IMF senior counsel explores legal frameworks for public debt management
Senior counsel at IMF’s legal department discusses the many trade-offs involved in designing the legal frameworks underpinning public debt management
View ArticleCentral banks cannot avoid fiscal impact, Bundesbank panellists warn
Academics and central bankers point to fiscal impact of monetary policy and lender of last resort function, raising the question of how much fiscal power central banks ought to wield
View ArticleRBI paper explores challenges in public debt management
Research identifies a ‘narrow investor base’ as one hurdle and considers how to encourage greater participation from retail investors in the market for government securities
View ArticleArgentine reserves spared as US court overturns ruling
Central bank will not have to pay creditors out of its reserves, US appeals court rules, although the decision is not meant to allow Argentina to ‘continue shirking’ its debts
View ArticleIMF paper challenges idea of debt threshold effect
Countries with high levels of public debt can grow just as fast as their peers, provided the debt is on a downward trajectory, research finds
View ArticleMass walkout at RBI disrupts clearing and settlement
The majority of the RBI’s 17,000 staff took ‘mass casual leave’ today, interrupting some RBI operations, though normalcy was ‘largely’ restored after negotiations
View ArticleRBI sheds new light on debt management strategy
Central bank unveils more detailed approach to communicating debt management plans, laying out a medium-term strategy that will be updated each year
View ArticleJamaican officials point to management plans as debt falls
Jamaica set to reduce debt-to-GDP ratio to 125% in pursuit of 90% target; officials from central bank and debt management branch welcome changes in past year
View ArticleDebt repayment problems have ‘severe consequences’ on consumption, paper finds
Quarterly consumption 30% lower when debt repayment problems arise, research suggests, while recovery after the arrears is smaller than the initial decline
View ArticleArgentina inches towards repaying debt
Montreux Partners LP and EM Ltd settle; four creditors yet to agree on removing injunction
View ArticleDenmark focuses on long-dated issuance amid low rates
National Bank of Denmark’s 2016 debt issuance strategy uses long maturities to reduce interest rate risk as low rates hold down costs; return to more normal footing after last year’s suspension
View ArticleEurozone sovereign debt crisis has increased financial fragmentation, paper...
Eurozone corporate bonds have different risk premia according to which country a company is headquartered in, paper argues; fragmentation has ‘dampened effectiveness’ of ECB policy
View ArticleSnapshot: IMF reveals staff views on Argentina
IMF releases informal briefings compiled 2013-2015 in absence of Article IV; staff highlighted adverse effects of central bank and banking sector financing of government
View ArticleDebt deal struck but ‘heated’ discussions await Argentine president in congress
Vulture funds satisfied but Argentine president faces an ‘uphill’ battle getting deal through congress; analysts ultimately expect it to be approved, but see other challenges on the horizon
View ArticleUgandan deputy calls for caution in forecasting deficits
Louis Kasekende warns inflation could be threatened if governments lose access to the market and are unable to meet their borrowing requirements, turning to the central bank instead
View ArticlePost-Brexit gilt auctions met with strong demand
Trends in gilt yields show UK debt still seen as ‘safe haven’ asset, says one analyst; others attribute strong demand in this week’s auctions to range of factors
View ArticleMersch: no political appetite for ‘European safe bonds’
The proposal for pooled, tranched bonds is “interesting”, but the public are likely to be suspicious
View ArticleCentral banks still value diversification, say reserve managers
Rise in US yields does not outweigh the benefits of forex diversification, say delegates attending Nalm Americas
View ArticleBarbados central bank comes under fire over tourism data
Minister says he has “no idea” where the governor got his information
View ArticleIMF and World Bank develop system to support debt management
System provides methodology and analytical tools for countries in the process of adopting these techniques
View ArticleMexican currency under pressure over ratings downgrades
Fate of the sovereign is increasingly linked to struggling oil company Pemex
View ArticleAfrican governors discuss concerns over rising debt
Central bankers stress need for African cooperation in face of weakening global economy
View ArticleZimbabwe holds first treasury bill auction in seven years
But finance minister says inflation figures will not be published until next year
View ArticleIMF negotiating new arrangement with São Tomé and Príncipe
São Tomé’s IMF arrangement expired last year
View ArticleGermany issues first ever zero coupon 30-year bond
Move raises questions over how ECB will respond to tough conditions, analysts say
View ArticleArgentina opens IMF talks as crisis deepens
Government extends debt maturity and pledges reserves will not be used to repay international investors
View ArticleArgentina reimposes currency controls as peso plummets
Authorities aim to stem depreciation of peso, which has fallen 23.9% against dollar since August 11
View ArticleJapan’s public debt financing strategy may be unsustainable – research
Public sector financing of its own borrowing hit by losses at public companies and volatility
View ArticleSomali governor says mobile money platforms play key role
Kristalina Georgieva says IMF offers “full support” to Somalia’s efforts to secure debt relief
View ArticleIMF draws links between transparency and debt accumulation
Fund praises efforts taken by Tunisia and Uzbekistan, and urges others in the region to improve accountability of fiscal institutions
View ArticleFed set to adopt ‘elements’ of price-level targeting
Covid-19 could act as a catalyst for a Janet Yellen-supported Fed move to adopt elements of price-level targeting. But questions remain about the timing of such a move
View ArticleBolivian central bank repays ‘unconstitutional’ IMF loan
Central bank says loan was illegal and threatens legal action against officials responsible
View ArticleEl Salvador congress approves use of SDRs for early debt repayment
Talks with IMF stalled as country tackles $24 billion debt load
View ArticleIMF says it will not provide loans for Zimbabwe
Fund urges central bank to cease “quasi-fiscal operations” as official inflation reaches 285%
View ArticleNigeria floats conversion of central bank loans to debt amid growing crisis
Government official says central bank has loaned government $46 billion as bond yields rise
View ArticleArgentine central bank debt poses major risks, analyst says
Moody’s analyst says central bank faces macroeconomic crisis as short-term debt rises
View ArticleMalpass says debt relief critical for poor countries
World Bank president says world risks “disorderly default process”
View ArticleFed policy roundtable: inflation targeting, asset purchases and uncertainty
Academics look at forward guidance, asset purchases, and the “magic” in forecasting models
View ArticleFed policy roundtable II: recession risk and sticky inflation
Academics look at forward guidance, asset purchases, and the “magic” in forecasting models
View ArticleIMF and Ghana reach initial agreement on $3 billion loan
Stricken country preparing domestic debt restructuring
View ArticleBank of Ghana adds 100bp as crises grind on
IMF reportedly wants end to central bank financing
View ArticleGhana plans to ‘securitise’ debt to central bank
Country struggling to restructure debts and secure IMF loan
View ArticleBoG’s Addison: Ghana agrees to end monetary financing
Governor says MoU with finance ministry “has been finalised”, and the IMF deal will come by the end of May
View ArticleBook notes: States and the masters of capital, by Quentin Bruneau
Chronicling the practices and players involved in privately financed sovereign debt
View ArticleIMF approves $3 billion for Ghana
Governor welcomes conditions, including cutting inflation and ending monetary financing
View ArticleArgentina defers over $15 billion interest in debt swap
Struggling country eases fiscal pressures while inflation continues rising
View ArticleZambia agrees foreign debt deal
Government agrees to repay faster if IMF assesses its ability to do so has risen
View ArticleTunisian president wants central bank to directly finance budget
Central bank governor has rejected calls for monetary financing as observers warn of growing crisis
View ArticleIMF members will meet SDR interest payments, says paper
Fund publication notes interest rates on SDR rose sharply in last two years
View ArticleBCRA ex-governor Caputo will be Argentina’s economy minister
Central bank halts sales of devaluation hedge bonds
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