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Policy & Government

Peru Secures USD11bn Two-Year Credit Line from IMF

The IMF has approved a USD11bn flexible credit line with the Peru to help the Latin American nation cushion the impact of the coronavirus pandemic on its economy.

29 May 2020

Bips & Pieces Americas Policy & Government

GCC Debt Sees Strong Demand in Q2 But Worsening Outlook Raises Alarms

GCC sovereign bond issuance surged to USD26bn and attracted more than USD140bn in demand through the second quarter of this year as the region’s governments flocked to international markets to cover deficits sent wider by lower oil prices and depressed economic activity. Some analysts say investors should not be so quick to shrug off some of the macroeconomic pressures weighing on the region.

29 May 2020

Intellidex: South Africa Should Issue a Social Bond to Finance Pandemic Support

South Africa should explore the possibility of issuing a social bond to help finance programmes aimed at countering the impact of COVID-19, according to a recent paper published by a group of economists.

28 May 2020

Philippines gets USD400mn from ADB to Boost Capital Markets, Infrastructure Development

The Asian Development Bank (ADB) has approved a USD400mn loan for the Philippines this week, with the proceeds going towards supporting a range of policy initiatives including the development of domestic capital markets and infrastructure-linked debt.

26 May 2020

Jordan Secures USD396mn from IMF to Tackle Rising COVID-19 Costs

The IMF has approved USD396mn in fresh funding for Jordan as the Kingdom looks for additional support to plug a growing fiscal deficit stretched even wider by the coronavirus pandemic.

22 May 2020

Nigeria Opens Subscriptions for NGN150bn Sukuk as Shift to Local Market Funding Accelerates

Nigeria’s debt management office (DMO) has opened the book on a NGN150bn (approx. USD385mn) sukuk, part of the government’s wider efforts to shift back to domestic markets for funding in a bid to help relieve pressure on foreign currency reserves.

22 May 2020

Moody's: G20 Debt Suspension Will Only Marginally Ease Pressures on EM Economies

The decision to suspect debt payment on debt to some of the world’s poorest economies will only marginally ease pressures on financing, according to a recent report from Moody’s Investors Service.

22 May 2020

With Widescale Chinese Debt Forgiveness in Africa Unlikely, Focus Shifts to Vulnerable Debtors

China has signalled its willingness to provide debt service relief alongside the G20 by signing onto the landmark agreement in April, a crucial tailwind for several Sub-Saharan African countries. But with wholesale debt forgiveness unlikely and debt reprofiling renegotiations potentially stretching on much longer than expected, attention is now shifting to some of the region’s more vulnerable…

21 May 2020

OPEC+ Production Cuts Will Place Additional Strain on Nigeria’s Economy

Adhering to the recently agreed OPEC+ oil production cuts will only deepen Nigeria’s economic problems and exacerbate its difficulties with external finances, according to a recent report by Fitch Ratings. Whilst liquidity provided by multilaterals will help ease some pressures in the short-term, macroeconomic strains will continue.

20 May 2020

Ukraine Finally Passes Banking Reforms, Clearing a Path for IMF Bailout

Ukraine passed an amendment to its banking rules this week that would prevent insolvent banks from being returned to their previous owners, potentially unlocking billions of dollars in support from the IMF and other multilateral institutions.

14 May 2020

India Announces Whopping INR20tn Stimulus Package

India’s Finance Minister Nirmala Sitharaman has announced part of a colossal INR20tn (USD265bn) stimulus programme aimed at reviving India's faltering economy, including measures aimed at supporting SMEs and the shadow banking sector.

13 May 2020

Chile Likely to Get USD23.8bn Flexible Credit Line from IMF

IMF Managing Director Kristalina Georgieva is likely to approve Chile’s request for a USD23.8bn flexible credit line from the Fund, it said in a statement.

13 May 2020

Egypt Gets USD2.77bn from IMF as Coronavirus Bites

The International Monetary Fund (IMF) has approved a USD2.77bn loan for Egypt to help finance a rapid rise in healthcare spending linked to containing the spread of coronavirus.

12 May 2020

South Africa Details Rise in Government TB Auctions

The National Treasury announced a step-up in local currency borrowing in the form of South African Government Bills (SAGB) and inflation-linked bonds (ILB). But according to Peter Attard Montalto, Head of Capital Markets Research at Intellidex, additional government borrowing in the mid- to long-term may become unsustainable.

12 May 2020

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