Download or read book Barbados 2018 19 Sovereign Debt Restructuring A Sea Change written by Myrvin Anthony and published by International Monetary Fund. This book was released on 2020-02-21 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the causes, processes, and outcomes of Barbados’ 2018–19 sovereign debt restructuring—its first ever. The restructuring was comprehensive, featuring several rarely used approaches, including the restructuring of treasury bills, and the use of a retrofitted collective action mechanism. The debt restructuring has helped to set Barbados’ public debt on a clear downward trajectory. A sustained reform effort, maintaining high primary surpluses and ambitious structural reforms, will be needed to gradually reduce public debt from about 160 percent of GDP before the restructuring to the country’s 60 percent debt-to-GDP target.

Download or read book Sovereign Debt Restructuring and the Law written by Sebastian Grund and published by Taylor & Francis. This book was released on 2022-12-30 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book sheds light on the perhaps most important legal conundrum in the context of sovereign debt restructuring: the holdout creditor problem. Absent an international bankruptcy regime for sovereigns, holdout creditors may delay or even thwart the efficient resolution of sovereign debt crises by leveraging contractual provisions and, in an increasing number of cases, by seeking to enforce a debt claim against the sovereign in courts or international tribunals. Following an introduction to sovereign debt and its restructuring, the book provides the first comprehensive analysis of the holdout creditor problem in the context of the two largest sovereign debt restructuring operations in history: the Argentine restructurings of 2005 and 2010 and the 2012 Greek private sector involvement. By reviewing numerous lawsuits and arbitral proceedings initiated against Argentina and Greece across a dozen different jurisdictions, it distils the organizing principles for ongoing and future cases of sovereign debt restructuring and litigation. It highlights the different approaches judges and arbitrators have adopted when dealing with holdout creditors, ranging from the denial of their contractual right to repayment on human rights grounds to leveraging the international financial infrastructure to coerce governments into meeting holdouts’ demands. To this end, it zooms in on the role the governing law plays in sovereign debt restructurings, revisits the contemporary view on sovereign immunity from suit and enforcement in the international debt context, and examines how creditor rights are balanced with the sovereign’s interest in achieving debt sustainability. Finally, it advances a new genealogy of holdouts, distinguishing between official and private sector holdouts and discussing how the proliferation of new types of uncooperative creditors may affect the sovereign debt architecture going forward. While the book is aimed at practitioners and scholars dealing with sovereign debt and its restructuring, it should also provide the general reader with the understanding of the key legal issues facing countries in debt distress. Moreover, by weaving economic, financial, and political considerations into its analysis of holdout creditor litigation and arbitration, the book also speaks to policymakers without a legal background engaged in the field of international finance and economics.

Download or read book Restructuring Domestic Sovereign Debt An Analytical Illustration written by Mr. David A. Grigorian and published by International Monetary Fund. This book was released on 2023-02-03 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sovereign domestic debt restructurings have become more common in recent years and touched upon a growing share of total public debt. This paper offers a simple framework for policymakers to think about the decision whether to restructure domestic sovereign debt as part of an effort to reduce overall public indebtedness. It also highlights a rather wide range of technical, legal, and operational issues a sovereign may face while restructuring domestic debt. As expected, factors such as debt reduction required to achieve sustainability, fiscal savings from a restructuring, and economic costs of a restructuring are key inputs into the decision making regarding a restructuring, but so are factors such as the composition of debt, financial stability costs, and crisis preparedness, all of which are discussed in the paper.

Download or read book COVID 19 and Sovereign Debt The case of SADC written by Daniel D. Bradlow and published by Pretoria University Law Press. This book was released on 2022-02-23 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: This multi-disciplinary publication focuses on the issue of African sovereign debt management and renegotiation/ restructuring, with a particular concentration on the countries that are members of the Southern Africa Development Community (SADC). It contains a series of essays that were initially presented in several workshops held at the height of the pandemic, in 2020. These essays seek to both understand the debt challenges facing these countries and to offer some policy-oriented suggestions on how they can more effectively address these. They include contributions by global and regional scholars who are seasoned experts and newer researchers and discuss the complexities on debt management and restructuring within the context of the global COVID-19 pandemic. In particular, this presented an opportunity for junior researchers from the region to contribute to international discussions on a topic in which the views of young Africans are not heard as often or as clearly as they should be, especially given the importance of the topic to Africa and its future. Further, this book is expected to stimulate debate among academics, activists, policy makers and practitioners on how SADC should manage its debt.

Download or read book The International Law of Sovereign Debt Dispute Settlement written by Kei Nakajima and published by Cambridge University Press. This book was released on 2022-09-22 with total page 381 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first two decades of the twenty-first century witnessed a series of large-scale sovereign defaults and debt restructurings, in which sovereigns struggled to negotiate with recalcitrant bondholders, particularly hedge funds. Also, the outbreak of the COVID-19 pandemic in 2020 heralded a bleak financial outlook for many developing and emerging market countries, requiring sovereign debt restructuring in times of great macroeconomic uncertainty. Given the absence of a multilateral mechanism for sovereign debt restructuring equivalent to domestic corporate bankruptcy system, however, defaulted sovereigns often suffer from holdout litigation wrought by bondholders. This book proposes ways in which such legal actions could be regulated without the undue expense of bondholders' remedies by exploring the mechanism of balancing bondholder protection and respect for sovereign debt restructuring at various stages of litigation and arbitration proceedings.

Download or read book Reviews of the Fund s Sovereign ARREARS Policies and Perimeter written by International Monetary and published by International Monetary Fund. This book was released on 2022-05-23 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper undertakes a comprehensive review of the Fund’s sovereign arrears policies. Staff assesses that the Fund’s Lending into Arrears to Private Creditors (LIA) policy (established in 1989 and last reviewed in 2002) remains broadly appropriate, while recommending some improvements given the experience gained over the last 20 years. Staff also sees merit in codifying the existing practice guiding the Fund in preemptive debt restructurings into a Fund policy, together with an amendment focusing on debt transparency. Given limited experience with the application of the LIOA policy (established in 2015), staff does not propose any amendments but only one restatement confirming current practice. Given recent developments in the international creditor community, staff proposes refining the Fund’s arrears policies with respect to multilateral creditors. Finally, recent developments raise questions about the perimeter between official bilateral and private claims, with significant implications for the Fund’s arrears policies.

Download or read book Trade and Development Report 2023 written by United Nations Conference on Trade and Development (UNCTAD) and published by Stylus Publishing, LLC. This book was released on 2023-10-04 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Trade and Development Report 2023 analyses current economic trends and major policy issues of international concern and makes suggestions for addressing these issues at various levels. The report warns that the global economy is stalling, with growth slowing in most regions compared with last year and only a few countries bucking the trend. The global economy is at a crossroads, where divergent growth paths, widening inequalities, growing market concentration and mounting debt burdens cast shadows on the future. The prospect of meeting the Sustainable Development Goals (SDGs) by 2030 is fading as a combination of rising interest rates, weakening currencies and slowing export growth squeezes the fiscal space needed for governments to fight climate change and provide for their people. The report calls for a change in policy direction – including by leading central banks – and accompanying institutional reforms promised during the COVID-19 crisis to avert a lost decade. It urges global financial reforms, more pragmatic policies to tackle inflation, inequality and sovereign debt distress, and stronger oversight of key markets. The report proposes actions to get the global economy moving in the right direction by using a balanced policy mix of fiscal, monetary and supply-side measures to achieve financial stability, boost productive investment and create better jobs. Part I of the report launches on 4 October 2023 with part II expected in November.

Download or read book Human Rights and Economic Policy Reform written by Aoife Nolan and published by Routledge. This book was released on 2021-09-22 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the complex and challenging relationship between economic policy and human rights. In the context of the COVID-19 pandemic crisis, the need to address the conceptual and methodological (dis)connects between these two areas is more pressing than ever. Inspired by the 2019 United Nations Guiding Principles on Human Rights Impact Assessments (HRIA) for Economic Reform Policies, this book brings together experts working on human rights and economic policy from a range of disciplinary perspectives, including economics, law, and development studies. The contributions reflect a huge body of professional experience in the academic, policy-making, advocacy, and practitioner fields. They cover issues including the politics of evidence in the context of HRIA, economic inequality, child rights impact assessment of economic reforms, economic policy and women’s human rights, tax regimes for multinational corporations and human rights, as well as the human rights impacts of the economic fall-out of the COVID-19 pandemic. The collection also includes the text of the Guiding Principles themselves. It constitutes a crucial volume for scholars, policymakers, advocates and others working on the burning topic of human rights and economic policy reform. The chapters in this book were originally published as a special issue of The International Journal of Human Rights.

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Download or read book Barbados written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2022-12-16 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite a series of economic shocks, Barbados has made good progress in implementing its Economic Recovery and Transformation (BERT) plan since the government led by Prime Minister Mia Mottley took office in May 2018. Macroeconomic stability was restored with a combination of comprehensive sovereign debt restructuring, fiscal consolidation, and structural reforms to reduce fiscal dominance and enhance growth. International reserves have increased to US$1.4 billion by end-September 2022 from a historical low of US$220 million in 2018. While fiscal consolidation was interrupted by the COVID-19 pandemic, public debt was put back on a downward path starting in FY2021/22. Building on the successful completion of a 2018-22 Extended Fund Facility (EFF), the authorities have requested a successor EFF program along with a Resilience and Sustainability Facility (RSF) to strengthen fiscal sustainability, support the structural reform agenda, and increase resilience to climate change.

Download or read book Barbados written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2019-12-18 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents 2019 Article IV Consultation with Barbados and its Second Review Under the Extended Arrangement, Request for Completion of the Financing Assurances Review, and Modification of Performance Criteria. The Article IV discussions focused on fiscal adjustment, medium-term growth and resilience to climate change and natural disasters. The Barbadian authorities continue to make good progress in implementing the comprehensive Economic Recovery and Transformation (BERT) plan aimed at restoring fiscal and debt sustainability, rebuilding reserves, and increasing growth. All program targets for end-June and end-September 2019 have been met. All three structural benchmarks for the second review have also been met. The authorities have continued the reform of state-owned enterprises (SOEs) by completing a review of tariffs and fees charged by SOEs, tightening reporting requirements, and reducing costs. The authorities reached agreement with the External Creditor Committee on a restructuring of external debt to private creditors in October 2019 and launched a debt exchange offer in early November. The IMF Staff proposes modification of the performance criteria relating to the primary balance, net international reserves and net domestic assets.

Download or read book Global Trends 2040 written by National Intelligence Council and published by Cosimo Reports. This book was released on 2021-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

Download or read book Public Debt Through the Ages written by Mr.Barry J. Eichengreen and published by International Monetary Fund. This book was released on 2019-01-15 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible.

Download or read book Climate Change 2022 Impacts Adaptation and Vulnerability written by Intergovernmental Panel on Climate Change (IPCC) and published by Cambridge University Press. This book was released on 2023-06-22 with total page 3070 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Working Group II contribution to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC) provides a comprehensive assessment of the scientific literature relevant to climate change impacts, adaptation and vulnerability. The report recognizes the interactions of climate, ecosystems and biodiversity, and human societies, and integrates across the natural, ecological, social and economic sciences. It emphasizes how efforts in adaptation and in reducing greenhouse gas emissions can come together in a process called climate resilient development, which enables a liveable future for biodiversity and humankind. The IPCC is the leading body for assessing climate change science. IPCC reports are produced in comprehensive, objective and transparent ways, ensuring they reflect the full range of views in the scientific literature. Novel elements include focused topical assessments, and an atlas presenting observed climate change impacts and future risks from global to regional scales. Available as Open Access on Cambridge Core.

Download or read book Global Economic Prospects June 2021 written by World Bank and published by World Bank Publications. This book was released on 2021-08-03 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world economy is experiencing a very strong but uneven recovery, with many emerging market and developing economies facing obstacles to vaccination. The global outlook remains uncertain, with major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Policy makers face a difficult balancing act as they seek to nurture the recovery while safeguarding price stability and fiscal sustainability. A comprehensive set of policies will be required to promote a strong recovery that mitigates inequality and enhances environmental sustainability, ultimately putting economies on a path of green, resilient, and inclusive development. Prominent among the necessary policies are efforts to lower trade costs so that trade can once again become a robust engine of growth. This year marks the 30th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.

Download or read book A Mandate to Grow written by Eduardo A. Cavallo and published by Inter-American Development Bank. This book was released on 2018-03-15 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2018 Macroeconomic Report, A Mandate to Grow, revisits the growth debate that has been raging in the region for the past half century. Viewing the debate from this long-term perspective allows for a focus on the structural factors that have prevented Latin America and the Caribbean from reaching the growth potential required to keep pace with faster growing regions and to fulfill the aspirations of its population.

Download or read book Ten Steps to a Results based Monitoring and Evaluation System written by Jody Zall Kusek and published by World Bank Publications. This book was released on 2004-06-15 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: An effective state is essential to achieving socio-economic and sustainable development. With the advent of globalization, there are growing pressures on governments and organizations around the world to be more responsive to the demands of internal and external stakeholders for good governance, accountability and transparency, greater development effectiveness, and delivery of tangible results. Governments, parliaments, citizens, the private sector, NGOs, civil society, international organizations and donors are among the stakeholders interested in better performance. As demands for greater accountability and real results have increased, there is an attendant need for enhanced results-based monitoring and evaluation of policies, programs, and projects. This Handbook provides a comprehensive ten-step model that will help guide development practitioners through the process of designing and building a results-based monitoring and evaluation system. These steps begin with a OC Readiness AssessmentOCO and take the practitioner through the design, management, and importantly, the sustainability of such systems. The Handbook describes each step in detail, the tasks needed to complete each one, and the tools available to help along the way."