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Capital Flows to MENA: High Quality Assets Still Calling Investors 

Capital inflows to the MENA region will remain high despite the global backdrop. We expect the plunge in oil prices and widening fiscal deficits will lead to a decline in private non-resident capital flows to oil importers, but will be partly offset by higher official flows. 

IIF May 2020 Global Regulatory Update

The May 2020 IIF Global Regulatory Update provides updates on current work streams.

GMV: The March Capital Flow Exodus from EM

Emerging markets have stabilized since the peak COVID-19 shock in March. Depth and severity of non-resident portfolio outflows at the time surprised...

ESG Webinar: Towards Common Metrics and Consistent Reporting of Sustainable Value Creation

This week featured Maha Eltobgy, Head of Shaping the Future of Investing, World Economic Forum, speaking with Sonja Gibbs, Managing Director and Head of Sustainable Finance, Global Policy Initiatives, IIF.

Macro Notes: Russia - Safe Haven Among EM

Russia’s assets are stabilizing, and investors are showing renewed interest. The “Fortress Russia” strategy has reduced macroeconomic vulnerabilities. We expect both the fiscal and monetary policy responses to remain modest. As the economy is set to reopen, COVID-19 infections continue to spread.

Economic Views: Financing Needs in Frontier Markets

We expand our database of FM external financing needs, … including past crises in the 90s we can use as a reference point. Funding needs will...

FRT Episode 68: The Libra Refresh and Digital Currency Developments

John Collins of FS Vector joins FRT to discuss the Libra White Paper 2.0 and key updates in the initiative, against the backdrop of various developments with central bank digital currencies (CBDCs). 

CEEMEA Views – Zambia: Pressure on Reserves

Zambia’s external financing picture will continue to deteriorate in 2020. Sharply lower commodity prices will be a drag on the current account. At the same time, external debt repayments are set to increase markedly. As a result, already low foreign reserves are likely to fall even further. Additional external support of $0.5-1.0 bn would likely stabilize reserves.

Weekly Insight: Surging Global Debt -- What's Owed to China?

With pandemic response a key driver, global debt is set to hit $325 trillion by 2025—up sharply from $255 trillion in 2019; U.S. general government debt is on track to exceed 120% of GDP this year, up from 102% in 2019; China’s total debt hit 317% of GDP in Q1 2020, up from 300% in Q4 2019—the largest quarterly increase on record; China is now the world’s largest bilateral lender to G20 DSSI-countries, holding some 25% of their external debt  

China Spotlight: The Credit and Fiscal Impulses

China’s rising CPI, elevated debt, and deteriorating external positions prevented strong credit stimulus in 2019. Policy impulses came mainly in the form of fiscal spending in 2018 and tax cuts in 2019. Stimulus in 2020 requires better coordination among fiscal, monetary and credit policies.

 

 

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