Kevin Carey
@kevincareywb.bsky.social
đ¤ 1275
đĽ 341
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World Bank Macro / Climate Opinions are mine and not WB X: Kevin_Carey_WB
Venezuela / latest iteration of US Treasury OFAC General License allows contracting of advisory services & consulting for sovereign and PdVSA debt, but ...
ofac.treasury.gov/recent-actio...
about 21 hours ago
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Angola / IMF 2026 Article IV staff report in which the word "swap" is ... never mentioned
www.imf.org/en/publicati...
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SpongeBob: Where At? Safari Salute
ALT: SpongeBob: Where At? Safari Salute
https://static.klipy.com/ii/d7aec6f6f171607374b2065c836f92f4/2b/a9/XLHND8K8.gif?hh=280&ww=498&mp4=uETHlzHCBQicxo&webm=a8zaZ1mXNv3vXPhVn
about 21 hours ago
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Pakistan / IMF program reviews completed: "Gross reserves stood at $16 billion at end-December, up from $14.5 billion at end-June 2025, and are projected to continue to be rebuilt in the next year and over the medium term."
www.imf.org/en/news/arti...
about 22 hours ago
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Egypt / WB $1 bn development policy financing: "The new financing backs measures to strengthen the governance of state-owned enterprises and reduce barriers to private investment and growth, including by enforcing fair competition rules."
www.worldbank.org/en/news/pres...
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New US$1 Billion World Bank Group Development Financing to Support Egyptâs Private SectorâLed Job Creation, Macroeconomic Stability, and a Greener Economy
The World Bank Group has approved US$1 billion in financing to support Egyptâs efforts to boost private sectorâled job creation, strengthen macroeconomic and fiscal resilience, and advance its transit...
https://www.worldbank.org/en/news/press-release/2026/05/08/new-us-1-billion-world-bank-group-development-financing-to-support-egypt-s-private-sector-led-job-creation-macroeconomic
1 day ago
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Ghana / cocoa marketing: "SSNIT, the state pension fund and a major shareholder, has been reluctant to inject fresh capital into PBC, having not received expected dividends since its initial investment, the company source said."
www.cnbcafrica.com/2026/farmers...
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Farmers go unpaid as Ghana's indebted state cocoa buyer faces asset seizure, source says
ACCRA, May 7 (Reuters) â Ghanaâs state-owned cocoa buyer is unable to purchase cocoa from farmers after accumulating debts of 673 million cedis ($60 million) that have left it facing an asset seizure,...
https://www.cnbcafrica.com/2026/farmers-go-unpaid-as-ghanas-indebted-state-cocoa-buyer-faces-asset-seizure-source-says
1 day ago
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DR Congo / IMF Art 4 & program reviews mission: "Related corrective measures, centered on enhancing domestic revenue mobilization and stepping up efforts to streamline non-priority spending, will anchor the supplementary 2026 Budget, ..."
3 days ago
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Senegal: "The 2031 maturity was being bid for 59.00 cents on the dollar, having shed 1.245 cents, Tradeweb data showed."
www.cnbcafrica.com/2026/senegal...
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Senegal's bonds drop after president says ruling party "risks collapsing"
NAIROBI, May 5 (Reuters) â Senegalâs international bonds dropped by as much as 1.2 cents on Tuesday after President Bassirou Diomaye Faye said the ruling party is on a path that could lead to its down...
https://www.cnbcafrica.com/2026/senegals-bonds-drop-after-president-says-ruling-party-risks-collapsing
4 days ago
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"Mozambiqueâs sovereign bond spread over U.S. Treasuries â a widely watched measure of risk for investors â stands at a distressed 1,185 basis points, according to JPMorgan data."
www.cnbcafrica.com/2026/why-is-...
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Why is Mozambique's financial crisis going from bad to worse?
NAIROBI, May 5 (Reuters) â Mozambiqueâs slow-burning economic crisis has sharpened in recent weeks, with at least one global lender and a ratings agency suggesting the country will seek to restructure...
https://www.cnbcafrica.com/2026/why-is-mozambiques-financial-crisis-going-from-bad-to-worse
4 days ago
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Venezuela: "Rodriguez's government recently rejected a proposal from a group of foreign firms seeking to be prepaid for [power sector] initial repairs and spare parts, citing legal obstacles, according to the source."
ca.finance.yahoo.com/news/exclusi...
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Exclusive-Power suppliers hesitate as Venezuela seeks grid repairs without payment guarantees
By Marianna Parraga, Mircely Guanipa and Mariela Nava PUNTO FIJO/MARACAIBO, May 4 (Reuters) - When potential providers and financiers for Venezuela's electric industry, including Siemens Energy and GE
https://ca.finance.yahoo.com/news/exclusive-power-suppliers-hesitate-venezuela-100718127.html
5 days ago
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Egypt (Reuters): "The decree raised the price of gas by an average of $2, reaching $14 per million British thermal units for cement factories, $7.75 for iron and steel, non-nitrogen fertilisers and petrochemicals, ..."
6 days ago
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âThe current projections of technological expansion fractures against the hard rock of geological reality,â says Craig Tindale, an Australian investor and mining expert."
add a skeleton here at some point
7 days ago
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"The Baltic Exchange, which is now owned by [SGX], stirred controversy in March when it told brokers that the TD3C rate should continue to be calculated based on the cost of shipping oil from Ras Tanura â even though shipments had all but ceased due to the war."
ca.finance.yahoo.com/news/oil-tan...
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Oil Tanker Pricing Feud Embroils a Centuries-Old London Market
(Bloomberg) -- A legal claim from one of the worldâs largest oil traders is throwing a spotlight on an arcane but critical corner of global finance â the multibillion-dollar freight market and the 282...
https://ca.finance.yahoo.com/news/oil-tanker-pricing-feud-embroils-113230398.html
7 days ago
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Angola / IMF A4 concluded: "The recent surge in oil prices has improved Angolaâs access to international markets and is projected to provide a temporary offset to Angolaâs declining oil revenues ..."
8 days ago
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The latest US Treasury OFAC Iran sanctions update adds to the sanctions list individuals with citizenship through citizenship by investment programs in Dominica and St Kitts & Nevis.
ofac.treasury.gov/recent-actio...
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https://ofac.treasury.gov/recent-actions/20260501
8 days ago
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NYT obit for Peter Raven: âPeterâs identity with the Missouri Botanical Garden was one of his major achievements,â said David Orr, a professor of environmental studies at Oberlin College in Ohio ..."
9 days ago
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WSJ on natural disaster cost impacts on US home insurance: "Damage from hail is also on the rise. Verisk, a catastrophe-modeling firm, estimates potential insured losses from severe thunderstorms of around $60 billion a yearâalmost double its modeled losses from just four years ago ..."
9 days ago
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Love in the IMF-related detail in this NYT article about Heavy Metal Parking Lot.
www.nytimes.com/2026/04/27/a...
9 days ago
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Gabon: "The reasons for the [debt] audit include the failure to carry out certain projects and to transfer certain funds into the state treasury accounts, the [finance] ministry said."
www.msn.com/en-us/money/...
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MSN
https://www.msn.com/en-us/money/markets/gabon-to-audit-public-debt-as-it-signs-150-million-world-bank-deal/ar-AA226vPk?ocid=BingNewsVerp
9 days ago
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Benin / IMF program reviews staff report: "Following a reconciliation exercise with the IMF and the World Bank, the Beninese authorities recently reclassified several external loans (representing 5.3 percent of GDP at end-2024) that had been transferred to public or semi-public enterprises ..."
9 days ago
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Prof Acemoglu live now.
www.worldbank.org/en/events/20...
add a skeleton here at some point
9 days ago
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Ghana / cocoa sector liquidity crisis: "The [smuggling] practice is driven by a wide price gap. Ivory Coast is selling cocoa at the equivalent of 1,200 cedis ($107.33) per 64-kg bag, compared with Ghanaâs farmgate price of 2,587 cedis."
www.cnbcafrica.com/2026/ghana-c...
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Ghana cocoa buyers divert funds to purchase smuggled beans, regulator says
ACCRA, April 30 (Reuters) â Ghanaâs cocoa regulator has accused some officials at licensed buying companies of using government funds to buy cheap beans smuggled from the Ivory Coast, depriving local ...
https://www.cnbcafrica.com/2026/ghana-cocoa-buyers-divert-funds-to-purchase-smuggled-beans-regulator-says
9 days ago
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World Bank conference Measuring Development 2026 (joint with CEGA) theme "Open Science in the Age of AI"; keynote speaker Ted Miguel (Cal) tomorrow (Wednesday) 11:50AM EDT. Webex link available.
www.worldbank.org/en/events/20...
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Measuring Development Conference 2026
The annual Measuring Development Conference co-hosted with the Center for Effective Global Action (CEGA).
https://www.worldbank.org/en/events/2026/04/29/measuredev-conference-2026
11 days ago
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US Treasury OFAC sanctions FAQ update
ofac.treasury.gov/faqs/1249
11 days ago
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St Vincent & the Grenadines / IMF A4 mission statement: "The debt ratio rose by 45 percentage points of GDP since 2019, with about half of the increase occurring in the last two years, reaching 113 percent of GDP in 2025 ... "
11 days ago
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The World Bank Land and Property research conference over the next couple of days will include a livestreamed plenary address by Professor Daron Acemoglu on Thursday April 30 at 2pm (US eastern time) titled "Land, Labor, and Economic Development."
www.worldbank.org/en/events/20...
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Land and Property Research Conference
World Bank Headquarters, Washington, DC
https://www.worldbank.org/en/events/2026/04/29/land-and-property-research-conference#tabs-320148b62b-item-2aa4356070-tab
11 days ago
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World Bank blog post on OPEC from last October based on that edition of the Commodity Markets Outlook: "OPEC has continually adjusted its approach shifting from fixed prices to market-based pricing, adopting flexible production quotas, expanding membership to OPEC+, ..."
11 days ago
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Serbia / publication of Eurobond prospectus. Interesting case where Eurobonds are a sizable proportion of total external debt.
www.londonstockexchange.com/news-article...
12 days ago
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Senegal: "Everybody's left in the dark just on the terms and the tenors and the amounts [of Total Return Swaps]," said Leo Morawiecki of asset manager Aberdeen, who attended the Washington meetings and spoke separately to Reuters."
www.msn.com/en-us/politi...
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MSN
https://www.msn.com/en-us/politics/government/no-briefings-no-buzz-senegal-s-washington-trip-leaves-investors-uneasy/ar-AA21DbSc?ocid=BingNewsSerp
15 days ago
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"Malawiâs central bank said on Friday that the gold sold to help fund fuel purchases was bought from local small-scale miners, not taken from its international reserves as reported by a local media group."
www.cnbcafrica.com/2026/malawi-...
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Malawi says gold sold for fuel was bought from small-scale miners, not reserves
BLANTYRE, April 24 (Reuters) â Malawiâs central bank said on Friday that the gold sold to help fund fuel purchases was bought from local small-scale miners, not taken from its international reserves a...
https://www.cnbcafrica.com/2026/malawi-says-gold-sold-for-fuel-was-bought-from-small-scale-miners-not-reserves
15 days ago
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Egypt / offering circular and final terms for Eurobonds 2029, 2030, 2033. Useful table of external debt and description of central bank swaps.
www.londonstockexchange.com/news-article...
16 days ago
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Ecuador / IMF EFF 5th review staff report, update on the external financing situation especially regarding China.
www.imf.org/en/publicati...
16 days ago
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"Malawi has sold gold from its international reserves and asked Afreximbank for a $120 million loan to fund fuel purchases, the Nation Publications media group reported on Wednesday, citing information minister Shadric Namalomba."
www.cnbcafrica.com/2026/malawi-...
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Malawi sells gold, seeks Afreximbank loan to fund fuel purchases, Nation reports
BLANTYRE, April 22 (Reuters) â Malawi has sold gold from its international reserves and asked Afreximbank for a $120 million loan to fund fuel purchases, the Nation Publications media group reported o...
https://www.cnbcafrica.com/2026/malawi-sells-gold-seeks-afreximbank-loan-to-fund-fuel-purchases-nation-reports
17 days ago
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Senegal (Reuters): "The explanation comes as Senegal faces scrutiny over its use of total return swap-type structures (TRS), which officials have defended as a cheaper alternative to external borrowing ..."
18 days ago
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Indonesia (Bloomberg News): âInvestors view the [MSCI] postponement as a temporary reprieve and that Indonesia is still on âprobation,ââ said Francis Tan, Asia chief strategist at Indosuez Wealth in Singapore ..."
18 days ago
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Bangladesh: "Household help app Sheba XYZ, normally offering services such as plumbing and home repairs, now has a "refuelling driver service", charging up to 245 taka ($2) an hour for users to have someone else wait in line for them."
sg.news.yahoo.com/bangladesh-f...
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Bangladesh fuel crunch forces hours-long wait at the pump
Day and night, drivers queue for hours for the chance to refill fuel tanks, as import-dependent Bangladesh grapples with shortages due to the Middle East war.The 40-year-old father of two said he used...
https://sg.news.yahoo.com/bangladesh-fuel-crunch-forces-hours-115501207.html
18 days ago
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NBER Climate and Nature Finance conference, Oslo, Thursday & Friday this week. Important paper Lost in Transition: Financial Barriers to Green Growth by Philippe Aghion, Antonin Bergeaud, John Van Reenen, Maarten De Ridder. Paper combines elements of directed technical ...
19 days ago
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US Treasury OFAC sanctions update, November 5, 2018.
ofac.treasury.gov/recent-actio...
20 days ago
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"For Thailand, a net energy importer that will host IMF & World âBank annual meetings in October, the lingering effects of destroyed Gulf oil & gas infrastructure âwill keep prices elevated for a long time, said Ekniti Nitithanprapas, deputy [PM] of Thailand."
ca.finance.yahoo.com/news/imf-wor...
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IMF, World Bank meetings show limits in mitigating shocks, reliance on US for solutions
By Andrea Shalal, David Lawder and Libby George WASHINGTON, April 19 (Reuters) - Global finance leaders, whipsawed by Middle East war news, came to grips this past week with their inability to
https://ca.finance.yahoo.com/news/imf-world-bank-meetings-show-091203612.html
20 days ago
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Guinea-Bissau / IMF 9th and 10th program reviews staff report (this is an IMF program with a military coup in the middle). Interesting tale of a public debt guarantee called because of an individual. It seems that it could be a default on a Mecca pilgrimage loan.
www.imf.org/en/publicati...
22 days ago
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"The Republic of Congo has told investors it formally requested a fresh financing programme from the International Monetary Fund, three sources told Reuters."
www.msn.com/en-us/money/...
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MSN
https://www.msn.com/en-us/money/economy/congo-republic-signals-privately-it-requested-new-imf-loan-sources-say/ar-AA2187uq?ocid=BingNewsSerp
22 days ago
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"Joint MDB statement on critical minerals: "We will work with governments, the private sector, workers, and communities to foster transparent, standards-based markets, to add value beyond extraction, ..."
22 days ago
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"The request for [World Bank] funds was âsignificantâ, Kenyaâs central bank governor, Kamau Thugge, told Reuters on Thursday on the sidelines of the IMF World Bank spring meetings, without providing a figure."
www.cnbcafrica.com/2026/kenya-r...
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Kenya requests World Bank funds to cushion Iran war shocks
WASHINGTON, April 17 (Reuters) â Kenya has requested rapid financial support from the World Bank to help it manage the economic shocks triggered by the Iran war, its central bank governor told Reuters...
https://www.cnbcafrica.com/2026/kenya-requests-world-bank-funds-to-cushion-iran-war-shock-central-bank-chief-says
22 days ago
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Kenya: here's the paragraph & link to the IMF report which has generated some excitement in the Kenyan media as to whether the IMF is saying there is hidden public sector debt. The Fund Africa Dept director described it as a classification issue rather than hidden debt.
www.imf.org/en/publicati...
23 days ago
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Zimbabwe / IMF staff-monitored program (SMP): "Improving cash planning and public financial management is a central pillar of the program ..."
23 days ago
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Venezuela / IMF statement: "Guided by the views of International Monetary Fund (IMF) members representing a majority of the IMFâs total voting power, and consistent with long standing practice, ..."
23 days ago
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"Malawi and Mozambique could default this year, Cowan (Citi) said, citing a steep weakening of their respective currencies, which could push their debt stocks and payments due on hard-currency lending into unsustainable territory."
www.cnbcafrica.com/2026/citi-se...
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Citi sees three sovereign debt defaults in Africa in coming two years
NAIROBI, April 16 (Reuters) â Senegal, Mozambique and Malawi could default on their debts in the next two years, Citiâs Chief Africa Economist David Cowan said on Thursday, as governments reel from th...
https://www.cnbcafrica.com/2026/citi-sees-three-sovereign-debt-defaults-in-africa-in-coming-two-years
23 days ago
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Global Sovereign Debt Roundtable (cochairs USA
#G20
, World Bank, IMF) / practitioners manual on liability management operations (LMOs) with credit enhancement (CE).
#WBGMeetings
documents.worldbank.org/en/publicati...
24 days ago
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Global Sovereign Debt Roundtable updated sovereign debt restructuring playbook for country authorities.
#WBGMeetings
documents.worldbank.org/en/publicati...
24 days ago
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US Treasury
#G20
/ World Bank / IMF Global Sovereign Debt Roundtable (GDSR) 6th co-chairs report
#WBGMeetings
"Looking ahead, GSDR Principals supported advancing work at the GSDR & in other fora on: ⢠Stepping up support for countries with a strong reform agenda & sustainable debt, ..."
24 days ago
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Gabon / Trafigura: "Under the agreement, Trafigura will provide the prepayment to [] Gabon in exchange for the future delivery of crude oil over a seven-year term. Trafigura will act as exclusive offtaker of [] Gabonâs Profit Oil for the duration of the agreement."
www.trafigura.com/news-and-ins...
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Trafigura Signs Oil Prepayment Agreement with the Republic of Gabon
Trafigura, today announced the signing of a USD1 billion prepayment agreement with the Republic of Gabon
https://www.trafigura.com/news-and-insights/press-releases/2026/trafigura-signs-oil-prepayment-agreement-with-the-republic-of-gabon/
24 days ago
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