As we entered the third year of the pandemic, high and rising debt levels were a growing vulnerability—particularly for emerging markets. With key central banks now on track to normalize monetary policy, the need for fiscal consolidation could become a drag on economic growth, leaving many emerging markets more exposed to swings in global risk sentiment.
We hope you were able to join us on February 23rd for the launch of our latest IIF Global Debt Monitor. Sponsored by Fitch Ratings, this interactive discussion focused on key policy challenges and market developments, including EM government efforts to improve fiscal positions—while also supporting sustainable growth and transition to a greener global economy. We considered the potential impact of rising borrowing costs, inflationary pressures and heightened FX volatility, as well as global efforts to strengthen the international sovereign debt architecture. Finally, we took a closer look at supply/demand considerations for the rapidly expanding ESG debt universe, including for emerging markets.
Welcome and Introduction:
+ Clay Lowery,?Executive Vice President, Research and Policy, IIF
Presentation - IIF Global Debt Monitor:
+ Emre Tiftik,?Director, Sustainability Research, IIF
Panel Discussion:
+ Sonja Gibbs, Managing Director and Head of Sustainable Finance, Global Policy Initiatives, IIF (Moderator)
+ Aart Kraay, Director of Development Policy and Deputy Chief Economist, World Bank Group
+ James McCormack, Managing Director and Global Head of Sovereign & Supranational Ratings, Fitch Ratings
+ Anne Milne, Managing Director and Head of the GEM Corporate Credit Research, BofA Securities