By Tim Hirschel-Burns In March, New York lawmakers submitted the “Sovereign Debt Stability Act” to the New York State Assembly with the goal of “providing effective mechanisms for restructuring sovereign and subnational debt.” Proponents of the bill will seek to move it through both chambers of the legislature and receive a signature from the governor […]
By Tim Hirschel-Burns From April 15-19, policymakers, civil society, researchers and more will gather in Washington, D.C. for the 2024 International Monetary Fund (IMF)/World Bank Group Spring Meetings. These official, high-level meetings will set the direction for the institutions, amid a plethora of panels and side events, as well as related meetings like the G20 […]
By Ying Qian Many developing countries continue to suffer from the impacts of debt distress that were exacerbated during the COVID-19 pandemic years. It is estimated that 61 emerging markets and developing economies (EMDEs) are in or at high risk of debt distress, and that more than $812 billion in debt needs to be restructured […]
By Rebecca Ray Emerging market and developing economies (EMDEs) need an immediate, stepwise infusion of investment for climate and conservation goals: $1 trillion in international capital for climate investment and over $2 trillion annually to meet the United Nations 2030 Sustainable Development Goals (SDGs), according to the International High Level Expert Group on Climate Finance. […]
A cycle of extreme weather, financial instability, unsustainable debt levels and high costs of capital are limiting fiscal space at precisely the moment that a dramatic, stepwise increase in environmental investments is needed if shared climate and development goals are to be met in emerging markets and developing economies (EMDEs). What is the fiscal picture […]
The year 2023 is coming to a close as emerging market and developing economies continue to experience economic headwinds in the form of higher-for-longer interest rates, the ongoing ramifications of the COVID-19 pandemic and Russia’s war in Ukraine and accelerating climate change. In reflecting on the end of the year and the start of another, […]
By Tim Hirschel-Burns With the 28th United Nations Climate Change Conference (COP28) in Dubai underway, countries are yet to resolve major questions on closing the gap on both climate finance and ambition. Most notably, last year’s key decision to establish a loss and damage fund, has long been mired in debate. Although the fund has now […]
By Tim Hirschel-Burns On December 1, 2023, Brazil took over the presidency of the Group of 20 (G20) from India (the recent addition of the African Union as a permanent member means the forum has 21 members, but for now it’s still being called the G20). Brazil’s presidency—its first time heading the organization—will include over […]
By Rishikesh Ram Bhandary This is a critical policy moment just weeks ahead of the 28th United Nations Climate Change Conference (COP28) in Dubai where the first-ever assessment of how countries are meeting their climate pledges under the Paris Agreement – the Global Stocktake (GST) – will conclude. This review process will provide countries vital […]
By Marina Zucker-Marques With the worsening debt situation in developing countries, the ongoing debt relief negotiations within the Group of 20 (G20) Common Framework have been disappointing. Among many issues delaying debt negotiations (like domestic debt restructuring, sharing information on debt sustainability analysis and debt carrying capacity), the question of whether multilateral development banks (MDBs) […]