ECOnomic and financial affairs council
As the world has become more interconnected over the past century, so too has the network of debt and lending. Debt’s capacity as a vital instrument for individuals, companies and nations has enabled the world to globalise. However, there are also innumerable risks inherent in the overaccumulation of debt—risks which are only exacerbated by the unwieldy nature of the modern international debt market. Exorbitant interest payment burdens often result in economic death spirals, which can cripple government programs like infrastructure, education, healthcare, and simultaneously devalue currency. While international public actors such as the IMF, World Bank, and the Paris Club provide debt restructuring assistance to economically floundering countries such as Argentina and Greece, they also, in the case of the IMF, impose stringent austerity conditions on vulnerable nations that hamstring governmental and societal progress. Private creditors, who are substantially less regulated and negotiate cumbersomely sophisticated loans, are not much better—oftentimes highly leveraged and seeking to drive a return rather than ameliorate economic plights. Furthermore, policies of other countries, such as China’s Belt and Road Initiative, while genial on the surface, are mechanisms that effectively result in debt dependency for the receiving country.
What regulations, therefore, should the international community institute to manage debt and debt aid while providing sustainability for in-need countries? How much private versus public debt should be expected for a loan-hungry country? How can governments decide between debt repayment and social spending? What policies can disrupt debt dependency on countries like China without harming development?
Topic: International Financing and Debt Dependency
This is a double-delegate committee. Position papers are not required.
Henry Rose
Chair
Henry Rose is a fourth-year undergraduate student majoring in Mathematics, Statistics, Economics, and CAAM. Henry has been in Chicago his entire life, and he’s been doing MUN for some six years, at this point. He has primarily participated as a large GA delegate, and this will be his second year chairing at ChoMUN, after serving as a chair for the African Union: African Infrastructure committee at ChoMUN XXVIII last year.
Outside of MUN, Henry is active on UChicago’s water polo team (Go Maroons!). He is looking forward to seeing delegates come up with creative solutions in the thrilling world of international lending. If you have any questions, please reach out to Henry at henryr@uchicago.edu.
Alexander Vidra
Chair
Alexander Vidra is a second-year majoring in Political Science, with a minor in English. While he studies in Chicago, he is a native New Yorker (the better city). He helped staff MUNUC 38’s DISEC committee, and competes for UChicago’s traveling competitive MUN team.
Outside of Model UN, Alex loves reading fantasy novels in the library, religiously watching octo-box football on Sundays (he writes game-analyses for PFF), and playing soccer in the park. He is also a massive foodie, so hit him up if you need food recommendations for Chicago or NYC.
Alex is beyond excited to co-chair the ECOFIN committee. If you have any questions or concerns, reach out to him at alexandervidra@uchicago.edu
Sneha Kumar
Chair
Sneha is a second-year at the College majoring in Law, Letters, and Society and History. She is from the paradise they call New Jersey, also known as the greatest state in the union (argue with a wall).
Outside of ChoMUN, Sneha participates in MUNUC, the university’s high school conference, and competes as a GA delegate for UChicago's competitive MUN team. In her free time, she enjoys exploring the neighborhoods of Chicago (Pilsen is her favorite), writing poetry, and baking artisanal bread!
Sneha is incredibly excited to be your co-chair for ECOFIN, and if you have any questions or concerns, reach out to her at skumar28@uchicago.edu.
Secretariat oversight:
Jake Rymer, Under-secretary-general