Bernat Camps Adrogué
@bernatcamps.bsky.social
Associate at Lion's Head Global Partners working with EM Sovereigns and MDBs | IMF, SDRs and Debt | CGD, LSE & UPF alumni | Views are my own.
With increasing pressure on EU development budgets,optimising the impact of the EU’s concessional finance is critical. Check out this paper we have put together with @cgdev.org colleagues on how the EFSD+ guarantee instrument can be strengthened to support EMDEs better. www.cgdev.org/publication/...
The European Fund for Sustainable Development Plus: Maximising the EU Guarantee for Leverage and Impact
With increasing pressure on European development budgets, optimizing the efficiency and impact of the European Union’s concessional finance is critical. This paper examines how the European Fund for S...
www.cgdev.org
April 29, 2025 at 4:33 PM
With increasing pressure on EU development budgets,optimising the impact of the EU’s concessional finance is critical. Check out this paper we have put together with @cgdev.org colleagues on how the EFSD+ guarantee instrument can be strengthened to support EMDEs better. www.cgdev.org/publication/...
Here waiting for Moody's, S&P and Fitch to put the US on watch...
March 4, 2025 at 7:13 PM
Here waiting for Moody's, S&P and Fitch to put the US on watch...
The African Financing Stability Mechanism (AFSM) technical and operational report is finally out! Africa is the only continent without a Regional Financing Arrangement, making this initiative a game changer to address African financial vulnerabilities. www.afdb.org/en/documents...
African Financing Stability Mechanism (AFSM) Technical and Operational Report
www.afdb.org
February 23, 2025 at 11:10 AM
The African Financing Stability Mechanism (AFSM) technical and operational report is finally out! Africa is the only continent without a Regional Financing Arrangement, making this initiative a game changer to address African financial vulnerabilities. www.afdb.org/en/documents...
Sovereign debt issues for EMDEs were a predictable subject of many conversations at the WB-IMF Annual Meetings. In a new CGD blog, Masood Ahmed, Hannah Brown & I share our takeaways on the state of play and how to make progress to address urgent needs. cgdev.org/blog/main-ta...
Main Takeaways on Debt from the Annual Meetings
Sovereign debt issues for emerging markets and developing economies (EMDEs) were a predictable subject of many conversations at the World Bank and IMF Annual Meetings in Marrakech. Here are our main t...
cgdev.org
November 30, 2023 at 1:20 PM
Sovereign debt issues for EMDEs were a predictable subject of many conversations at the WB-IMF Annual Meetings. In a new CGD blog, Masood Ahmed, Hannah Brown & I share our takeaways on the state of play and how to make progress to address urgent needs. cgdev.org/blog/main-ta...
Does SDR recycling impair reserve management? In a new
Center for Global Development note, Mark Plant and I show that the UK can manage its reserves well and recycle SDRs to vulnerable countries, but the IMF can learn from this case to reform the VTA choice mechanism. www.cgdev.org/publication/...
Center for Global Development note, Mark Plant and I show that the UK can manage its reserves well and recycle SDRs to vulnerable countries, but the IMF can learn from this case to reform the VTA choice mechanism. www.cgdev.org/publication/...
Does SDR Recycling Impair Reserve Management? The Case of the United Kingdom
In the wake of a challenging year, the Bank of England (BoE) has found itself navigating a tumultuous economic landscape marked by significant upheavals. Following the release of the mini-budget in Se...
www.cgdev.org
November 14, 2023 at 4:06 PM
Does SDR recycling impair reserve management? In a new
Center for Global Development note, Mark Plant and I show that the UK can manage its reserves well and recycle SDRs to vulnerable countries, but the IMF can learn from this case to reform the VTA choice mechanism. www.cgdev.org/publication/...
Center for Global Development note, Mark Plant and I show that the UK can manage its reserves well and recycle SDRs to vulnerable countries, but the IMF can learn from this case to reform the VTA choice mechanism. www.cgdev.org/publication/...
Reposted by Bernat Camps Adrogué
One issue - rightfully flagged by @bernatcamps.bsky.social on the other platform - is missing from the op-ed. Low income countries are sheltered from surging SDR interest but not completely because if they drew on their SDR allocations it's akin to a perpetual loan with a variable rate (the SDRi)...
I had the pleasure to write an op-ed for Devex. Our call for a cap on surging IMF lending rates isn't about cheap financing or displacing World Bank. It's about strengthening the IMF's core mandate as a viable lender of last resort at a difficult time in the global economy www.devex.com/global-views
devex.com
www.devex.com
November 2, 2023 at 8:17 PM
One issue - rightfully flagged by @bernatcamps.bsky.social on the other platform - is missing from the op-ed. Low income countries are sheltered from surging SDR interest but not completely because if they drew on their SDR allocations it's akin to a perpetual loan with a variable rate (the SDRi)...
Two years after the G20 commitment to recycling US$100 billion worth of SDRs to vulnerable nations, pledges still fall short and less than 1% of the promised support reached vulnerable economies. Here's an update from Mark Plant and me: www.cgdev.org/blog/empty-w...
Empty Words, Empty Wallets: The G20’s Broken Promise on SDR Recycling
In August 2021, as the world continued to grapple with the far-reaching effects of the ongoing global pandemic, the International Monetary Fund (IMF) took a significant step to help. Recognizing the u...
www.cgdev.org
October 30, 2023 at 9:42 PM
Two years after the G20 commitment to recycling US$100 billion worth of SDRs to vulnerable nations, pledges still fall short and less than 1% of the promised support reached vulnerable economies. Here's an update from Mark Plant and me: www.cgdev.org/blog/empty-w...
On October 13th, CGD, the AfDB, the IDB, and the Rockefeller Foundation hosted a high-level meeting to discuss the rechanneling of SDRs to MDBs. Key takeaways from the PR:
- Representatives from the IMF noted that in the Staff's view, the hybrid capital proposal meets the Reserve Asset Status!
- Representatives from the IMF noted that in the Staff's view, the hybrid capital proposal meets the Reserve Asset Status!
October 25, 2023 at 8:51 AM
On October 13th, CGD, the AfDB, the IDB, and the Rockefeller Foundation hosted a high-level meeting to discuss the rechanneling of SDRs to MDBs. Key takeaways from the PR:
- Representatives from the IMF noted that in the Staff's view, the hybrid capital proposal meets the Reserve Asset Status!
- Representatives from the IMF noted that in the Staff's view, the hybrid capital proposal meets the Reserve Asset Status!
New CGD Working Paper - Climate Change and Government Borrowing Costs: A Triple Whammy for Emerging Market Economies. We investigate the impact of both climate debt and climate vulnerability/resilience on sovereign bond yields and spreads in AE and EM using a novel dataset. 1/4
Climate Change and Government Borrowing Costs: A Triple Whammy for Emerging Market Economies
Climate change is a systemic risk to the global economy. While there is a large body of literature documenting the potential economic consequences of climate change, there is relatively little researc...
www.cgdev.org
October 24, 2023 at 3:11 PM
New CGD Working Paper - Climate Change and Government Borrowing Costs: A Triple Whammy for Emerging Market Economies. We investigate the impact of both climate debt and climate vulnerability/resilience on sovereign bond yields and spreads in AE and EM using a novel dataset. 1/4
I must say I disagree with some of the remarks made by the Governor of the Bank of Ghana on the PRGT.
Short thread
1) Surcharges only apply to borrowing from the GRA, lending under the PRGT comes without surcharges (although yes, eliminate surcharges for GRA)
www.businessghana.com/site/news/Bu...
Short thread
1) Surcharges only apply to borrowing from the GRA, lending under the PRGT comes without surcharges (although yes, eliminate surcharges for GRA)
www.businessghana.com/site/news/Bu...
October 19, 2023 at 10:46 AM
I must say I disagree with some of the remarks made by the Governor of the Bank of Ghana on the PRGT.
Short thread
1) Surcharges only apply to borrowing from the GRA, lending under the PRGT comes without surcharges (although yes, eliminate surcharges for GRA)
www.businessghana.com/site/news/Bu...
Short thread
1) Surcharges only apply to borrowing from the GRA, lending under the PRGT comes without surcharges (although yes, eliminate surcharges for GRA)
www.businessghana.com/site/news/Bu...
IMFC Chair's Statement 10 key takeaways:
1: The global economy has been resilient, with the 2023 growth outlook slightly upgraded since the Spring. However, recovery has been uneven and medium-term global growth projections remain weak.
1: The global economy has been resilient, with the 2023 growth outlook slightly upgraded since the Spring. However, recovery has been uneven and medium-term global growth projections remain weak.
October 17, 2023 at 9:21 AM
IMFC Chair's Statement 10 key takeaways:
1: The global economy has been resilient, with the 2023 growth outlook slightly upgraded since the Spring. However, recovery has been uneven and medium-term global growth projections remain weak.
1: The global economy has been resilient, with the 2023 growth outlook slightly upgraded since the Spring. However, recovery has been uneven and medium-term global growth projections remain weak.
New loan resources for the PRGT! Borrowing agreements with Australia, China, Finland, France, Netherlands, Norway, Sweden, and the UK will provide new PRGT loan resources in a total amount of about SDR 5.1 billion (~6.7 bn$). That means the loan resources target has been met.
October 10, 2023 at 1:09 PM
New loan resources for the PRGT! Borrowing agreements with Australia, China, Finland, France, Netherlands, Norway, Sweden, and the UK will provide new PRGT loan resources in a total amount of about SDR 5.1 billion (~6.7 bn$). That means the loan resources target has been met.
Interesting graph in the WEO on changes in tanker shipments from Russia's ports from 2019 to 2023 (decreases in blue and increases in red). Russian oil shipments rose after the invasion to China, India, Turkiye and the UAE; And Europe imported more from Norway, UAE and the US.
October 10, 2023 at 9:45 AM
Interesting graph in the WEO on changes in tanker shipments from Russia's ports from 2019 to 2023 (decreases in blue and increases in red). Russian oil shipments rose after the invasion to China, India, Turkiye and the UAE; And Europe imported more from Norway, UAE and the US.
The WEO is out, the likelihood of a soft landing has increased, but the growth forecast is the lowest in decades.
www.imf.org/en/Publicati...
www.imf.org/en/Publicati...
October 10, 2023 at 9:30 AM
The WEO is out, the likelihood of a soft landing has increased, but the growth forecast is the lowest in decades.
www.imf.org/en/Publicati...
www.imf.org/en/Publicati...
Ahead of the Annual Meetings in Marrakech, IMF's Managing Director Kristalina Georgieva gave a speech at Côte d'Ivoire on the outlook for the global economy and policy priorities. Key takeaways in this thread, but first some context:
www.imf.org/en/News/Arti...
www.imf.org/en/News/Arti...
2023 IMF Annual Meetings Curtain Raiser Speech
Ahead of the 2023 Annual Meetings, Managing Director Kristalina Georgieva will deliver the curtain raiser speech outlining global policy priorities.
www.imf.org
October 6, 2023 at 10:45 AM
Ahead of the Annual Meetings in Marrakech, IMF's Managing Director Kristalina Georgieva gave a speech at Côte d'Ivoire on the outlook for the global economy and policy priorities. Key takeaways in this thread, but first some context:
www.imf.org/en/News/Arti...
www.imf.org/en/News/Arti...
The Bretton Woods Project just published an interesting brief on reconceptualising SDRs as a tool for development finance.The brief calls for:
1:Periodic general allocations
2:Decoupling SDRs from quotas
3:Revisiting IMF tools and rechanneling mechanisms
www.brettonwoodsproject.org/2023/10/reco...
1:Periodic general allocations
2:Decoupling SDRs from quotas
3:Revisiting IMF tools and rechanneling mechanisms
www.brettonwoodsproject.org/2023/10/reco...
Reconceptualising Special Drawing Rights as a tool for development finance - Bretton Woods Project
Briefing examines the shortcomings of the current SDRs allocation system and calls to reform SDRs to ensure their targeted, needs-based and equitable distribution.
www.brettonwoodsproject.org
October 5, 2023 at 9:08 AM
The Bretton Woods Project just published an interesting brief on reconceptualising SDRs as a tool for development finance.The brief calls for:
1:Periodic general allocations
2:Decoupling SDRs from quotas
3:Revisiting IMF tools and rechanneling mechanisms
www.brettonwoodsproject.org/2023/10/reco...
1:Periodic general allocations
2:Decoupling SDRs from quotas
3:Revisiting IMF tools and rechanneling mechanisms
www.brettonwoodsproject.org/2023/10/reco...
It's that time of the year, the annual update on SDR trading operations is out! If you don't have time to read the report, I've got you covered, here's a thread with the most interesting parts. But first, what exactly is this report and why does it matter? My first thread on Bluesky!
October 3, 2023 at 9:16 AM
It's that time of the year, the annual update on SDR trading operations is out! If you don't have time to read the report, I've got you covered, here's a thread with the most interesting parts. But first, what exactly is this report and why does it matter? My first thread on Bluesky!