The IIF's work on debt policy falls into several buckets:
In response to strong demand from our members and a range of private/public sector collaborators to support efforts to promote better disclosure in sovereign debt markets, the IIF has launched a Debt Transparency Initiative tasked with creating and implementing a set of voluntary Principles for Debt Transparency—applicable universally but especially in emerging and developing countries, an idea consistent with the G20-endorsed Principles for Stable Capital Flows and Fair Debt Restructuring.
The primary mandate of the Debt Transparency Initiative is to find ways to improve disclosure and make comprehensive debt data more accessible. Greater transparency has many benefits including improved credit assessment and decision making by lenders, better debt management by EM borrowers (including better access to funding and lower borrowing costs), and support for debt sustainability. The G20 has expressed support for IIF’s work on the Voluntary Principles for Debt Transparency in the Communiqué of the Finance Ministers and Central Bank Governors Meeting in Fukuoka in June 8-9, 2019. In the next year, the DTWG will be working on operationalizing the Voluntary Debt Transparency Principles, including finding an appropriate data repository to house the disclosed information.
Principles Consultative Group
The Principles Consultative Group is tasked with monitoring and encouraging the practical application of the Principles for Stable Capital Flows and Fair Debt Restructuring. The group’s membership includes finance ministry and central bank officials as well as senior representatives of the private financial community. Many of the PCG’s members were instrumental in the formulation of the Principles. Regular PCG conference calls provide an opportunity to discuss implementation issues, country cases, and implications of developments in global capital markets. The PCG welcomes a number of regular observers, including representatives of the IMF and World Bank/IFC staff, the IADB, the EBRD, the BIS, the ECB and the Federal Reserve Bank of New York.
The Institute’s deep involvement with investor relations and data transparency issues dates back to the mid-1990s. Through this work, the IIF has developed a set of 20 criteria for the evaluation of investor relations (IR) practices and a set of 23 criteria for the evaluation of the data dissemination practices of emerging market sovereign debt issuers. The IIF’s recommendations for enhancing IR practices have been formulated into a set of Best Practices issued in 2005. The results of the IIF’s annual evaluation of IR and data dissemination practices of key emerging market (EM) countries are published annually and since 2009, included in the annual Report on Implementation by the Principles Consultative Group