Our annual assessment of investor relations and debt transparency programs reveals a wide range of practices across emerging markets and developing countries with the Philippines, T rkiye, Indonesia, Brazil, and Hungary achieving this year's highest scores.

Sovereign debt vulnerabilities in emerging markets and developing economies were already high before the pandemic and have been further exacerbated by rising global interest rates. Debt strains remain particularly pronounced in low and lower-middle income countries. With heavy reliance on foreign currency borrowing persistently posing significant challenges for some sovereign borrowers, interest expense on local currency debt now accounts for over 80% of total interest costs for emerging market governments.

Our annual assessment of Investor Relations and Debt Transparency practices reveals a wide range of practices across emerging markets and developing countries with Indonesia, T rkiye, Philippines, Colombia, and Brazil achieving the highest scores.

The Guidance and Explanatory Note includes a suite of specimen clauses for inclusion in commercial loan agreements by sovereign borrowers.

The lingering effects of the COVID-19 pandemic and sharp slowdown in global growth coupled with higher borrowing costs, inflation, currency depreciation and the rising incidence of droughts and floods related to climate change has resulted in a very challenging landscape for emerging market sovereign borrowers this year. Against this backdrop, the 2022 Implementation Note of the Principles Consultative Group (the "PCG Report") offers an overview of key initiatives to improve the international sovereign debt architecture, including an update of the Principles for Stable Capital Flows and Fair Debt Restructuring.

Successful investors relations programs (IRP) feature direct communication between sovereign borrowers and market participants. The IIF Best Practices for Investor Relations help define the types of formal communication channels available to country authorities and guide the establishment of this connection with market participants.

The Principles for Stable Capital Flows and Fair Debt Restructuring are voluntary guidelines offering an effective framework for sovereign debt crisis prevention and crisis resolution to promote sustained market access.

The 2021 Principles Consultative Group (PCG) report features an interim report on updating the Principles for Stable Capital Flows and Fair Debt Restructuring based on contributions from PCG members. Changes in sovereign debt markets over the past decade, lessons learned from recent debt restructurings, the emergence of the DSSI and Common Framework, and the surge in investor interest in ESG considerations all underscore the need to update the Principles.

Building on the quarterly conference calls of the Principles Consultative Group, the 2020 PCG report takes stock of the impact of the Covid-19 crisis on the global sovereign debt markets, emerging markets capital flows and debt sustainability, especially in developing countries.

The 2019 Report on the Implementation of the Principles takes stock of the quarterly discussions of the Principles Consultative Group (PCG), which includes senior officials from emerging and mature market economies as well as senior bankers, investors and sovereign debt experts.

The Principles for Stable Capital Flows and Fair Debt Restructuring incorporate voluntary, market-based, flexible guidelines for the behavior of sover.

The Group of Trustees of the Principles for Stable Capital Flows and Fair Debt Restructuring held its 2016 Annual Meeting in Washington, D.C. to revie.

Washington, D.C., February 18, 2016 - The Institute of International Finance today released a statement in their capacity as the Co-Chairs of the Grou.

The Institute of International Finance in its capacity as Secretariat of the Group of Trustees-- the governing and monitoring body of the Principles f.

The Group of Trustees of the Principles for Stable Capital Flows and Fair Debt Restructuring held its 2015 Annual Meeting in Lima, Peru, to review the.