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Entries for 'DSSI'

IIF Letter to the G20 on DSSI Extension and Common Framework

In the wake of the extension of the G20 Debt Service Suspension Initiative (DSSI), as well as recent thoughtful proposals for reforming the international sovereign debt architecture, the IIF offers these private sector perspectives that build on our September 22 letter to the G20.

Weekly Insight: Gross Financing Needs in DSSI-eligible Countries

Gross external financing needs of DSSI-eligible countries are set to remain high at over $260bn (12.5% of GDP) in 2021; General government debt in DSSI-eligible countries is projected to peak at 56% of GDP in 2021—up from 50% in 2019

Frontier Market Debt Monitor: Surge in Government Borrowing

Total frontier market debt hit a new record of over 120% of GDP in Q2 2020, up 6 percentage points from end-2019. The COVID-19 pandemic has placed a spotlight on rising global debt levels and sovereign debt vulnerabilities. 

IIF Letter To G20 Regarding The Debt Service Suspension Initiative (DSSI)

We remain strongly supportive of the intent behind the DSSI. However, we also recognize that the underlying premise may have changed—the issues in some countries are no longer temporary liquidity problems, but rather more fundamental solvency concerns. This letter sets out three key points which we believe are crucial.

Weekly Insight: Update on G20 Debt Service Suspension

To date, over 40 countries have requested forbearance via the G20 Debt Service Suspension Initiative (DSSI). The DSSI could freeze over $11.5 billion of debt payments due to official bilateral creditors between May and December 2020.

Progress Update on Private Sector Engagement in the G20 Debt Service Suspension Initiative (DSSI)

Following discussions during the Paris Forum/G20 event on July 8, we are pleased to provide the following progress update on private sector engagement with respect to the G20 Debt Service Suspension Initiative (DSSI). 

G20 DSSI Template Waiver Letter Agreement

In response to the request for a waiver from private lenders stating that a request from sovereign borrowers for forbearance from official creditors would not constitute an event of default, we are very pleased to published this “G20 DSSI Template Waiver Letter Agreement.” 

Market Snapshot: EM and FM Sovereign Credit Markets - Open for Business

After a challenging Q1, emerging and frontier market international bond issuance picked up significantly in Q2. High yield sovereign borrowers have been accessing the market; borrowing costs are well below peak Q1 levels. We see robust issuance in most emerging and frontier markets, though sub-Saharan African borrowers are notably absent.

IIF Letter To G20, IMF, World Bank and Paris Club On the Private Sector Terms of Reference for the G20/Paris Club DSSI

Informed by our working group discussions, this letter is meant to frame the accompanying Terms of Reference for private sector consideration of borrower requests within the DSSI.

Terms of Reference for Voluntary Private Sector Participation in the G20/Paris Club DSSI

The Terms of Reference are a toolkit for DSSI-eligible sovereign borrowers that request forbearance from their private creditors. This new framework offers a flexible template for in-scope borrowers and their private creditors to advance conversations and enable voluntary debt service suspension, on terms in line with official bilateral creditors.

 

 

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