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Puerto Rican debt restructuring will see legal hurdles

Location:

PUERTO RICO

The same day saw the release of a report, authored by former IMF economists, outlining a programme of structural reform and sweeping debt restructuring. Puerto Rico has seen its…

Euro-area reforms will reinforce fiscal consolidation

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EU

The reforms would allow the ESM, which provides emergency loans to distressed member states, to offer greater assistance to banks and enhance its capacity to design and implement…

Japan creeps towards fiscal balance

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JAPAN

Expenditures at 96.3 trillion yen (826 billion dollars) will be the highest ever, with almost one-quarter allocated to servicing the government's debt. However, the deficit is…

Shift in US aid policy could reduce global prosperity

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INTERNATIONAL

US development policy.

Italy's rejection of ESM reforms will continue

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EU/ITALY

Reforms to the ESM, which is the EU’s main bailout fund, were agreed by member states in 2021 but implementation has been halted by Italian opposition. The vote exposed divisions…

Greek crisis will test IMF governance

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INT/GREECE

However, negotiations will go ahead, notwithstanding Fund staff's recent misgivings on Greece's debt sustainability. Broader issues are whether the IMF's role as lender of last…

Kazakh banks are still fragile despite recent gains

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KAZAKHSTAN

Kazakhstan's banking sector.

Chile protests' economic impact will endure into 2021

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CHILE

The Central Bank’s report reveals the extent to which rioting and violence since mid-October have disrupted the economy. It forecasts that due principally to the impact of…

Ghana borrowings may prompt eventual return to the IMF

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GHANA

The Bank of Ghana (BoG) has bought up unprecedented levels of treasury bonds but now wants to scale back its role. Finance Minister Ken Ofori-Atta is looking to international…

Pension bill will challenge unpopular Chile president

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CHILE

As well as triggering heated debate about its merits as a means of mitigating the economic effects of COVID-19, the bill, presented by left-wing legislators, represents a key…