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GMV: Exchange Rate Valuations after the Storm

The COVID-19 shock is reshaping the EM landscape dramatically. Current account deficits have turned to surplus in many places, ... as imports comp...

LatAm Views: Policy Space Disparities

Exchange rate flexibility has eased the adjustment to COVID-19 in most large countries. However, “fear of floating” is still high across Central America and the Caribbean. While local market financing is increasing, countries have largely had to borrow in hard currency to help withstand the shock.

IIF Capital Flows Tracker: Flows Continue to Recover

Portfolio flows to EM stood at $32.9 bn in June. Equity and debt inflows were $9.5 bn and 23.5 bn. EM x/ China equity flows post marginal gains. ...

Macro Notes: South Africa - Issuance to Rise as Investors Return

The Supplementary Budget Review shows higher deficits and quickly rising debt. Nonetheless, foreign investors returned in May and yields have fallen sharply. A credible consolidation strategy is needed in October to sustain investor interest. Plans hinge on cuts to non-interest spending that will be difficult to implement.

Cloud Computing: A Vital Enabler in Times of Disruption

This paper explores how cloud architecture represents a key element to effectively manage the new scenario generated by the pandemic, supporting a resilient infrastructure and overcoming the bandwidth limitations of traditional architectures.

Economic Views: Financing Mexico’s Fiscal Deficit

We study the financing of the fiscal deficit in Mexico. In the past, foreigners funded sizable fiscal deficits, … but now they are retrench...

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.

CEEMEA Views: Kenya - Lower Oil Price Alleviates Pressure

Growth will slow down sharply to 0.9% in 2020 as a result of the global recession. Lower oil prices will help offset a decline in exports and collapse of tourism revenues. Support from multilaterals should keep reserve losses manageable at around $1.5 bn. The main downside risk for external financing is a sharp rise of oil prices in 2020H2. Furthermore, a steeper decline in non-resident FDI would be a source of concern.

Green Weekly Insight: Will COVID-19 reinvigorate the ESG agenda?

Rising debt levels amidst COVID-19 may constrain capacity for investment in climate change mitigation and SDGs; A green recovery is critical to reduce emissions but also to boost job creation: $1tn annually in green energy investment could create 9 million jobs in three years, while reducing emissions by 15%; Some $11 trillion in global fiscal stimulus has been approved, but less than 1% of this pandemic response is “green”; The European Commission’s €750 billion budget proposal is by far the largest green package — but faces several obstacles in obtaining approval in European Council negotiations next month

Green Weekly Insight: Will COVID-19 reinvigorate the ESG agenda?

Rising debt levels amidst COVID-19 may constrain capacity for investment in climate change mitigation and SDGs; A green recovery is critical to reduce emissions but also to boost job creation: $1tn annually in green energy investment could create 9 million jobs in three years, while reducing emissions by 15%; Some $11 trillion in global fiscal stimulus has been approved, but less than 1% of this pandemic response is “green”; The European Commission’s €750 billion budget proposal is by far the largest green package — but faces several obstacles in obtaining approval in European Council negotiations next month

 

 

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