic di icul ies and he human igh s o women a e
explici ly linked, as well as he esul ing need o p o ide inancial elie and
o allow he con enience o de elop echniques o deb swaps o be applied
o p og ammes and p ojec s o social de elopmen . I was highligh ed ha
deb bu den and policies o s uc u al adjus men ha e had a ha m ul e ec
on social de elopmen and had an impac on po e y, and ha :
As a esul o he deb bu den and o he economic di icul ies, many
de eloping coun ies ha e unde aken s uc u al adjus men policies.
Mo eo e , he e a e s uc u al adjus men p og ammes ha ha e been
poo ly designed and implemen ed, wi h esul ing de imen al e ec s
on social de elopmen . The numbe o people li ing in po e y has
inc eased disp opo iona ely in mos de eloping coun ies, pa icula ly
he hea ily indeb ed coun ies, du ing he pas decade. (Beijing
Decla a ion and Pla o m o Ac ion, 1995: pa ag aph 13)
In line wi h his, pa ag aphs 18, 37 and 47 explici ly included he
disp opo iona e consequences o women o he hen- called ‘mundializa ion’
in he coun ies wi h ex e nal deb bu den ha ha e implemen ed adjus men
p og ammes. The pa ag aphs o he Pla o m o Ac ion also poin ou ha
he nega i e consequences o hese policies ha e wo sened he eminiza ion
o po e y and ha :
The e is a g ea e accep ance ha he inc easing deb bu den aced
by mos de eloping coun ies is unsus ainable and cons i u es one
o he p incipal obs acles o achie ing p og ess in people- cen ed
sus ainable de elopmen and po e y e adica ion. Fo many de eloping
coun ies, as well as coun ies wi h economies in ansi ion, excessi e
deb se icing has se e ely cons ained hei capaci y o p omo e
social de elopmen and p o ide basic se ices and has a ec ed ull
implemen a ion o he Pla o m o Ac ion. (Beijing Decla a ion and
Pla o m o Ac ion, 1995: pa ag aph 38)
Mo eo e , he impo ance o an equal pa icipa ion o women in he
e ision and modi ica ion p ocess o mac oeconomic policies is men ioned

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FEMINISM IN PUBLIC DEBT
(pa ag aph 54), as well as he ac ha a gende - based pe spec i e mus be
included in he analysis o ‘in eg a ed mac oeconomic and social policies
and p og ammes, including hose ela ed o s uc u al adjus men and
ex e nal deb p oblems, o ensu e uni e sal and equi able access o social
se ices, in pa icula o educa ion and a o dable quali y heal h- ca e se ices
and equal access o and con ol o e economic esou ces’ (pa ag aph 54).
Fu he mo e, speci ic ecommenda ions ela ed o he in e na ional inancial
ins i u ions (IFIs) a e made: ‘In i e he in e na ional inancial ins i u ions o
examine inno a i e app oaches o assis ing low- income coun ies wi h a
high p opo ion o mul ila e al deb , wi h a iew o alle ia ing hei deb
bu den’ (pa ag aph 59.d).
Al hough he Beijing Con e ence was he las wo ld con e ence on
women, in he yea 2000, he UN Gene al Assembly6 app o ed he ca ying
ou o a e iew and i e- yea assessmen s o he BPA implemen a ion, as
well as o unde ake s udies ela ed o new ini ia i es, while he Commission
on he S a us o Women was placed in cha ge o pe o ming hose s udies.
Since ha yea , assessmen s ha e been made e e y i e yea s. In he
assessmen s ca ied ou in he yea 2000, wo documen s we e adop ed: a
poli ical decla a ion7 and a epo , whe e measu es and ini ia i es we e
ag eed o he implemen a ion o he BPA, and he ones achie ed in
Beijing we e kep .8 In he documen Beijing + 5, whe e new measu es
and ini ia i es we e included o he implemen a ion o he decla a ion and
he Beijing Pla o m o Ac ion, he ollowing issues ela ed o deb we e
included, among o he s: ‘implemen mac oeconomic and social policies
and p og ammes, in e alia, h ough an analysis om a gende pe spec i e
o hose ela ed o s uc u al adjus men and ex e nal deb p oblems, in
o de o ensu e women’s equal access o esou ces and uni e sal access o
basic social se ices’ (Beijing Decla a ion and Pla o m o Ac ion, 1995:
pa ag aph 74.c).
In 2005, he Commission on he S a us o Women made ano he
ollow- up assessmen o he BPA and indica ed ha i s goals we e c ucial
o achie ing he Millennium De elopmen Goals. In 2010, ano he
assessmen was pe o med and a decla a ion was elabo a ed, whe e he
ad ances achie ed as o he BPA we e indica ed and new measu es o
a ain i s comp ehensi e applica ion we e adop ed. In 2015, he e ision
o he BPA was ma ked by an assessmen o he ad ances made and hei
connec ion wi h he de elopmen agenda a e 2015, whe e membe s a es
ag eed o gua an ee he inancing o sus ainable de elopmen h ough he
Thi d In e na ional Con e ence on Financing o De elopmen 9 in Addis
Ababa in July o he same yea . This con e ence was e y ele an since
he need o de elopmen inancing wi h a gende pe spec i e was aised.
Finally, in 2020, he las e ision was made 25 yea s since he adop ion
o he pla o m.
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121
Likewise, i is wo h men ioning ha he o ing pa e n o he mos
ele an esolu ions as o so e eign deb and human igh s (wi h se e al
e e ences o women’s igh s) passed in he las 15 yea s by he main poli ical
bodies o he UN10 con inue o e lec , in gene al, he geopoli ical di ision
as o he global economic go e nance ha has exis ed since he discussion
o he ‘New In e na ional Economic O de ’ in he 1970s, wi h G77+ China
p omo ing hese ini ia i es and high- income coun ies opposing he ac
ha inances and human igh s can be ela ed, and hus can be included in
o icial documen s.
3. F om Ha ana o Buenos Ai es: deb in egional
con e ences on women in La in Ame ica and he
Ca ibbean
Since 1977 in La in Ame ica and he Ca ibbean, a o al o 15 egional
con e ences on women ha e aken place, which will now be analyzed
acco ding o he ollowing p oposed pe iodiza ion. A i s pe iod ha
begins wi h he i s con e ence held in 1977 and ends wi h he hi d
con e ence held in 1983. The o icial documen s o hese con e ences, and
in line wi h he conside a ions o he i s wo wo ld con e ences, linked he
unde de elopmen o he coun ies o La in Ame ica and he Ca ibbean o
he un ai global economic sys em, emphasizing i s impac on he inequali ies
women su e .
Thus, in he Fi s Regional Con e ence on Women held in Ha ana
in 1977, i was highligh ed ha he condi ion o women could no be
dissocia ed om he de elopmen p ocess. I explici ly men ioned ha ‘ he
ques ion o inequali y o he as majo i y o he La in Ame ican emale
popula ion is indeed closely linked o he p oblem o unde de elopmen ,
which exis s no only because o inadequa e in e nal s uc u es, bu also as a
esul o a p o oundly unjus wo ld economic sys em’. The e o e, i sugges ed
ha go e nmen s should ‘make s uc u al, economic, poli ical, and social
ans o ma ions in La in Ame ica’ so as o en o ce he NIEO (Regional
Plan o Ac ion o he in eg a ion o women in o La in Ame ican economic
and social de elopmen : pa ag aph 2, page 6). The ou come o he egional
con e ence held in Ha ana was ha he S a es o he egion ag eed upon a
Regional Ac ion Plan o he In eg a ion o Women in he Economic and
Social De elopmen o La in Ame ica, as he i s oadmap o he egion
wi h he aim o ad ance owa ds he ac i e inco po a ion o women in
economic, poli ical, social and cul u al li e, and make he obs acles hey
ace isible so as o imp o e hei si ua ion ega ding mul iple inequali ies.
The Second Regional Con e ence held in Venezuela (1979) s ill men ioned
he si ua ion he wo ld was going h ough, pa icula ly in de eloping
coun ies, wa ning ha he se ious economic c isis a ec ed ‘mo he s and
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FEMINISM IN PUBLIC DEBT
child en wi h g ea e in ensi y’ ( esolu ion 1, page 27). Likewise, he Thi d
Regional Con e ence held in Mexico in 1983 s ill highligh ed ha he c isis
in he egion, linked o in e na ional economic p oblems, se iously a ec ed
he pa icipa ion o women in he in eg a ion owa ds de elopmen .
The second pe iod s a s wi h he con e ence held in Gua emala (1988)
and ends in 2013, du ing which i was men ioned ha he p oblems o he
economic, inancial and ex e nal deb c ises, including he ela ed adjus men
p og ammes, had a nega i e impac on he li ing condi ions o women,
pa icula ly in he Ma del Pla a con e ence held in 1994 as a p epa a ion
e en owa ds Beijing.
In 1988, he Fou h Regional Con e ence on Women ook place in
Gua emala, whe e signi ican ad ances we e made ega ding he impac o
ex e nal deb on he li ing condi ions o women, as i was men ioned ha
‘ he inancial, economic and social c isis in he de eloping wo ld has caused
he si ua ion o b oad sec o s o he popula ion o de e io a e s eadily, he
e ec on women being p opo ionally g ea e han ha on men’ (Repo
o he Fou h Regional Con e ence, 1988: pa ag aph 2, page 24). In
pa icula , i was men ioned ha ‘adjus men p og ammes ha e become
coun e p oduc i e in so a as he economies o some coun ies o he egion
a e conce ned, and he policies ha lowed om many o he ex e nal deb
ag eemen s ha we e nego ia ed ha e no yielded he expec ed posi i e
esul s’ (Repo o he Fou h Regional Con e ence, 1988: pa ag aph 3,
page 25). Mo eo e , i was poin ed ou ha ‘ he ex e nal deb canno be
paid in he cu en condi ions and wi hou sus ained economic de elopmen ’
and ha ‘a poli ical dialogue be ween c edi o s and deb o s and o he
es ablishmen o a new in e na ional economic o de can no longe be
pos poned’ (Repo o he Fou h Regional Con e ence, 1988: pa ag aph
4). I is wo h men ioning ha pa ag aphs 3 and 4 we e no accep ed by he
US go e nmen ‘because hey we e conside ed as inaccu a e and ex aneous
o he issue o he inco po a ion o women in o he economy’ Repo o
he Fou h Regional Con e ence, 1988: oo no e page 25). Finally, i was
men ioned ha he c ises and he deb ha e had a ‘pa icula ly d ama ic e ec
on he li ing condi ions o women’ and esul ed in a signi ican educ ion
o he unds used o inance social policies (Repo o he Fou h Regional
Con e ence, 1988: pa ag aph 5).
Along he same lines, in he Fi h Regional Con e ence held in Cu acao in
1991, i was indica ed ha he deep ans o ma ions made in many coun ies
o he egion, due o he economic c isis o he 1980s, ansla ed in o highe
le els o po e y ha especially a ec ed women (Repo o he Fi h Regional
Con e ence, 1991: pa ag aph 19). Fu he mo e, he impo ance o a oiding
a social and economic eg ession in he s a us o women was highligh ed
while i was ecommended o ‘adop a gende - based app oach which akes
in o accoun he s a egic and p ac ical needs o women in ecogni ion o
WORLD AND REGIONAL CONFERENCES ON WOMEN
123
he se e e social and economic impac o s uc u al adjus men measu es
on he si ua ion o women.’ (Repo o he Fi h Regional Con e ence,
1991: pa ag aph 3(e), page 42)
Wi h he Washing on Consensus a ull powe in La in Ame ica and he
Ca ibbean, and a s ong and sus ained public indeb edness in he coun ies
o he egion as a backg ound, in he Six h Regional Con e ence on Women
held in 1994, he Regional Ac ion P og amme o he Women o La in
Ame ica and he Ca ibbean was ag eed on and a p epa a o y egional ins ance
was c ea ed o he wo ld con e ence ha would ake place in 1995 in Beijing.
The Ac ion P og amme was e y explici as o e e ences o he ex e nal
deb p oblems, hei connec ion wi h neolibe al policies and hei impac
on he women’s human igh s – e en be o e he ou h wo ld con e ence.
The e o e, in he backg ound and in se e al sec ions o he Ma del Pla a
P og amme, he pe sis ence o po e y in he egion as well as he inc ease
o p oduc i e and ep oduc i e wo k o women we e linked o he huge
bu den o he ex e nal deb and he s uc u al adjus men policies ha
coun ies aced:
The pe sis ence o po e y and ex eme po e y in La in Ame ica
and he Ca ibbean is linked o he eno mous deb bu den in many o
i s coun ies and e i o ies, which has p opelled hem in o o mally
o in o mally adop ing s uc u al adjus men policies wi h s ingen
condi ionali ies. This has impac ed nega i ely on he egion’s capaci y
o in es adequa ely in he human de elopmen and ins i u ional
esou ces needed o con on he sp ead o po e y. Fo women, he
combined e ec o he deb bu den and adjus men measu es has also
been o inc ease hei p oduc i e and ep oduc i e wo k, wi h deep
implica ions o hei economic, physical and social well- being. (Ma
del Pla a P og amme, p eambula pa ag aphs)
Besides, some o he ecommenda ions o S a es a e ‘ o e iew, modi y and
in eg a e mac oeconomic and social policies, especially in hose coun ies
whe e deb se icing and s uc u al adjus men policies exis , in o de o
p omo e g ow h and social equi y, hough, among o he ac ions’ (Ma del
Pla a P og amme, S a egic Goal III.1). And in e na ional coope a ion
agencies a e u ged o ‘suppo he conduc o a c i ical analysis o he
s uc u al causes and he e ec s o po e y among women, wi h a iew
o eo ien ing and channelling esou ces o help achie e he objec i es o
he Regional P og amme o Ac ion’ (Ma del Pla a P og amme, S a egic
ac ion VIII.b).
One o he new issues included in he Ma del Pla a Ac ion P og amme
(1994) was he ecogni ion o he ‘insu icien pa icipa ion o women in
he deb and s uc u al adjus men nego ia ions, which ul ima ely has a
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pa a educación y p oyec os inanciados en Amé ica La ina y El Ca ibe,’
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10986/ 35276?loc ale- a ib u e= es
PART V
Gende Impac Analysis: F amewo ks
and Expe iences
231
15
Deb Sus ainabili y Analysis: Li e
A e Capi al – A View om
Feminis Economics
Pa icia Mi anda and Ve ónica Se a ini Geoghegan
1. In oduc ion
The e u n o he deb in mos coun ies o he Global Sou h while a c isis
o social ep oduc ion and ca e is deepening has e idenced he need o
eminis economics o add ess he analysis o he connec ions be ween bo h
p ocesses; plus he challenges ela ed o he clima e c isis, wi h di e en ial
impac s on women and his o ically unp o ec ed g oups, and he e ec s o
he wa be ween Russia and Uk aine on he p ices o ood and ene gy a
a global le el, which ha e also a ec ed he inc ease o he in e es a e o
con ol in la ion, which has esul ed in he inc ease o he cos o deb .
Indeb edness and i s esul ing c ises had signi ican consequences in he
pas o he li e o people, e en pu ing su i al and wel a e a isk du ing
he whole i al cycle. Women we e pa icula ly a ec ed by his phenomenon
because hey a e a a disad an age in almos any ield, mainly as o he unpaid
wo k esul ing om he gende di ision o wo k.
This chap e analyses deb sus ainabili y in he ligh o he assump ions o
eminis economics. Coun ies ha ecei e inancing and echnical ad ice
om inancial agencies, such as he In e na ional Mone a y Fund (IMF) and
he Wo ld Bank (WB), ha e d i en analysis amewo ks and ools o deb
managemen ha p io i ize capi al lows and hei e u n in he name o
inancial and mac oeconomic s abili y o e human igh s and he wellbeing
o people.
F om he iew o eminis economics, his ep esen s a con adic ion wi h
he goals o economic pe o mance, whose main conce n should be o
main ain and ep oduce li e. Al hough he calcula ion o deb sus ainabili y

232
FEMINISM IN PUBLIC DEBT
is made using a numbe o economic assump ions om he neoclassical
school in o de o p o ide a echnoc a ic eil, i s consequences ex end o
an e hical– poli ical ield as hei clea pu pose is o a ou capi al o e li e.
This chap e p esen s a c i ical look a he deb sus ainabili y analysis om
eminis economics. Following his in oduc ion, he second sec ion p esen s
he analy ical ca ego ies o eminis economics ha a e use ul o his deb
analysis. The hi d sec ion p esen s he heo e ical s uc u e o he economic
o hodoxy o add ess deb sus ainabili y and i s consequences o he popula ion
and pa icula ly o women. Finally, he las sec ion p esen s he conclusions.
2. Li e sus ainabili y: eminis economics
‘Li e sus ainabili y is unde s ood as a his o ical p ocess o social ep oduc ion,
a complex, dynamic, and mul idimensional p ocess o need ul ilmen in
con inuous adap a ion o indi idual iden i ies and social ela ions’ (Ca asco,
Bo de ías and To ns, 2011: 60). Acco ding o Bosch, Ca asco, and G au
(2005: 2), his p ocess
no only e e s o he ac ual possibili y ha li e con inues – in human,
social, and ecological e ms – , bu o he ac ha such p ocess implies
de eloping accep able li e le els, li e s anda ds, o li e quali y o all
he popula ion. This sus ainabili y hen implies a ha monic ela ion
be ween humani y and na u e, and be ween sis e s and b o he s.
In he idea o ‘sus ainabili y’, eminis economics is pa o he c i icism o
he economic o hodoxy, he use o analy ical ca ego ies ha cha ac e izes
his app oach o analyze he condi ion o women, he in e sec ional look,
and he mul idisciplina y weal h o i s in e ela ion wi h o he disciplines,
such as he en i onmen al ones.
The emphasis pu on main aining li e can be explici ly ound in he classical
au ho s o economics, such as Adam Smi h, Da id Rica do and e en Ka l
Ma x, who p opose he need o a subsis ence sala y ha includes he cos s
o main aining li e conside ing social needs.
Smi h ecognizes he ole o women in social ep oduc ion h ough he
ca e and upb inging o child en ha hen will be ‘p oduc i e’ wo ke s and
will con ibu e o he ‘weal h o na ions’. This au ho also e e s o he
exis ence o needs ha a ise om cul u e and cus oms, so hey go beyond
biological ep oduc ion. This is no a mino aspec as i has consequences o
he subsis ence sala y in he mic oeconomic ield and, a a mac oeconomic
le el, p oduc ion should p o ide he ‘necessa y and con enien ’ hings
o li e.
Howe e , classical au ho s do no e e o he alue o social ep oduc ion
wo k o include in hei analysis he exis ence o inequali ies be ween men
DEBT SUSTAINABILITY ANALYSIS
233
and women in he labou ma ke and di e en sala ies based on sex ha a e
no explained by he ma ke , p oduc i i y o specializa ion.
Wi h he a i al o he neoclassical school, which was he p e ailing
pa adigm bo h among schola s and in he in e na ional economic agencies
du ing he 20 h cen u y, social ep oduc ion wo k disappea s om he
heo e ical s uc u e o he economic sciences. This ac in isibilizes an
impo an p opo ion o he e o made o gua an ee he economic esul s
gene ally measu ed by he G oss Domes ic P oduc (GDP), na ional e enue
o weal h in an economy.
The ocus o neoclassical o ma ginalis schola s became he mechanism
o de e mine e iciency p ices h ough he balance be ween supply and
demand. Wi h his app oach, social ela ions and needs disappea , and any
possibili y o include social ep oduc ion wo k is los .
This doc ine di ides he economic ac i i y in dicho omic a eas – public/
p i a e ields, ma ke / amily, p oduc i e/ ep oduc i e wo k – ha do no
connec wi h each o he ; he i s ones a e he objec o s udy, whe e he
mone ized economy p e ails.
The p i a e/ amily/ ep oduc i e a eas a e kep subo dina ed and hei
con en is unde alued. When hey a e conside ed, he analysis uses he
same assump ions and heo ies as in he p i a e sec o ; he e o e, i does
no ecognize o explain he p oblems ha a ec women o inequali ies.
The heo em o he ‘ ep esen a i e economic agen ’ o ‘homo economicus’,
on which he neoclassical s uc u e is based and ha aims a explaining ma ke
ela ions, is also assumed in he amily wi h some changes ha ecognize
he exis ence o di e en conduc s; howe e , in essence he idea o p o i
maximiza ion emains. Fo ins ance, women ‘choose’ combina ions o ime
o wo k and leisu e, goods and se ices based on p ices and oppo uni y
cos s de ined in he ma ke . The inequali ies esul ing om he gende
di ision o wo k o he inequali ies gene a ed by he ma ke and ha a e no
explained by supply and demand a e no conside ed, agains he de ini ions
o neoclassical heo ies.
This way, spaces, ac i i ies, economic lows and p oduc ion whe e women
pa icipa e a e in isibilized. The wo k conside ed is he one ha goes h ough
he ma ke and is paid.
The exis ence o a ‘ ep esen a i e’ agen whose main in e es is o op imize
he budge es ic ion hides inequali ies and he conside a ion o social
needs. E en hough his ep esen a i e agen is supposed o ha e neu al
cha ac e is ics in e ms o gende , she ac ually akes he ole socially assigned
o men as p o ide s in a amily, wi h a woman de o ed o domes ic and
unpaid wo k.
A a mac oeconomic le el, adding he maximiza ion o p o i s
(consump ion) and bene i s (p oduc ion) gene a es income lows ha igno e
he e ec o unpaid (domes ic and ca e) wo k ha happens in households
234
FEMINISM IN PUBLIC DEBT
and communi ies in economic agg ega es. Social ep oduc ion wo k, as i
is la gely done o ee, is no included in he cos s o in sala ies.
Feminis economics, wi h he con ibu ions o An onella Picchio, Nancy
Folb e, C is ina Ca asco and Susan Himmelwei , among o he economis s,
inco po a es social ep oduc ion wo k, ex ending he income low as he
amoun o wo k included in economic ac i i ies inc eases. The wo king
popula ion includes hose who pe o m unpaid wo k, ega dless o wha hey
do in he labou ma ke o i hey ecei e emune a ion, and he concep
o wel a e is expanded o go beyond educa ion and heal h – componen s
o human capi al o he neoclassical school – and o include daily ca e.
Wi h he inco po a ion o social ep oduc ion in he heo e ical s uc u e,
eminis economics eshapes he mic oeconomic and mac oeconomic
analysis, o cing he ede ini ion o he analy ical and indica o ca ego ies,
and he epis emological and me hodological ans o ma ions o economics.
This al e na i e app oach enables us o unde s and eali y and in luence
on p oposals o change ha con ibu e o an emancipa o y economy
o women.
No only does eminis economics challenge he assump ions o he
‘ ep esen a i e economic agen ’ ha do no dis inguish di e ences be ween
men and women, bu i also assumes he exis ence o di e ences among
women, many o which become inequali ies when social class, e hnici y,
sexual o ien a ion and na ionali y, among o he s, a e conside ed. One
example is domes ic and ca e wo k.
The hi ing o hese se ices by pe sons o households is ma ked by
inequali ies among women. Mig an , Black and u al women a e he ones
hi ed o hese occupa ions, gene ally wi h lowe sala ies and in p eca ious
condi ions, bo h in hei own communi ies o coun ies and when hey
pa icipa e in he so- called global chains o ca e.
In his espec , he idea o ‘accumula ion o dispossession’ p oposed by
Da id Ha ey (2005), o which Sil ia Fede ici (2010) adds dispossession ‘o
he ep oduc ion wo k’, helps o unde s and he p ocess by which capi alism
main enance is suppo ed wi h he app op ia ion o he ee wo k o women
bo h wi hin coun ies and among hem.
Coun y indeb edness, especially in La in Ame ica, ook place o
gua an ee g ow h models ha mainly bene i ed p i a e capi al. The lack o
in e es in bene i ing wo k and sala ies is e lec ed in he unequal access o
asse s, such as land, o es s o wa e , he app op ia ion o e i emen unds,
he p eca iousness o he labou ma ke and he pe sis ence o po e y, he
subo dina ion condi ions o women, he mig a ions gene a ed due o he
emo al o a me s and indigenous people om hei o iginal e i o ies,
and un ai ax s uc u es.
In deb c ises, hese p oblems a e deepened and o he p oblems a e added,
such as he libe aliza ion o ma ke s o he p i a iza ion o public o common
DEBT SUSTAINABILITY ANALYSIS
235
goods, measu es ha ended up being bene icial o capi al and agg a a ing
he unpaid wo k o women.
The gende di ision o wo k implies no only exclusion om he labou
ma ke o inclusion wi h many obs acles, bu also a subo dina ed social
posi ion due o he de alua ion o unpaid wo k.
Acco ding o Fede ici (2010), women we e o ced o ch onic po e y,
economic dependency and hei in isibili y as wo ke s, while o male
wo ke s, hei p oduc , he labou o ce, was de alued (Fede ici, 2010).
Thus ‘ he in isibili y o housewo k hides he sec e o all capi alis li e: he
sou ce o social su plus – unwaged labo – mus be deg aded, na u alized,
made in o a ma ginal aspec o he sys em’ (Ca en zis, 1999: 14).
The di e gen pa hs o li e sus ainabili y and deb sus ainabili y a e
unde s ood by analyzing he capi al– li e con lic in he con ex o he
capi alis de elopmen . Ensu ing li e sus ainabili y equi es ocusing on
social ep oduc ion due o i s impo ance o he li e o people and o
being a de e minan ac o o capi al accumula ion possibili ies. Ensu ing
deb sus ainabili y – om he o hodox pe spec i e – equi es ocusing on
capi al and he accumula ion equi emen ; one o i s mechanisms is he
dispossession o social ep oduc ion wo k.
In he ollowing sec ion, he meaning and he way o calcula ing deb
sus ainabili y equen ly used by c edi in e na ional ins i u ions and
go e nmen s a e p esen ed so as o e idence he con adic ion be ween
bo h goals and he need o include deep changes in he concep ual and
me hodological amewo k o he deb analysis.
3. Deb sus ainabili y: he economic o hodoxy
Deb sus ainabili y has a posi i e meaning in e ms o economic pe o mance
om mos o he economic doc ines, and e en using common sense. Being
agains deb ha is sus ainable is e y di icul . Howe e , i he p inciples
used o he calcula ion and he measu es in ol ed in ensu ing a posi i e
ou come a e analyzed, he cos s in e ms o wel a e and human igh s o
people end up wi h a nega i e balance.
Capi al o e people
The conce n o e he analysis o deb sus ainabili y became s onge in he
deba e a he beginning o he new millennium a e ecu ing c ises and
in an in e na ional con ex whe e globaliza ion o ecas ed an inc easing
economic unp edic abili y.
Deb managemen om he economic o hodoxy, as indica ed by he
IMF and he WB, is based on he analysis o he cos s and isks o he loan
po olio, whose main goal is o ensu e he abili y o pay he public deb .
242
FEMINISM IN PUBLIC DEBT
• Some coun ies ha e as a ule a deb o de ici ‘golden ule’ only o
physical in es men , as human capi al in es men is conside ed in he
na ional accoun s as a cu en expense (T uge , 2016), which would also
include ca e. De Henau and Himmelwei (2020), and Himmelwei and
Pe ons (2006) ejec his assump ion s a ing ha in es men in ca e has
high le els o e u n, e en highe han physical in es men due o he
e ec on he expansion o labou oppo uni ies o women.
• The e u n o he in es men on human capi al and ca e is no conside ed
in GDP o he ax sys em, bu in e na ional agencies (IMF and WB) do
include he inco po a ion o women o inc ease GDP (wi hou aking in o
accoun he excess o hou s hey al eady ha e) and educe he deb bu den.
• As no iscal ules a e inco po a ed on he side o e enue and as ules
a e s a ed on he side o expendi u e o balance, he basic p inciples o
human igh s, such as p og essi eness, non- disc imina ion o he use o
he maximum a ailable esou ces a e no gua an eed and he ‘aus e i y’
goal is placed as a p io i y.
• The ules applied in La in Ame ican coun ies – as well as in he es o
he wo ld – a e designed o limi social expendi u e and p omo e aus e i y:
• Expendi u e ules: Pe u, Pa aguay, G enada, A gen ina, Cos a Rica, Ecuado ,
Panama, he Bahamas, Hondu as, El Sal ado , B azil, Mexico and Jamaica.
• Deb ules: A gen ina (subna ional), he Bahamas, B azil (subna ional),
Ecuado , El Sal ado , G enada, Jamaica, Pe u, Panama and U uguay.
• Balance ules: B azil, Ecuado , El Sal ado , G enada, he Bahamas,
Hondu as, Jamaica, Panama, Pa aguay, Pe u, Mexico, Chile and Colombia.
• Re enue ules: El Sal ado .
• Dondo and Oli a (2021) p opose o he ypes o ules, such as:
• When he budge s o Heal h and Educa ion do no each a leas 4 pe
cen o he GDP, o show annual inc eases lowe han 0.25 pe cen o
he GDP, he go e nmen will au oma ically cha ge an ex ao dina y
ax o la ge o unes.
• When ce ain sec o s ha e ex ao dina y p o i s, an addi ional ax a e
will be au oma ically applied o hei income ax, which could ha e
a speci ic alloca ion.
• To limi ax expenses ( esou ces ha he S a e s ops collec ing when
i g an s any p e e en ial ax ea men ). Fo ins ance, he ax expense
gene a ed by he subsidies and bene i s g an ed o la ge economic
g oups canno exceed 1 pe cen o he GDP.
4. Deb sus ainabili y: li e a e capi al
The deb p ocess is pa o a sys em ha includes all he economic sec o s
( eal, mone a y, public and ex e nal) whe e women a e in isibilized o
conside ed as an ins umen . Indeb edness is pa o he iscal policy;

DEBT SUSTAINABILITY ANALYSIS
243
he e o e, i canno be sepa a ed om he o he componen s, such as
expendi u es o he ax sys em.
The analysis and he calcula ion o deb sus ainabili y a e no gende neu al
and h ea en li e sus ainabili y by p io i izing capi al in e es o e he igh s
and needs o he popula ion.
Deb sus ainabili y is a poli ical ac , mo e han a echnical and economic
calcula ion, as i implies o alue and hen decide o e whom alls he
bu den o he inancial and iscal consequences. This decision ocuses on
women as he main esponsible ones o he social ep oduc ion o li e and
as gene a o s o lows o ma e ial and symbolic esou ces ha con ibu e o
gua an ee sus ainabili y.
Budge es ic ions ha esul om he need o educe de ici o gua an ee
deb epaymen p e en he inancing o policies ha ensu e igh s and sa is y
women’s needs. These same es ic ions do no a ec capi al because hey
enable inc easing deb o con inue o keep he condi ions i s con inuous
accumula ion equi es, such as h ough in es men in in as uc u e ( ha
o en includes ca e in as uc u e).
The p io i y gi en o he inancial p o ec ion o he in e es o inancie s
o e he in e es o he popula ion o he bo owe coun ies, including
women, deepened a condi ion and posi ion ha was al eady subo dina ed
p io o indeb edness o he deb c isis.
The consequences o ensu ing deb sus ainabili y om an and ocen ic
pe spec i e p omo e a g ea e p essu e o e he wo k o women, ei he
paid o unpaid. The sh inkage o he S a e in public se ices gene a es
indeb edness o households and o e loads women wi h wo k, aimed a
p o iding hese se ices in a p i a e o amily way. Thus, deb sus ainabili y
is based on he sel - exploi a ion o amilies and women ha a e pa o hem,
deepening he social ep oduc ion and ca e c isis.
No including he deb impac on women’s igh s in he analyses o deb
sus ainabili y is no a uni e sally alid echnical c i e ion, bu a poli ical
decision wi h deep legal implica ions: i is a way o c ea ing he condi ions
o pe pe ua e he iola ions o he human igh s o women.
Acknowledgemen s
The au ho s hank Rodol o Beja ano, Daniela Be deja and Ca ola Mejia
o hei eedback.
No e
1 Risk a ing agencies we e he a ge o c i icism and e en lawsui s and ines a e he 2009
inancial c isis due o hei ole in a ou able a ings ha gene a ed excessi e indeb edness
o amilies and companies, and ha inally ended up in de aul , which caused he global
inancial c isis. The con lic s o in e es gene a ed we e he main ocus o c i icism, because
ce i ica ions a e hi ed by he same pa ies o be a ed. Besides, unde an oligopoly, isk
a ing agencies may ha e simul aneous access o he in o ma ion o he public and p i a e
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FEMINISM IN PUBLIC DEBT
sec o , in o he wo ds, in o ma ion abou c edi o s and deb o s. Wi h he in o ma ional
ad an age (in o ma ion asymme ies), bene i s and incen i es a e gene a ed ha may
dis o a ings (as in 2008– 09). C i icism has al eady led o he p oposal ha hese p i a e
isk a ing agencies disappea and ha public ones a e c ea ed.
Re e ences
Blancha d, O. (1990) ‘Sugges ions o a New Se o Fiscal Indica o s’ (OECD
Economics Depa men Wo king Pape s No. 79), OECD [online] 1 Ap il,
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B849 8F79 29BD 66C1 DF1D 4235 0FC
Bosch, A.; Ca asco, C. and G au, E. (2005) ‘Ve de que e quie o iole a.
Encuen os y desencuen os en e eminismo y ecologismo’, [online],
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in_ E COS/ 10/ e d e_ qu e_ e _ qui e o_ iol e a.pd
B aun, M. and Gadano, N. (2007) ‘¿Pa a qué si en las eglas iscales? Un análisis
c í ico de la expe iencia a gen ina’, Re is a de la CEPAL, 91(Ap il): 53– 65.
Bui e , W. (1985) ‘A guide o public sec o deb and de ici s’, Economic
Policy, 1(1): 13– 79
Ca en zis, G. (1999) ‘On he no ion o a c isis o social ep oduc ion: A
heo e ical e iew’, in M. Dalla Cos a and G. Dalla Cos a (eds), Women,
De elopmen and Labo o Rep oduc ion, E i ea: A ica Wo ld P ess.
Cal o, G.; Izquie do, A. and Tal i, E. (2003) ‘Sudden s ops, he eal
exchange a e and iscal sus ainabili y: A gen ina’s lessons’, In e Ame ican
De elopmen Bank.
Ca asco, C.; Bo de ías, C. and To ns, T. (2011) ‘In oducción: El abajo
de cuidados: an eceden es his ó icos y deba es ac uales’, Ca a a a, A ailable
om: h ps:// www. uhem.es/ media/ cd / ile/ bib lio eca/ Econo mia_ c i
ica/ El- ab ajo- de- cuidad os_ i n o ducc ion.pd
C oce, E. and Juan- Ramón, H. (2003) ‘Assessing iscal sus ainabili y: A
C oss- Coun y Compa ison’, IMF Wo king Pape s Wo king, 3(145),
A ailable om: h ps:// doi.o g/ 10.5089/ 978145 1856 569.001
Da oodi H.R.; Elge , P;. Fo iou, A.; Ga cia- Macia, D.; Han, X.; Lage bo g,
A.; e al (2022) ‘Fiscal ules and iscal councils: Recen ends and
pe o mance du ing he pandemic’ (Wo king Pape No 22/ 11), IMF.
De Henau, J. and Himmelwei , S. (2020) ‘The gende ed employmen gains
o in es ing in social s. physical in as uc u e: e idence om simula ions
ac oss se en OECD coun ies’ (IKD Wo king Pape No 84), The Open
Uni e si y [online] Ap il, A ailable om: h ps:// www.open.ac.uk/ ikd / si es/
www.open.ac.uk.ikd/ iles/ iles/ wo k ing- pap e s/ DeH enau Ap i l202 0 3.pd
Delgado, A. (2006) ‘Cali icado as y cos os asociados con la cali icación
iesgo- país’, in E. Co ea and A. Gi ón (2006) Re o ma Financie a en Amé ica
La ina, CLACSO [online], A ailable om: h p:// biblio eca i ual.cla cso.
o g.a / a / lib os/ edic ion/ co ea/ guz man.pd
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Dondo, M. and Oli a, N. (2021) ‘¿Qué son las eglas iscales?’, CELAG blog
[online] 27 Sep embe , A ailable om: h ps:// www.celag.o g/ nue o- en o
que- en- el- dis eno- de- eg las- isca les/
Fede ici, S. (2010) Calibán y la b uja. Muje es, cue po y acumulación p imi i a,
Mad id: T a ican es de sueños, A ailable om: h ps:// a i can es.ne / si es/
de a ul / iles/ pd s/ Cali ban%20y%20la%20b uja- TdS.pd
Ha ey, D. (2005) ‘El ‘nue o’ impe ialismo: acumulación po desposesión’,
CLACSO [online], A ailable om: h p:// bib lio eca.cla cso.edu.a / cla cso/
se/ 201 3070 2120 830/ ha ey.pd
Himmelwei , S. and Pe ons, D. (2006) ‘Gende and iscal ules: how can
we a o d he ising cos o ca e?’, [online], A ailable om: h ps:// www.
le yin s i u e.o g/ pubs/ CP/ May20 06_ s ympo sium _ pap e s/ pape _ Him
melw ei _ Pe ons.pd
IMF (2018) ‘The Deb Sus ainabili y F amewo k o Low- Income
Coun ies’, [online] 13 July, A ailable om: h ps:// www.im .o g/ ex e
nal/ pubs/ / dsa/ lic.h m
IMF (FMI) (2022) ‘Reglas iscales, cláusulas de escape y shocks de g an
magni ud’, Fiscal A ai s, A ailable om: h ps:// www.im .o g/ - / media/
Files/ Publi ca i ons/ co i d19- spec ial- no es/ Span ish/ spspec ial- se ies- on-
co id1 9 is cal- ules- esc ape- clau ses- and- la ge- sho cks.ashx
Se a ini, V. and Fois, M. (2021) ‘Muje es, deuda y desigualdades de Géne o’,
La indadd [online], A ailable om: h ps:// www.la ind add.o g/ wp- con
en / uplo ads/ 2021/ 08/ Muje es- deuda- y- desi gual dad- Final- 1.pd
T uge , A. (2016) ‘Re i ing iscal policy in Eu ope: owa ds an
implemen a ion o he golden ule o public in es men ’, Eu opean Jou nal
o Economics and Economic Policies: In e en ion, 13(1): 57– 71.
246
16
Measu ing and Managing Gende
Equali y: The Case o Gende
Budge ing in Aus ia
Ul ike Ma x
1. In oduc ion
Numbe s a e powe ul. They de e mine who holds powe , hey ope a e
as diagnos ic ins umen s wi hin libe al democ acies, hey make mode n
modes o go e nmen bo h possible and judgeable, and hey a e c ucial
echniques o mode n go e nmen and he e o e a e indispensable o he
complex echnologies h ough which go e nmen is exe cised (Rose, 1999).
Howe e , numbe s a e no me ely echnical achie emen s: quan i ica ion
ca ies a o m o poli ical a ionali y (Alonso and S a , 1987; Rose, 1991;
Hopwood, 1992; Po e , 1996; Rose, 1999; Des osiè es and Naish, 2002;
Po e , 2004).
P e ious esea ch has demons a ed a cons i u i e ela ionship be ween
numbe s and poli ics: he exe cise o poli ics depends upon numbe s,
bu he e y ac o social quan i ica ion is i sel poli ical in wo ways. On
he one hand, ‘poli ical judgemen s a e implici in he choice o wha o
measu e, how o measu e i , how o en o measu e i and how o p esen
and in e p e he esul s’ (Alonso and S a , 1987: 3, ci ed in Rose, 1999),
so ha ou poli ical imagina y is shaped by s a is ical ep esen a ion. On
he o he hand, numbe s c ea e he appea ance o a neu al, depoli icized
judgemen because quan i ica ion appea s o ac as an au oma ic, echnical
and objec i e mechanism o p io i izing p oblems and alloca ing esou ces
(Rose, 1991). This is nowhe e clea e han in he ise o he New Public
Managemen (NPM), whe e quan i ied pe o mance indica o s ha e come
o domina e in he deli e y and go e nance o public se ices (Mennicken
and Espeland, 2019). This quan i ica ion and economiza ion o poli ical
MEASURING AND MANAGING GENDER EQUALITY
247
decision making and he alloca ion o esou ces, o en h ough quasi-
ma ke ized mechanisms conce ned wi h economic alue, has esul ed in a
undamen al shi ‘ om “go e nmen by democ acy” owa ds “go e nance
by numbe s” ’ (Mennicken and Salais, 2022: 1) ha simul aneously embeds a
poli ical agenda and ende s ha agenda in isible by gi ing i he appea ance
o a poli ically neu al echnology and objec i i y.
In his sense, quan i ica ion is no bad bu dange ous. I can be powe ul
as a way o ‘coun e accoun ing’ (Gallho e e al, 2006), o example,
‘coun e accoun ing is he e cons i u ed by in o ma ion and epo ing
sys ems employed by g oups such as campaigne s and ac i is s wi h a iew
o p omo ing hei causes o coun e ing o challenging he p e ailing o icial
and hegemonic posi ion’ (Gallho e e al, 2006: 681). Thus, quan i ica ion
and he de elopmen o , o example, indica o s a e always al eady poli ical
(1) in he p io i ies (wha is coun ed and made isible); (2) in ha when
we c ea e isibili ies ha d aw a en ion o speci ic p io i ies we always
c ea e in isibili ies o o he aspec s a he same ime (we can ne e ep esen
e e y hing in i s complexi y); (3) as quan i ica ion is pe o ma i e (Chiapello,
2008) so i does no jus ‘ ep esen eali y’ bu ‘c ea es’ eali y. Fo example,
Chiapello (2008) a gues ha ‘accoun ing helps o make economics
pe o ma i e, being one o he ins umen s h ough which economics
can make he wo ld con o m mo e closely o i s desc ip ions’ (Chiapello,
2008: 12). And inally, (4) esea ch in accoun ing as p ac ice o en show limi s
o quan i ica ion o ep esen complex ela ions, o example, in p ac ice
people coun wha is ela i ely easy o coun .
The e o e, wo k on deb sus ainabili y and i s implica ion on human igh s
will bene i om p e ious esea ch in social s udies o accoun ing beyond
unco e ing poli ical bias.
This chap e discusses a ela ed example, namely he eme gence and
implemen a ion o gende budge ing du ing an NPM e o m in Aus ia.1
Gende budge ing is an in e na ionally ecognized s a egy o implemen ing
gende equali y, especially in go e nmen al and public o ganiza ions. The
concep is based on he idea ha gende ela ions in luence he economic
and social eali y o women and men. These gende ela ions a e unde s ood
as social cons uc ions ha a e undamen ally changeable bu assign di e en
social and economic oles o men and women (Sha p, 2000). Thus,
Sha p (2000) a gues, women and men a e a ec ed di e en ly by budge
policies o he S a e. Gende budge ing ini ia i es, which ha e eme ged
wo ldwide since he 1990s, essen ially pose he ques ion o he dis ibu ion
o inancial esou ces and hei impac on gende equali y (Elson, 2002),
he eby p omising o make isible he poli ical and gende ed implica ions
o seemingly neu al and echnical ma e s o budge alloca ions. Gende
budge ing ini ia i es de elop and use a a ie y o di e en ools o assess
he impac o public e enue and expendi u e on gende ela ions, as well

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FEMINISM IN PUBLIC DEBT
as s a egies o ensu e a gende - equi able dis ibu ion o esou ces (Sha p,
2003: 3). They he eby p omise o make he poli ical isible h ough a
coun e - quan i ica ion p ocess ha highligh s he gende ed na u e o a
seemingly neu al echnology. In his ligh , i was an appa en ly adical mo e
when gende budge ing became pa o a budge a y law e o m in Aus ia. As
a esul , all public ins i u ions we e equi ed o implemen gende budge ing
and de elop equali y indica o s o go e nmen al policies and p ac ices.
Howe e , he implemen a ion o gende budge ing is any hing bu a
s aigh o wa d p ocess. Gende budge ing can a he be unde s ood as a
hyb id o di e en discou ses (such as discou ses on human igh s, gende
equali y, mode niza ion o public se ice deli e y o alue o money) and
echnologies (Ku unmäki, 2004; Ku unmäki and Mille , 2006; Mille e al,
2008; Ku unmäki and Mille , 2011). In p e ious wo k (Ma x, 2019) I ha e
a gued ha he discou se o gende budge ing in Aus ia was cha ac e ized,
on he one hand, by a adical eminis c i ique o he S a e and na ional
budge s ha made he poli ical na u e o budge ing mo e isible. On he
o he hand, i simul aneously depoli icized gende by ope a ionalizing gende
equali y h ough echnologies o pe o mance such as key pe o mance
indica o s (KPIs), audi s and impac assessmen s ha ende ed ‘gende ’ as
a ma e o calcula ion based on bina y- sexed bodies, he eby closing o
any space o a b oade poli ical discussion o gende . As such, he p ac ice
o gende budge ing can be unde s ood as embodying he con adic o y
p ocesses ou lined ea lie : simul aneously making poli ical inequali ies isible,
while depoli icizing he ac ual cons uc ion o co e poli ical ca ego ies,
and he ways in which hose ca ego ies can en e in o poli ical deba e, by
delimi ing he space o appea ance o gende as a poli ical ca ego y o numbe s.
This chap e ex ends ou unde s anding o gende equali y ini ia i es
by heo izing his ambi alen ela ionship be ween eminis poli ics
and accoun ing. In eminis poli ical discou se, calcula i e p ac ices like
cos / bene i calcula ion, pe o mance e alua ion and he quan i ica ion
o di e ence a e a ma e o poli ical conce n. While quan i ica ion is
unde s ood o depoli icize eminism, ansla ing poli ical demands in o
ma e s o echnoc a ic managemen (Budgeon, 2011), we should no
lose sigh o he ac ha quan i ica ion is a powe ul way o make eminis
conce ns isible and gi e hem a o m o poli ical legi imacy (Be gmann,
Gubi ze e al 2004, Kla ze , 2008). O e he pas decades, gende equali y
has mo ed om he ma gins o he cen e o poli ical deba e, pa ly because
o he isibili y gi en o i by quan i ica ion and echniques like gende pay
gap analysis.
I will discuss he link be ween eminism and ‘managing by numbe s’,
d awing upon go e nmen ali y s udies o heo ize he eme gence and
implemen a ion o gende budge ing in Aus ia be ween 2009 and 2012.
The emainde o he chap e is s uc u ed as ollows: i s , I will b ie ly
MEASURING AND MANAGING GENDER EQUALITY
249
e iew how gende budge ing and gende mains eaming a e localized in a
eminis discou se, hen I will b ie ly in oduce go e nmen ali y s udies wi h
a pa icula ocus on numbe s, quan i ica ion and accoun ing. A e wa ds,
d awing on go e nmen ali y s udies as a concep ual amewo k, I will discuss
he ambi alen cha ac e o numbe s in he eme gence and implemen a ion
o gende budge ing and show how gende budge ing was linked o an
NPM e o m whe e a eliance on SMART indica o s (speci ic, measu able,
achie able, ele an and ime- bound) became a sugges ed solu ion o
ques ions o gende equali y. In his case, I ake up he eminis c i ique
o gende budge ing as a neolibe aliza ion o eminis agendas in o a op-
down echnoc a ic managemen concep , and hus a de- democ a iza ion
and domes ica ion o eminism (Squi es, 2005; 2007; McRobbie, 2009;
Budgeon, 2011).
2. O ganizing eminism and he eme gence o
gende budge ing
Feminism is o ganized in di e se o ms. In he analysis o hi d wa e
eminism, Budgeon (2011) poin s ou ha eminism is cha ac e ized by
di e si y, agmen a ion and in e nal con es a ion, which p oduces a se ies o
his o ically unique con adic ions. One he one hand, hi d wa e eminism is
cha ac e ized by a mo emen o eminis alues and p ac ices in o mains eam
social ins i u ions and popula consciousness, leading o a b oad accep ance
o gende equali y and empowe men in p ac ice as well as in heo y. Walby
(2011) poin s ou ha con empo a y eminism has gone beyond p o es
and is now embedded in di e en o ganiza ional o ms including p ojec s
in ci il socie y, whe e hey shape poli ical discou se and social goals, and in
go e nmen al p og ammes, whe e hey a e ins i u ionalized as se s o policies
in go e nmen al depa men s and minis ies. She a gues ha eminism is
no longe only a p o es mo emen bu is now o ganized wi hin, as well
as ou side, he S a e and is he e o e inc easingly embedded in ins i u ions.
Such ins i u ionalized o ms o eminism a e o en no ecognized as eminis ,
because he dominan unde s anding o eminism is na owly limi ed
o p o es and popula cul u e. ‘Feminism can be less isible bu no less
signi ican when i o ms coali ions wi h o he social o ces and join p ojec s,
which a e no explici ly labelled eminis ’ (Walby, 2011: 24). One domain
whe e he ins i u ionaliza ion o eminism is p oceeding is he economy. In
con as o he si ua ion o he 1970s, when eminis s a egies o en in ol ed
sepa a e women’s commi ees o gi e women an independen oice, eminis
s a egies oday ha e shi ed om women’s issues o an analysis o gende
powe ela ions. In 1995, go e nmen s ac oss he wo ld signed he Beijing
Pla o m o Ac ion. Along wi h hei endo semen o he Plan o Ac ion
wen a commi men o achie e gende equali y and he empowe men
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FEMINISM IN PUBLIC DEBT
o women. Gende mains eaming was iden i ied as he mos impo an
mechanism o each his ambi ious goal. I is de ined as:
Mains eaming a gende pe spec i e is he p ocess o assessing he
implica ions o women and men o any planned ac ion, including
legisla ion, policies o p og ammes, in all a eas and a all le els. I is a
s a egy o making women’s as well as men’s conce ns and expe iences
an in eg al dimension o he design, implemen a ion, moni o ing and
e alua ion o policies and p og ammes in all poli ical, economic and
socie al sphe es so ha women and men bene i equally and inequali y
is no pe pe ua ed. The ul ima e goal is o achie e gende equali y.
(Mose and Mose , 2005: 12)
Despi e conce ns ha ins i u ionaliza ion may lead o eminis s ‘abandoning
hei o iginal adical ideas and demands’ (Walby, 2011: pos. 501), eminism has
become inc easingly in luen ial h ough s onge coo dina ion ia coali ions
and ne wo ks. Wi h he mains eaming o eminis aims, gende equali y
has become widely accep ed as a social good and has been ins i u ionalized
h ough quo as, S a e s a egies and equali y ac s, and has become a symbol
o mode ni y (Budgeon, 2011). Radical eminis s a e conce ned ha
gende equali y is inc easingly amed as cen al o he ealiza ion o bo h
mode niza ion and economic e iciency and i s achie emen is p esen ed as
a key o good go e nance (Squi es, 2007).
Be o e gende budge ing en e ed he Aus ian poli ical discou se i
eme ged in b oade deba es in global economic go e nance discou ses.
Fo example, Çaǧla (2009) shows how ‘gende ’ was amed in ela ion
o ‘ he economy’ h ough wo di e en s o y lines in discou ses on global
economic go e nance. The i s s o y line asked how economic measu es
impac women speci ically, and o en disad an ageously when compa ed
wi h he impac s on men. The second s o y line explo ed how asymme ical
gende ela ions nega i ely impac economic g ow h and he e o e women’s
in eg a ions in o he labou ma ke become a majo economic and poli ical
objec i e. This ocus on he economic impac o gende inequali y has
wo e ec s, acco ding o Çaǧla (2009). Fi s , i c ea es a desi e o measu e
impac o c ea e ‘co ec ac s’ and mo e accu a e economic measu es.
Second, gende ela ions become an objec o poli ical in e en ion, o
add ess he p oblems ha hese ‘mo e accu a e’ measu es ende isible. On
he one hand, ep oduc i e labou becomes economically ele an and he
ca e economy is ecognized; on he o he hand, women a e disco e ed as
economic subjec s who should be elie ed om hei ca e esponsibili ies. In
bo h cases he esul is a ma ke iza ion o ca e, and he inco po a ion o social
ep oduc ion e e mo e in o he o mal (o o en in o mal) economy, albei
wi h signi ican inequali ies s uc u ed h ough class and ace (Eh en eich and
MEASURING AND MANAGING GENDER EQUALITY
251
Hochschild, 2002). Thus, di e en combina ions o economic and gende
knowledge lead o di e en a ionaliza ions and di e en o ms o gende
esponsi e global economic go e nance. In o he wo ds, gende equali y
app oaches such as gende mains eaming and gende budge ing ha e made
equali y become pa o go e nance s uc u es which a e o ganized h ough
he no maliza ion and ins i u ionaliza ion o a neolibe al economic agenda.
In Aus ia, he concep o gende budge ing was i s aken up by a
g oup o economis s and social scien is s (BEIGEWUM, 2002). They
undamen ally c i icized S a e budge policy and budge ing p ac ices, a guing
ha : (a) budge s a e ins umen s o domina ion ha obscu e pa ia chal
powe s uc u es; (b) his ob usca ion is acili a ed by he appa en echnical
neu ali y o budge s; and (c) budge ing is a echnology o exclusion ha
sys ema ically excludes lay people, ha is, ci izens, om he budge ing p ocess
(BEIGEWUM, 2002). A he beginning o he 2000s, he e o e, he social
and economic e ec s o he S a e budge on he ep oduc ion o gende
ela ions we e he ocus o a en ion in he con ex o gende budge ing.
A discou se analysis (Ma x, 2019) has shown ha gende budge ing was
unde s ood as an emancipa o y s a egy conce ned wi h dis ibu i e
jus ice, anspa ency, accoun abili y and pa icipa ion. Acco dingly, speci ic
echnologies o he implemen a ion o gende budge ing ideals we e
p oposed, which aimed a he c i ical da a- suppo ed economic analysis o
he e ec s o poli ics on gende ela ions, and on s a egies o ac i a e women
(and men) and enable hem o pa icipa e in budge ing p ocesses, he eby
opening up he scope o poli ical ac ion (BEIGEWUM, 2002). Howe e ,
hese c i ical eminis concep s o gende budge ing we e no implemen ed
in his o m in Aus ia. They ailed in an almos pa adoxical way because
o he success o eminis poli ics.
In 2009, equali y be ween women and men gained cons i u ional s a us as a
cen al objec i e o he Aus ian S a e budge (A icle 13, pa ag aph 3 B- VG).
I is he e o e binding o all local au ho i ies and he Con ede a ion. The
budge a y law e o m came in o o ce in 2013 (A icle 51, pa ag aph 8 BV- G)
and makes ‘equali y’ an in eg al pa o he p inciple o ‘impac o ien a ion
in inancial managemen ’. All public ins i u ions in Aus ia a e hus obliged
o de elop and apply ins umen s ha enable an analysis and managemen
o gende - ela ed e ec s in budge ing. Thus, gende budge ing in Aus ia
seems o be an ex emely ambi alen phenomenon. On he one hand, i is
ensh ined in he Aus ian ede al cons i u ion, on he o he hand, i s p ac ice
seems a emo ed om he adical eminis ideas ha inspi ed i . C i ics
o gende mains eaming aise conce ns ha his app oach is a op- down
echnoc a ic ad ocacy (McRobbie, 2009) ha ansla es gende equali y
in o echnoc a ic p ocesses, educing ‘ eminism’ o a se ies o p ocedu es,
such as impac assessmen s, ha eschew bo h poli ical pa icipa ion and
no ma i e con es a ion in hei eliance upon p o essional expe ise and
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FEMINISM IN PUBLIC DEBT
Ku unmäki, L. and Mille , P. (2011) ‘Regula o y hyb ids: Pa ne ships,
budge ing and mode nising go e nmen ’, Managemen Accoun ing Resea ch,
22(4): 220– 41.
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260
17
Righ s, Gende and P og ess
Indica o s: The Deb s
o Democ acy
Fla ia Ma co Na a o and Lau a Pau assi
1. In oduc ion
The lack o a gende - based app oach on co e issues, such as public and
p i a e indeb edness, and i s consequences o people, appea s o e and o e
again as he e ec s o such lack become e iden in ou li es. This chap e
analyzes he in insic and ins umen al alue o a gende - based app oach in
he ield o inancial obliga ions o S a es (public deb ) and o women and
sexual di e si ies (p i a e deb ), as well as in ela ion o he s anda ds and
p inciples connec ed o he p o ec ion o pe sons and hei ela ion wi h
he de elopmen and implemen a ion o p og ess indica o s.
These indica o s a e a solid ool om a numbe o aspec s (design and
assessmen o policies o he h ee b anches o he S a e, in e na ional
supe ision and moni o ing, ci izen empowe men and he disclosu e o
public in o ma ion among se e al S a e agencies), and, a he same ime, as
long as hey a e inco po a ed in o he se o S a e ac ions, hey will enable
g ea e ins i u ionali y and gua an ies o exe cising he igh s o women
and sexual di e si ies.
Pa icula ly, in ela ion o he impac o public and p i a e indeb edness, in
sec ion 2 o his chap e we ocus on some elemen s ha ha e cha ac e ized
he economic p ocesses in La in Ame ica ha , a om being neu al, ha e
clea ly had gende biases. In sec ion 3, p og ess indica o s a e p esen ed ha
a e used in cu en in e na ional moni o ing mechanisms in he egion and
hei po en ial o measu e S a e obliga ions linked o deb wi h a gende -
based app oach is conside ed. In sec ion 4, he economic au onomy o
women is add essed as a ca ego y o explica i e and aspi a ional con en ,
RIGHTS, GENDER AND PROGRESS INDICATORS
261
which a he end c ea es a ic ion, whe e bo h de ici s in he exe cise o
igh s and he di e en impac s o public policies a e e idenced, including
hose ela ed o deb and he access o loans by ci izens. In sec ion 5, inal
conclusions a e p esen ed ha highligh he need o p omo e he ecogni ion
o a li e ee o indeb edness ha enables women and sexual di e si ies o
ha e economic au onomy in all i s dimensions.
2. Inco po a ing app oaches in indeb edness
Among he many con ibu ions ha eminism has made, he concep o
‘app oach’ can be ound, which ela es o he claim o powe asymme y ha
s uc u es socie ies and conside s sexual di e ences and iden i ies as pilla s
o hie a chiza ion, and caused he inco po a ion and implemen a ion o he
powe ul o mula o gende mains eaming. The concep summa izes one o
he main s a egies in he ield o public ins i u ionali y, which is he idea o
ans e sali y. Tha is o say, he only way o ans o m s uc u al inequali ies
equi es going h ough all he a eas o socie y ha p oduce and ep oduce
hem. This me hodology challenged S a e heo ies, he economy, poli ics and
subjec i i ies wi h a e y impo an de elopmen a a global, in e disciplina y
and egional le el ha enabled he isualiza ion o he asymme ic ela ions
be ween gende s and o de e mine when a di e en ea men is legi ima e
and when i is disc imina o y.
P ecisely he gende - based app oach p oduced a pa adigm change as i
de eloped a se o ideas, me hodologies and echniques ha ques ioned
and analyzed he ways h ough which social g oups ha e c ea ed and
alloca ed esponsibili ies, ac i i ies and conduc s o women, men and sexual
di e si ies. This is no only a concep , bu also an in e en ion s a egy. I is
wo h emembe ing ha , as ea ly as in he 1990s, he eminis mo emen
aised a a global le el, bu pa icula ly in La in Ame ica, ha he e ec s o
he mac oeconomic policies implemen ed in he con ex o he s uc u al
adjus men in pe iphe al coun ies ( oday he Global Sou h) ha e no
been neu al in e ms o gende . The emphasis was on he ac ha he
mac oeconomic policies applied in he egion in he las decades o he 20 h
cen u y did no clea ly ecognize he implica ions o gende ela ions; e en
u he , women we e conside ed as an economic esou ce (Bi gin, 1992).
Fi s , in he diagnoses be o e he applica ion o neolibe al policies, he
exis ing ela ion be ween p oduc i e sec o s, linked o he adi ional
economy, and esidual o unp oduc i e sec o s, whe e essen ial se ices
we e included, pa icula ly all ca e ac i i ies, whe he paid o unpaid ones,
was shown. Second, sho - e m aus e i y measu es we e implemen ed
ha aimed a main aining added demand unde con ol o lowe in la ion
and educe iscal de ici s. Also, long- e m policies we e implemen ed in
o de o libe alize ade, de egula e and p i a ize, conside ing he e ec s o
262
FEMINISM IN PUBLIC DEBT
mac oeconomic policies in he li es o women as hey ecei ed he impac
o he adjus men by wo king ha de inside and ou side households (Bi gin
and Pau assi, 2001). The inequali y pa e n is ans o med in o a s uc u al
pa e n, and i s app oach, a om being a goal o public policies, was
sys ema ically in isibilized in he go e nmen al agendas o La in Ame ica.
I is wo h men ioning ha he pionee ing con ibu ion o eminism, along
wi h he ac i ism o women’s mo emen s, achie ed i s inco po a ion in he
Pla o m o Ac ion o he Wo ld Con e ence on Women in Beijing (1995)
and, a a egional le el, in he Con e ence on Women in La in Ame ica and
he Ca ibbean.1 In each one o he coun ies o he egion, ans e sali y
has been a di ec manda e o he mechanisms o he ad ancemen o
women ( om minis ies o unde sec e a ia s) ha gene ally plan hei
ac ions conside ing na ional plans o equal oppo uni ies and ea men .
Howe e , ans e sali y did no each he ‘ha d’ a eas o S a e decisions, such
as he economy, budge , easu y o ins i u ional a ai s, and in gene al he e
ha e been ew imes when women heads o minis ies ha e been egula ly
in eg a ed in o p esiden ial cabine s, much less been included in he deba e
on public indeb edness in hese ins i u ional a eas.2
A he beginning o his cen u y and in his con ex , he Millennium
Decla a ion (2000) included he human igh s app oach as a co e s a egy,
which consis ed o highligh ing he bonding na u e o he S a e obliga ions
con ained in in e na ional co enan s and ea ies o human igh s and how
hese ules mus go h ough he ac ion o he S a e in all i s a eas, ju isdic ions,
ules and ac ions (Pau assi, 2021). Wi hou explici ly ecognizing ha his is a
eminis s a egy, he implemen a ion o he human igh s app oach in ol ed
a signi ican scene change, especially o social policies a a egional le el,
and i p o ided an impo an ac ion amewo k o many o he poli ical
leade s a he beginning o his cen u y in La in Ame ica (Ab amo ich and
Pau assi, 2009). The p inciples o uni e sali y, equali y, in e dependence
and indi isibili y o human igh s, as una oidable guiding p inciples on
human igh s, a e included as ac ion s anda ds o S a es, acco dingly. Bo h
app oaches (gende and human igh s) hus include ans e sali y as hei
pilla o ac ion and empowe men o pe sons as objec i e. In he case o
La in Ame ica, sec o s o he eminis mo emen claim emancipa ion as a
collec i e p ocess (Lamas, 2020).
The ac ual implemen a ion o his app oach does no end in a poli ical
decla a ion, bu i c ea es a me hodology o he implemen a ion o
public policies wi h e i o ial implica ions and in all he le els o public
ins i u ionali y. In pa icula , al hough a g adual achie emen o igh s
con en is included in in e na ional co enan s and ea ies, especially
conside ing he es ic ions esul ing om he limi a ion o he a ailable
esou ces, i s ul ilmen is una oidable. Fu he mo e, he human igh s
app oach imposes nume ous obliga ions wi h an immedia e e ec ha
RIGHTS, GENDER AND PROGRESS INDICATORS
263
a e ela ed o he connec ed s anda d o using he maximum o a ailable
esou ces,3 he s anda d o p og ess and he s anda d o non- eg essi eness.
In ac , when S a es a i y in e na ional ins umen s on human igh s, S a es
commi o make pe iodic epo s be o e ea y bodies on he p og essi e
measu es o ensu e he compliance o commi ed obliga ions.
I should be asked i among hose manda es gende equi y is included as a
co e elemen o accoun abili y o i i is included h ough a na a i e pa h.
In o he wo ds, how much has been in oduced in speci ic indica o s ha
e lec s i and how deb a ec s women and dissidences in a disp opo iona e
way, and hus i measu e scales ha e been es ablished o de e mine he
connec ion be ween public indeb edness and he achie emen o equali y
and non- disc imina ion s anda ds, especially wi h espec o he economic
au onomy o women. As i will be explained in he ollowing sec ions, he
gende - based app oach is no pa o he app oaches on deb ye .
3. P og ess indica o s: obliga ion on da a
The accoun abili y p ocess is ema kably use ul om a igh s- based app oach
as i enables and equi es he S a e o make diagnoses o he si ua ion,
iden i y implemen a ion de ici s, es ablish pending agendas and p oduce
upda ed in o ma ion ha enables socie y o con ol S a e ac ions. This
is how moni o ing sys ems we e in oduced a he le el o he sys em o
Uni ed Na ions (UN) High Commissione o Human Righ s (HCHR,
2012) and he O ganiza ion o Ame ican S a es (OAS) based on p og ess
indica o s o moni o ing he P o ocol o San Sal ado by he Wo king
G oup o he analysis o na ional epo s con ained in he P o ocol o San
Sal ado (WGPSS, 2015) and he Belém do Pa á Con en ion (MESECVI,
2015). P og ess indica o s ha e he pa icula i y ha when measu ing he
obliga ions con ained in human igh s hey include quan i a i e (s uc u al,
p ocess and esul ) indica o s, as well as quali a i e indica o s o quali a i e
p og ess signs.
In ac , he impo ance o in oducing quan i a i e da a and in o ma ion,
bu mainly quali a i e ones, is jus i ied by he ac ha hese app oaches
assume ha pe sons and hei igh s mus be a he cen e o he policies
ha he S a e c ea es, and, he e o e, i would be a con adic ion o assess o
moni o policies wi h his app oach wi hou lis ening o he e y bene icia ies
o igh s (Ab amo ich, 2021). Likewise, i has been wa ned ha while he
eminis and human igh s pe spec i es a e no included in he p oduc ion o
indica o s o decision making and economic policies, i would be impossible
o make p og ess on s uc u al inequali ies (Bohosla sky, 2018).
The pa icula i y o hese ype o indica o s is ha , unlike socioeconomic
da a ha accoun s o he de elopmen le el achie ed, p og ess indica o s
measu e i he ul ilmen o wha was commi ed o o each igh has

264
FEMINISM IN PUBLIC DEBT
e ec i ely been achie ed. In con as o de elopmen policies o he 2030
Agenda and he 17 Sus ainable De elopmen Goals (SDG), indica o s ake
he obliga ion included in each ea y as he uni o measu emen , and based
on his hey de e mine he mos sui able ools o i s e i ica ion. The e o e,
an impo an numbe o p og ess indica o s ha e been de ined ha seek o
assess S a e conduc ega ding he compliance o obliga ions, which in eg a es
and speci ies he sus ainable de elopmen agenda. This accoun abili y and
moni o ing p ocess by S a es is gene a ing a la ge co pus o in o ma ion
and in e p e a ion o he scope o igh s. As an example, in he con ex o
he indica o s c ea ed by he WGPSS and app o ed by he OAS Gene al
Assembly in 2015, using h ee cycles o pe iodic epo s,4 S a es ha e been
Table 17.1: Type o indica o s
Concep ual
ca ego y
Type o indica o
S uc u al P ocess Resul
Righ ecep ion Inco po a ion o
he obliga ion in he
legisla ion
Human igh s
pe spec i e in public
policies
Gua an ee si ua ion
in he main
componen s o he
law
Financial
and budge
commi men
Legal p o isions ha
se o h esou ces o
be alloca ed
P ocess ele ance
and e iciency o
implemen public
policies
A ailabili y (le el
and o ma ) o
in es ed esou ces
S a e abili ies Ins i u ional s uc u e
o he S a e and legal
sys em
Accep abili y,
adap abili y and quali y
o e o s o budge
p og ammes
Resul s on which
he S a e has di ec
in luence
Equali y and
non- disc imina ion
Ins i u ionali y o
ensu e equali y,
iden i ica ion
Inco po a ion o he
equali y p inciple in
ac ions, p og ammes
and/ o policies
Gaps in he
gua an ee o igh s
by g oups o
egions
Access o jus ice Judicial and
adminis a i e
esou ces o
en o cemen
Resou ce e iciency
and p ocedu al
gua an ies
E iciency o
judicial esou ces
Access o
in o ma ion and
pa icipa ion
Basic condi ions
o he access o
in o ma ion on he
ins i u ion o he
design, ollow- up and
assessmen o public
policies o ci izens
Cha ac e is ics o
public policies o
access and gua an ee
o anspa ency and
pa icipa ion
Ad ance on
in o ma ion
a ailabili y o
he law, ci izen
empowe men
and e ec i e
pa icipa ion
Sou ce: Own elabo a ion based on Pé ez Gómez, Pé ez Molina, Lo e i, Pau assi and Riesco,
2022 (based on WGPSS (2015))
RIGHTS, GENDER AND PROGRESS INDICATORS
265
de eloping sys ems o public in o ma ion based on indica o s and using he
ollowing ca ego ies.
As shown, due o he exis ence o budge commi men s as ans e sal
ca ego ies and inancial esou ces ha each S a e alloca es, along wi h
S a e abili ies which e e o he speci ic ways in which he inside powe
o a S a e is o ganized, oge he wi h he p inciple o equali y and non-
disc imina ion, among o he s, he bases o measu e he scope o compliance
o S a e obliga ions using indica o s a e es ablished. Al hough in he case
o he moni o ing o he P o ocol o San Sal ado no indica o s ha e been
de ined in ela ion o public and p i a e deb , he ma ix in p og ess enables
he WGPSS o include hem using he a o emen ioned ca ego ies.
I is wo h men ioning ha he i s wo cycles o epo s assessed de e mined
he bases o measu ing igh s, and du ing he hi d cycle he WGPSS s a s o
measu e p og essi eness as o he ul ilmen o economic, social and cul u al
igh s (ESCR). When assessing S a es ha ha e submi ed epo s, WGPSS
expe s s a e ha ‘… p og essi eness canno be assessed exclusi ely in e ms
o alloca ions o esou ces, le alone only in e ms o budge s. Mo eo e ,
p og essi eness goes beyond me e ma ginal ad ances in quan i a i e indica o s
as he execu ion o clea ac ions o imp o e he li ing s anda ds o pe sons is
needed …’ (WGPSS, 2020). They add ha he assessmen is based on
a mul idimensional alua ion ha conside s he e olu ion o he
si ua ion abou he compliance wi h ESCR in a longi udinal way,
assessing he changes o he di e en a iables ha o m he co e o he
igh s and conside ing a dynamic ho izon, in acco dance wi h he social
changes ha es ablish he essen ial equi emen s o popula ion, de ined
using decen li ing s anda ds o all pe sons wi hou disc imina ion.
Fo ha pu pose, he WG has applied a quali a i e and quan i a i e
me hod h ough which bo h in o ma ion on igh ul illmen using
es ablished indica o s and obse able ends in such le el o ul illmen
a e p ocesses, which is he basis o assess hei p og essi eness,
conside ing he se o es ablished indica o s. (WGPSS, 2020)
This in u n includes an app oach o gende , di e si y and mul icul u alism.
In he case o S a es and ci il socie y, i has implied an unp eceden ed
exe cise as hey ha e no expe ience in hese ypes o accoun abili y
mechanisms o in he pe iodic p oduc ion o in o ma ion. Howe e , he e
is no a wide- anging ans o ma ion ye and a g ea e b eakdown o da a
is equi ed by sex o gende iden i y, age, le el o educa ion, e hnici y
and ‘ ace’ (Pau assi, 2018). In u n, using h ee cycles o epo analysis
based on p og ess indica o s and quali a i e p og ess signs, he insepa able
ela ion be ween he quan i a i e da a and he quali a i e pe spec i e has
been s eng hening.
266
FEMINISM IN PUBLIC DEBT
Bu how can indeb edness’ impac on he le el o human igh s ul ilmen
be measu ed? A e he e obliga ions o ensu e a li e ee o deb s? Which a e
he igh s ha should be measu ed? The answe s o hese ques ions a e o
pa amoun impo ance. Al hough s anda ds ela ed o he concep o a decen
li e, igh s in e dependence and deb ha e been es ablished,5 hey s ill need a
g ea e concep ualiza ion and o claim he conside a ion o indeb edness as
a eg essi e measu e in ela ion o he li e condi ions o he popula ion and
he gua an y o he access o ESCR. The e o e, in o de o ad ance in his
linking o obliga ions, s anda ds and indica o s, we s a wi h he concep o
economic au onomy o women and di e se sexual iden i ies, so ha om
ha poin we can iden i y elemen s o be conside ed o u u e in e en ions
bo h o public policies and o in e na ional moni o ing.
4. The ic ion o economic au onomy o women
Acco ding o he Economic Commission o La in Ame ica and he
Ca ibbean (ECLAC), au onomy is unde s ood as ‘ he abili y o pe sons
o make ee and in o med decisions abou hei li es, so ha hey can be
and make conside ing hei own aspi a ions and wishes in he his o ical
con ex ha makes hem possible’ (ECLAC, 2022). Conside ing p ecisely
gende inequali ies, his ins i u ion iden i ied h ee in e ela ed dimensions
o women’s au onomy: physical, economic and in poli ical decision making
(ECLAC, 2022).
Economic au onomy is unde s ood as he abili y o women o gene a e hei
own income and esou ces wi h access o paid wo k wi h equal condi ions
compa ed o men. I conside s he use o ime and he con ibu ion o women
o he economy (ECLAC, 2022). Au onomy implies exe cising human
igh s and in pa icula economic au onomy equi es exe cising ESCR. All
dimensions o women’s au onomy a e in e dependen , like human igh s.
Re lec ing on economic au onomy and he exe cise o ci izenship,
om a igh s- based app oach, allows isualizing he di e ences be ween
wha we eques and wha we aspi e o as goals o equi y and equali y, as
well as he complexi ies we mus conside , many o hem linked o powe
ela ions be ween women and men, which a e p esen a he momen o
p oposing, designing and analyzing gende - based indica o s (Rico and
Ma co Na a o, 2010).
Many imes, we ha e claimed ha ha ing a paid job is no a synonym o
economic au onomy o women, bo h due o he ci cums ances in which
he job is gi en, usually wi hou access o social secu i y co e age, and in
ela ion o he amoun s o money women ecei e as emune a ion. I is
wo h men ioning ha women use hei sala y o di e en pu poses, as
hey p io i ize heal h and educa ion cos s o he amily and hey lea e almos
no ma gin o use hei sala y eely o wha hey wan . Also, he low ime
RIGHTS, GENDER AND PROGRESS INDICATORS
267
a ailabili y o women mus be added due o domes ic wo k and unpaid ca e
wo k. Li e is ime, and i we do no ha e ime a ou disposal, we do no ha e
ou li es a ou disposal. On op o ha , he p i a e indeb edness o women
mus be also added as ano he limi a ion o economic au onomy.6 Then paid
wo k is a necessa y equi emen , bu i is no enough o his dimension o
women’s au onomy and p obably i is no o di e se sexual iden i ies ei he .
The economic au onomy o women is wi hou a doub a e y impo an
concep ual ca ego y o accoun o he di e en eali ies o women, he
gaps and gende inequali ies compa ed o men, bu also among women.
Women’s au onomy, in all i s economic, physical and poli ical dimensions,
is an aspi a ion, a mus . Howe e , oday his is a ic ion o wo easons.
Fi s , due o he lack o esou ces as e en in he case o women wi h hei
own income, in gene al hey ha e aken p i a e deb s; he e o e, hey a e
no necessa ily ee o use hei income. This is a p ac ical eason; economic
au onomy esul s in a ic ion due o an o e whelming eali y.
Second, due o he ac ha his au onomy, which has been so demanded
by eminis s, p esen s ce ain (appa en ) con adic ions wi h he heo y o
ca e, which is also eminis . Then he change o pa adigm ha we expec ha
places ca e a he cen e o li e (and o economy and policies) implies ha
women accep hemsel es as ulne able, as opposed o he ully independen
pe son ha is supposed o unc ion in socie ies and ma ke s, and who is in
cha ge o dependen popula ions (bo h in e ms o economy and ca e). We
p opose o accep ou sel es conside ing human agili y and in e dependence.
This is a heo e ical eason ha , in a nod o Nancy F ase (F ase , 1997),
could be called he dilemma o ca e and au onomy.
Ou in e es ocuses on he i s eason ha makes economic au onomy a
ic ion o women and how i ela es o indeb edness, bo h a a mic o and
mac o le el.
Women’s indeb edness
Access o loans is some hing desi able and p omo ed by se e al in e na ional
bodies and coope a ion agencies, e en by nume ous women’s o ganiza ions.
This is an a ea whe e women ace pa icula obs acles ela ed o he absence
o colla e als and o mal jobs, o en equi ed o loan g an ing in he o mal
inancial sys em.
Then when does loan access become a limi a ion ins ead o p omo ing
he economic au onomy o women? Fi s , when due o he obs acles o
access o mal loans, women u n o in o mal lende s o money, o e en o
ins i u ions o he inancial sys em specializing in mic oloans wi h a e y
high in e es a e compa ed o he ones o adi ional banking.
A s udy on women’s indeb edness pe o med in he ci y o Ta ija, Boli ia
(ECAM, 2021), shows ha almos one i h o su eyed women became
274
FEMINISM IN PUBLIC DEBT
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del abajo. Implicancias pa a el diseño y análisis de indicado es de géne o’
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sociales, Buenos Ai es: Edi o es del Pue o, pp 233– 64.
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Uni ed Na ions Human Righ s O ice o he High Commissione (2013)
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WGPSS (2020) ‘Examen de los In o mes p esen ados po los Es ados
Pa e al P o ocolo Adicional a la Con ención Ame icana sob e De echos
Económicos, Sociales y Cul u ales ‘P o ocolo de San Sal ado ’.
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Se .L/ XXV.2.1 GT/ PSS/ doc.2/ 20), G upo de T abajo pa a el análisis de los
in o mes nacionales p e is os en el P o ocolo de San Sal ado , Sep embe .
Wo king G oup o he analysis o na ional epo s con ained in he P o ocol
o San Sal ado (WGPSS) (2015) Indicado es de p og eso pa a la medición de
de echos con emplados en el P o ocolo Adicional a la Con ención Ame icana sob e
De echos Humanos en ma e ia de De echos Económicos, Sociales y Cul u ales -
P o ocolo de San Sal ado , Washing on DC: OAS.

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