30 July 2007
The world's first debt audit commission began July 23 in Guayaquil, Ecuador.
The commission was launched on 23 July in Guayaquil Ecuador, by the Ecuadorian Ministry of Economy and Finance. It will have the full support and involvement of the government.
Comprised of government officials and experts, the commission will analyze individual credit agreements and their legal, environmental, social and environmental impact.
The commission has one year to investigate individual credit agreements - which will include bilateral loan contracts and Paris Club agreements, bond issuances and multilateral loans - to provide detailed analyses of these credits based on legal, economic and social and environmental impact considerations.
Non-governmental organization Eurodad has been designated as the international advisor and analyst on the commission.
Read a Eurodad article on the Comision para la Auditoria Integral de la Deuda Publica:
Ecuador launches historic debt audit commission, Eurodad, July 27, 2007