Rowan Rockafellow (罗安)
@rrockafellow.bsky.social
EM debt, China, and Climate Finance | CGD, Ex-USAID
And, finally, I really like this chart.
June 20, 2025 at 4:55 PM
And, finally, I really like this chart.
New and improved WB debt reporting system should allow countries to opt-in to loan-level disclosure. Other recommendations include standardized DMO software, enhanced TA, MDB data reconciliation, and improved PDM legal frameworks.
thedocs.worldbank.org
June 20, 2025 at 4:55 PM
New and improved WB debt reporting system should allow countries to opt-in to loan-level disclosure. Other recommendations include standardized DMO software, enhanced TA, MDB data reconciliation, and improved PDM legal frameworks.
Borrowers, creditors, and IFIs all have parts to play in promoting transparency. Transparency-positive covenants, improved MDB data, and creditor disclosure help. But borrowers ultimately pay the uncertainty premia for opaque debt stacks alone.
June 20, 2025 at 4:55 PM
Borrowers, creditors, and IFIs all have parts to play in promoting transparency. Transparency-positive covenants, improved MDB data, and creditor disclosure help. But borrowers ultimately pay the uncertainty premia for opaque debt stacks alone.
Debt swaps are exciting, but without disclosure of pre- and post-swap financial terms, associated spending commitments, and guarantee fees, it’s impossible to evaluate how efficient they really are.
CRDC benefits limited by T&C inconsistency across borrowers and lenders.
CRDC benefits limited by T&C inconsistency across borrowers and lenders.
June 20, 2025 at 4:55 PM
Debt swaps are exciting, but without disclosure of pre- and post-swap financial terms, associated spending commitments, and guarantee fees, it’s impossible to evaluate how efficient they really are.
CRDC benefits limited by T&C inconsistency across borrowers and lenders.
CRDC benefits limited by T&C inconsistency across borrowers and lenders.
Lots of restructuring happening outside the common framework. @agelpern.bsky.social, what happens when the creditor from a bilateral restructuring claims prior treatment in a subsequent comprehensive restructuring?
June 20, 2025 at 4:55 PM
Lots of restructuring happening outside the common framework. @agelpern.bsky.social, what happens when the creditor from a bilateral restructuring claims prior treatment in a subsequent comprehensive restructuring?
Collateralized loans and repos make for prolonged, messy restructurings. They appear to get restructured a lot. They also dilute and subordinate other creditors. Uncertainty around details of these contracts undermines sovereign credit analysis and likely widens uncertainty premia.
June 20, 2025 at 4:55 PM
Collateralized loans and repos make for prolonged, messy restructurings. They appear to get restructured a lot. They also dilute and subordinate other creditors. Uncertainty around details of these contracts undermines sovereign credit analysis and likely widens uncertainty premia.
Only 25% of countries publish loan-level data on new borrowing. Contract-level transparency is even rarer, despite real benefits for borrowing costs and fiscal governance.
www.cgdev.org/blog/publish...
www.cgdev.org/blog/publish...
Publish What You Lend
Just how bad is the debt crisis in developing countries? We know that it’s bad—most African countries are currently spending more on repayments than on health or education. But we don’t know exactly h...
www.cgdev.org
June 20, 2025 at 4:55 PM
Only 25% of countries publish loan-level data on new borrowing. Contract-level transparency is even rarer, despite real benefits for borrowing costs and fiscal governance.
www.cgdev.org/blog/publish...
www.cgdev.org/blog/publish...
High-level debt data isn’t enough. Amid tight financing conditions, countries turn to complex, opaque credit instruments. Private placements, collateralized loans, repos, central bank swaps, and debt conversions provide liquidity but carry uncertainty. Contract-level transparency is needed.
June 20, 2025 at 4:55 PM
High-level debt data isn’t enough. Amid tight financing conditions, countries turn to complex, opaque credit instruments. Private placements, collateralized loans, repos, central bank swaps, and debt conversions provide liquidity but carry uncertainty. Contract-level transparency is needed.
High-level debt data is improving. Share of low-income countries with 2+ year old data is down 15 percentage points. 80% now publish external, domestic, central government-guaranteed debt. World Bank IDS data added $630 B previously undisclosed loan commitments since 2018.
June 20, 2025 at 4:55 PM
High-level debt data is improving. Share of low-income countries with 2+ year old data is down 15 percentage points. 80% now publish external, domestic, central government-guaranteed debt. World Bank IDS data added $630 B previously undisclosed loan commitments since 2018.