Call us on
+44 (0) 207 045 0920

Policy & Government

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

Saudi Arabia Announces VAT Increase, Suspends Cost of Living Allowances for Public Servants

Saudi Arabia announced additional measures this week to prevent the country’s deficit from spiralling out of control in the wake of a steep drop in the price of oil and a fall-off in economic activity.

11 May 2020

BBH: Turkey’s Desperate Moves Unlikely to Buoy the Lira

The Turkish lira continues to tumble. This feels like a rerun of the last lira crisis back in August 2018. Surprisingly little has changed fundamentally in the nearly two years that have passed, as officials have largely refrained from taking any significant actions except those that make it even harder to invest in Turkey. Turkey used to be the darlings of EM. Now, we fear it will end up being…

11 May 2020

Kenya, Uganda Score IMF Funding in Boost for COVID-19 Response

The International Monetary Fund (IMF) approved rapid disbursements of emergency funding for Kenya and Uganda this week to help the East African nations finance measures to address the COVID-19 pandemic.

7 May 2020

Private Sector Deleveraging Required to Plug EM Current Account Deficits - IIF

As countries worldwide are forced to spend unprecedented amounts to counter the economic and health effects of COVID-19, fiscal and current account deficits are set to rise globally. Rocky market conditions mean most EM sovereigns will struggle to access external funding, however, leaving the local private sector to pick up the slack, according to a recent report from the Institute of…

7 May 2020

District of Bogata to Issue COP600mn in Bonds

Bogata’s District Ministry of Finance yesterday announced plans to issue COP600bn (approx. USD152mn) pesos in local bonds to counter the effects of the COVID-19 pandemic. The bonds are AAA rated and the transaction is being arranged by Itau.

7 May 2020

Want EM credit market insights delivered straight to your inbox?

Subscribe