A debt crisis is emerging in the Global South at the precise moment when substantial investment is needed to meet shared climate and development goals. Yet, the G20 Common Framework has been unable to engage all creditor classes or link debt relief to climate and development. How can emerging market and developing economies (EMDEs) find […]
Much has been written about the questionable legitimacy of extending credit to states where it is likely that the funds will benefit the corrupt leader, or where the terms of the debt are highly inequitable. Less literature focuses on a different moment in the debt cycle: the point of default and the loss of voice […]
By Leslie Elliott Armijo A global power rebalancing is in process, and Latin America now has the option of playing a larger role in global politics than ever before. In a new journal article in Global Perspectives, I argue that shifts in global power are increasing the value of independent regionalism, particularly within Latin America. […]
By Oyintarelado Moses and Kevin P. Gallagher Recent reports suggest there may be new momentum in the beleaguered Group of 20 (G20) Common Framework negotiations in Zambia and beyond. Since its launch in 2020 in response to the COVID-19 pandemic, the Common Framework has been plagued by reluctance to fully engage in negotiations from private […]
Embedded in the foreign exchange (FX) market is huge, unseen dollar borrowing. In an FX swap, for instance, a Dutch pension fund or Japanese insurer borrows dollars and lends euro or yen in the “spot leg”, and later repays the dollars and receives euro or yen in the “forward leg.” Thus, an FX swap, along […]
In parallel to a chaotic 27th UN Climate Change Conference (COP27) in Sharm El-Sheikh, Egypt, leaders of Group of 20 (G20) countries met in Bali, Indonesia from November 15-16 for the G20 Leaders’ Summit against a backdrop of worsening climate impacts, an ongoing energy crisis, Russia’s war in Ukraine and skyrocketing inflation. Expectations for the […]
By Amanda Brown Leaders from Group of 20 (G20) countries gather in Bali, Indonesia from November 16-17 – a highly anticipated policy event as developing countries face rocketing inflation, supply chain pressures from Russia’s war in Ukraine, the lingering financial bottlenecks of COVID-19 and devastating climate impacts. In the World Bank’s latest Global Economic Prospects […]
By Amanda Brown and Samantha Igo The 27th United Nations Climate Change Conference (COP27) is underway in Sharm El-Sheikh, Egypt from November 6-18, bringing together policymakers, climate activists, researchers, civil society representatives and more to deliver action on climate change. From reducing greenhouse gas emissions to supporting climate action in developing countries, the conference will […]
On August 23, 2021, the International Monetary Fund (IMF) allocated a historic $650 billion worth of Special Drawing Rights (SDRs) in a general allocation to its 190 members, proportional to their quota. SDRs are an international reserve asset that can be exchanged for hard currency or donated among member countries. These new SDRs added much-needed […]
By Amanda Brown The international system is at a crossroads, facing increasingly global challenges and struggling to meet the needs of all countries amid rising levels of unsustainable debt and climate disasters. Against this backdrop, the IMF and World Bank kick off their Annual Meetings in Washington, D.C. from October 10-16, 2022. As these institutions […]