Debt service is crowding out social spending for billions of people, after the 2025 Jubilee it is time for a bold reform that brings HOPE "High Opportunity for Prosperity and Equity" w/ @kevinpgallagher.bsky.social and Marilou Uy at @devex.com www.devex.com/news/this-ju...

Check our chart of the week! shorturl.at/l7xhx COP’s key discussion: achieving the $1.3T climate finance goal. For that, MDBs must play a bold role. Tripling MDB lending by 2030, per G20 Independent Expert Group, would put MDBs in the path to cover one-quarter of 1.3 T target by 2035.

It is hard to imagine a more cost-effective solution to foreign-aid cuts than the IMF selling a small share of its gold at no risk to its financial health and at no cost to its donors, write @timhirschelburns.bsky.social and @marinazucker.bsky.social. bit.ly/48nTRaS

For @chinagsproject.bsky.social, @marinazucker.bsky.social + I wrote on the need for IMF governance reform, the China-sized elephant in the room, and how there are workable routes to reform—if members are committed to preserving the IMF's legitimacy chinaglobalsouth.com/analysis/no-...

NEW from @marinazucker.bsky.social and me in @chinagsproject.bsky.social. The IMF hasn't agreed a shift in quotas (and thus voting power) since 2010, leaving it way out of step with today's world. We outline a strategy to break out of political gridlock + increase the Global South's representation

One more double standard on IFA. If you are MDB with rich shareholders, your claims is out of the parameter. But claims from South-led institutions - that should be strengthened and supported - are included in the parameter? www.reuters.com/world/africa...

This Spring Meetings made one thing clear: the IMF must reform its governance or risk losing legitimacy and becoming less effective in addressing global financial challenges. Maia Colodenco, Florencia Asef Horno, and I outline ways to boost EMDE voice and representation in the Fund Summary below 👇

It’s that time of year! If you’re in DC for the WB/IMF Spring Meetings, don’t miss this event TOMORROW apr. 21st 3PM W/ fresh papers that address the impact of debt on development prospects in Africa + more Not in DC? Join us online! t.co/mLoTlbc68i @gdp-center.bsky.social

🧵 The tragic earthquake in Myanmar has exposed deep flaws in how global financial institutions respond to disasters. A 7.7 magnitude quake, 3,400+ dead—and yet, key IMF and WB tools remain out of reach. Red Cross aims to raise $100 mn aid Myanmar will pay $170 mn to IMF + $95mn to WB

"What a week, huh?"....."Captain, it is Sunday"

China's response: ”As the second largest economy and second largest market for consumer goods, China is committed to opening ever wider to the world, no matter how the international situation change [...]And we will share our development opportunities with the world to achieve mutual benefits."

Our broken financial architecture Myanmar’s disaster (est. cost >100% GDP) qualifies it for IMF relief via the CCRT But CCRT funds, w/ just 81 mn SDRs aren't enough to cover the 103 mn Myanmar could request- 20% of their quotas Meanwhile, IMF sits on $282bn in idle gold

The International Financial Architecture and Sustainable Prosperity. My new paper for @UNUWIDER www.wider.unu.edu/sites/defaul...

É pra comemorar sim! É clima de copa do mundo sim!

Today, 8 former presidents from Africa have made public their call for debt relief

Time to speak up about Africa’s debt crisis, new piece with @marinazucker.bsky.social blogs.lse.ac.uk/africaatlse/...

Escape from Washington before it’s too late! Come join our communications team: www.bu.edu/gdp/about-us...

@bancocentralbrasil.bsky.social released the 2024 BoP data Brazil recorded a $16.7 BILLION outflow via crypto purchases, or 17% of the capital and financial account and 0.76% of GDP. Those concerned with forex stability & BoP vulnerabilities must pay attention to this new channel for outflows

New article with @marinazucker.bsky.social and others on Africa’s chronic debt predicament. Time for HIPc 2.0: track.smtpsendmail.com/9032119/c?p=...

It was a pleasure to talk with Mahieash Johnney on Sri Lanka's State of the Nation (at Ada Derana) to discuss the recent @gdp-center.bsky.social policy brief on selling IMF gold to fund the Catastrophe Containment and Relief Trust www.youtube.com/watch?v=hWfL...

Net negative transfers on external public debt in middle and low-income countries continued in 2023. Public sectors in these countries paid more to creditors than they received in fresh funding. Multilaterals are providing net positive flows, while private creditors continue to drain resources.

Happening tomorrow! I’ll be moderating and the panel lineup is great. Come if you’ll be at the Financing for Development Dialogues #FfD4

Mark Sobel & @kevinpgallagher.bsky.social "The IMF needs to call for a major debt relief initiative akin to HIPC for those LICS/LMICs where debt payments are squeezing government revenues, making debt service unsustainable and choking the growth prospects of billions of people" shorturl.at/R3AAZ

the IMF's income position report for 2024 shows how the Fund is in great financial shape... www.imf.org/en/Publicati... it doesn't have to sit on 90 million ounces of gold. @marinazucker.bsky.social and I have some ideas on what it could do instead: www.bu.edu/gdp/2024/11/...

When countries need to urgently invest in climate adaptation and development, debt relief cannot restricted to countries geopolitically close to US MANY more countries need support www.reuters.com/world/biden-...

So, China and Brazil signed a bunch of MoUs (and other agreements) yesterday. I will follow the numbering done by the Brazilian government: www.gov.br/mre/pt-br/ca... I was taking a look at the 'most relevant' ones for development and industrial policy. Let's do a thread with the highlights...

At FT: Yemi Osinbajo, former vice-president of Nigeria, argues it is urgent to tackle the "silent debt crisis". Otherwise, "it will exacerbate social instability, undermining efforts to meet climate and development goals" www.ft.com/content/a784...

Come join our team and help us promote evidence based research in global policy circles: jobs.silkroad.com/BU/External/...

🚨G20 Leaders' Declaration is out🚨 Highlights include most advanced language ever on taxing the rich, endorsing the MDB roadmap, and new G20 commitment on reforming the UN Security Council. Follow through key but 🇧🇷 has left its mark w/ focus on fighting inequality and poverty

📢Glad to share my article "Currency Internationalization, payment infrastructures and central banks: An institutional analysis of renminbi internationalization" is out at Research in International Business and Finance🧵 Article www.sciencedirect.com/science/arti... Blog www.bu.edu/gdp/2024/11/...

Combat climate change and the debt crisis at the same time—sell gold and replenish CCRT www.bu.edu/gdp/2024/11/...

30 DAYS to apply to @GDP_Center Global Economic Governance Fellows Program. If you are enrolled in or graduated from a PhD program + interested in development banks, global financial stability & development, trade regimes, apply! www.bu.edu/gdp/2023/09/...

In 2009/10 the IMF sold gold to finance its operations+subsidize PRGT Gold prices are at historic highs — a good moment to sell more gold and replenish the Catastrophe Containment and Relief Trust (CCRT) 🧵 @rishirbhandary.bsky.social and I make the case here www.bu.edu/gdp/2024/11/...

STARTING SOON: Juan Pablo Bohoslavsky and I will be discussing the recently published book "Feminism in Public Debt". Don't miss! Register here bu.edu/gdp/events/?ei… The book is OPEN access and counted with the contribution from amazing people! bristoluniversitypressdigital.com/edcollbook-oa/ 

It is that time of the year! This week I am in DC following the WB/IMB annual meetings

Time is ripe for a reform of the Bretton Woods institutions. @kevinpgallagher.bsky.social and I argue that, to match the needs of developing countries, they need to be bigger and better.

Ahead of Tomorrow’s GSGR,Daniel Bradlow, Kevin Gallagher and I propose a two-pronged strategy to free some fiscal space for developing countries in a manner that is fair to debtors, creditors and their respective stakeholders alike: Buybacks, with a principled twist. www.bu.edu/gdp/2024/09/...

Thrilled to share some professional news! After a year with SOAS University of London, I've now officially joined Boston University Global Development Policy Center as a Senior Academic Researcher at the Global Economic Governance Center, and team lead for financial stability!

Sustainable Future Bonds can expand MDB balance sheets and improve the reserve system at the same time onlinelibrary.wiley.com/doi/full/10....

Malawi is locked in crisis! Because most of its debt is owed to MDBs, Malawi's current debt restructuring is limited to 1/3 of its external PPG debt stock As other 26 countries, Malawi debt negotiation must include ALL creditors See my last blog👇 drgr.org/news/locked-...

Excited to share our new paper @Global_Policy! Just in time for #COP28 , we introduce a hybrid capital model that could boost MDBs' lending by $1.6 - $1.9 trillion by 2030 +supply the international reserve system with a new safe and liquid asset onlinelibrary.wiley.com/doi/full/10....

Bondholders need to step up and provide MUCH MORE debt relief With Kevin Gallagher on.ft.com/47T4MWC

Based on Zambia & Suriname's recent negotiations w/ bondholders, my blog discusses critical flaws in international financial architecture What are the main problems? Which changes are needed? Some key lessons Find out more here drgr.org/news/winner-...

At the recent IMF/World Bank #AnnualMeetings, the issue of multilateral development banks (MDBs) participation in debt relief negotiations went unaddressed My new blog demystifies how MDBs can safely + effectively participate in debt relief drgr.org/news/debunki... 🧵

If you want to stay in the loop on key debt-related discussions during the IMF/WB annual meetings, be sure to check out DRGR's latest blog post. by Sarah Ribbert and Arabella Wintermayr drgr.org/news/the-202...