Elisabetta Cervone’s Post

📣DEADLINE EXTENDED: CALL FOR PAPERS - 3rd PDM Conference -🗓️ April 15, 2024   👉https://bit.ly/3x7ZyZV  Following the success of the previous editions (2019 in Paris, France, and 2022 in Rome, Italy), the Public Debt Management Network, an initiative jointly fostered by the OECD, the Italian Treasury and the World Bank, is pleased to announce the call for papers for the 3rd edition of the biennial Public Debt Management Conference, which will be held in Washington DC, United States, on October 3-4, 2024. The event will be held in a hybrid format (in-person and virtual). Please note that there are no registration fees, but speakers and other participants will cover their own costs. The 2024 Conference aims to explore techniques, analyses, and proposals to address specific challenges related to sustainability, disaster, and climate-related issues in public debt management. Subject areas for the 2024 conference include: ■     Disaster risk finance ■     ESG debt instruments including sovereign green, social, and sustainability bonds ■     Managing sovereign debt in an inflationary environment Submissions addressing these or other related topics relevant to public debt management are welcome. Details on the topics and on how to submit your proposals are explained here 👉https://bit.ly/4ctxQHi The new deadline to submit proposals is April 15, 2024.   Looking forward to receive your paper! Ministero dell'Economia e delle Finanze OECD - OCDE The World Bank #publicdebt #disasterriskfinance #greenbonds #debtsustainability #inflation #socialbonds

80 years ago this month, the delegates at the Bretton Woods Conference set out global financial systems based on government cooperation. Although government cooperation set the standard for the institutions in the early days, cooperation from the private sector is now needed to accomplish much of the proposed work of the institutions. As one of the major challenges of the modern era, debt requires private sector engagement to truly efficient handle sovereign debt. In the currently inadequate debt framework, BWC’s Sovereign Debt Working Group argues that we must have an efficient way to restructure sovereign debt that includes public and private sectors. Read more here: https://bit.ly/4bukxEE

We just published the Supplement to the 2018 Guidance Note on the Bank-Fund Debt Sustainability Framework for Low Income Countries (LIC-DSF). This Supplement provides additional guidance to International Monetary Fund and The World Bank staff on the implementation of the LIC-DSF. Since the publication of the 2018 Guidance Note, several issues have increased in significance, requiring more tailored guidance on the implementation of the current LIC-DSF to address issues, including: • Greater prominence of risks from climate change. • Further increase in borrowing on commercial terms and in domestic markets. • Increased number and complexity of debt restructurings. All aspects of the 2018 LIC-DSF Guidance Note remain in effect, except as modified in this Supplement. Download the paper here: https://lnkd.in/ezdjKfgw #Climate #Change #Finance #Public #Debt #Sustainability #DSA #Low #Income #Country #LIC

Eric Lalo, Head of Sovereign Advisory, provided commentary in the recent IFR IMF/World Bank special report. Read the full article here: https://bit.ly/4heGjAm In the article, Eric shared his perspective on the use of state-contingent debt instruments in sovereign debt restructurings. #GlobalAdvisory #SovereignDebt #SCDI #EmergingMarkets

Decent review here of the recent Global Sovereign Debt Roundtable developments regarding credit rating agencies and what can be done... I am happy to let the lack of citation for my terming of the problem as the "credit rating impasse" slide on this one occasion 😉 Don't forget my book on the impasse is entirely free to read!! https://lnkd.in/e4Nx6pWZ

Good review of the pressing need to address the credit rating issue when considering the global sovereign debt picture from The Economic Times: https://lnkd.in/eASTtM4D The Credit Rating Research Initiative #creditratings #debt

Sovereign debt is a major challenge for many countries. The ongoing 2024 MEFMI Governors’ Forum is tackling this head-on! In his opening remarks, MEFMI Executive Director, Dr Louis Kasekende said, "Through this forum, we aim to provide a platform for in-depth exploration and analysis of the intricate challenges that MEFMI countries encounter in the realm of sovereign debt. By delving into the complexities of debt management, the forum aims to identify practical effective and specific resolutions." Follow our social media pages for more updates. #mefmi #MEFMIGovernorsForum #sovereigndebt #EconomicDevelopment

I lead the AU delegation @ G20 4th IFAWG ongoing in Seoul on 05 and 06 September 2024. The meeting is focusing its discussions on addressing vulnerabilities emerging from the cross-border integration of payment systems and promoting resilient capital flows to EMDEs; addressing sovereign debt issues; making the GFSN more effective, representative and resilient and making MDBs better, bigger and more effective. In my interventions on the first day, I stressed the need for the AU to see the policy framework being in coherence with Africa's long-term strategic goals, outlined in Agenda 2063. I also stressed that AU is keen on promoting innovations that promote cross-border payments to enhance financial inclusion, boost intra-African trade, and support the broader economic integration efforts like AfCFTA. I also highlighted that the African Union, emphasizes the importance of structural policies that enhance the resilience of capital flows to EMDEs. This includes promoting economic diversification, strengthening of financial systems, and improving regulatory frameworks. The AU is also advocating for policies that align with the G20's focus on sustainable development and economic integration, as these are crucial for building resilient economies across Africa. I also stated that the AU emphasizes the need for comprehensive debt restructuring to address the high levels of external and domestic debt in African countries. This includes advocating for reforms in the G20's CF for DT to ensure transparent, timely, and effective debt restructurings.

I always “believed” that savvy private investors in sovereign debt always charge and collect a level of interest to accommodate their perceived risks of not getting their expected ROI. It seems that even when wrong, some are able to still be rewarded. Given the tidal wave of debt service stress many nations are about to be hit with, I wonder if “GDP bonds” will become the next “cure” for developing economies? https://lnkd.in/gCewM2wt

Significance of understanding debt’s dual role—as a liability and an asset—cannot be overstated for navigating the complexities of the financial landscape. 💰📝 As Olivier Blanchard aptly puts it, “Fiscal policy sustainability is indistinguishable from debt sustainability.” Conducting thorough Debt Sustainability Analyses (DSAs) is essential to tackle financial uncertainties and fostering confidence among stakeholders. 🪴 Let me take you through the structure of Debt Sustainability Analysis (DSA) through my latest article 🔗(https://lnkd.in/gj-U69Rs) I would love to listen to your perspectives as readers. ✌️ Appreciating well in advance for reading through. 😁🎉 #DebtSustainability #EconomicResilience #PublicFinance #IMF #WorldBank #GlobalEconomy #FiscalResponsibility