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.
Marina Zucker-Marques & Kevin P. Gallagher call for reforms to make the IMF and the World Bank larger, more equitable, and less focused on austerity.
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 #COP28onlinelibrary.wiley.com/doi/full/10....
Bondholders need to step up and provide MUCH MORE debt relief With Kevin Gallagher on.ft.com/47T4MWC
Bondholders SHOULD offer much more relief
Messages from current negotiations are discouraging (2) It tells bondholders they bear no responsibility in their lending practices, and returns will invariably be protected. It fundamentally undermines the principles of responsible lending and equitable risk-sharing
Messages from current negotiations are discouraging (1) It tells countries in NEED of debt relief to avoid debt restructuring at all costs The process is not only drawn out, but also lacks certainty that creditors- specially bondholders- will offer any meaningful debt relief
For this, an automatic debt standstill, e.g. 18-24 months, could be a beneficial strategy. The initial months would serve as an automatic period of 'debt relief' for the country undergoing debt treatment. Arrears would only begin to accumulate after that