Reminder: the IMF has a fund — the Catastrophe Containment & Relief Trust — designed exactly for moments like the Ebola outbreak now raging in DR Congo. BUT it's nearly empty. The cash left wouldn't even cover DRC's own debt repayments to the IMF in 2026 May- Dec.

"This is not only about markets or oil prices, but whether the international system can respond in time to avoid deepening already existing debt vulnerabilities," argue @kevinpgallagher.bsky.social, @becky-ray.bsky.social & @marinazucker.bsky.social in their new research👇 www.bu.edu/gdp/2026/03/...

🔔New update of the Global Financial Safety Net Tracker! We track countries’ lending capacity and new IMF, RFA, and swap arrangements through Dec 2025—and discuss growing diversification and geopolitics in our blogpost Tracker- shorturl.at/hThy6 Blog- shorturl.at/LM2px @gdp-center.bsky.social

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

The Case for IMF Gold Sales

Tim Hirschel-Burns & Marina Zucker-Marques argue that selling a small share of the Fund’s vast holdings would offset this year’s foreign-aid cuts.

bit.ly

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-...

No More Time to Waste: The Imperative to Strengthen Global South Voice and Representation at the IMF

By Tim Hirschel-Burns and Marina Zucker-Marques The International Monetary Fund’s (IMF) governance is increasingly out of step with today’s world. While emerging market and developing economies (EMDEs...

chinaglobalsouth.com

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...

Battle over 'baby multilaterals' may trap Zambia, Ghana in longer debt default

Ghana and Zambia battled their way to debt restructuring deals with their primary creditors last year, but simmering disagreements over two key African banks could keep them in default for longer than anticipated, hampering their economic recoveries.

reuters.com

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 👇

Tim Hirschel-Burns@timhirschelburns.bsky.social · last yr.

🚨 ATTENTION ALL IMF NERDS 🚨 This new paper from the center is, in my biased opinion, THE paper for figuring out the way forward on IMF quotas. The current quota formula is flawed and politically infeasible. A package of reforms including a new formula is needed www.bu.edu/gdp/2025/04/...

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"

Financial Times@financialtimes.com · last yr.

US stock futures tumble as officials offer no respite from tariffs https://www.ft.com/content/c2c10cca-bc11-457c-a505-d11b37ac987f

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."

www.bloomberg.com/news/article...

Trump Tariffs Are ‘Disaster’ for the World’s Poorest Countries

President Donald Trump’s new reciprocal tariffs are set to hit some of the world’s poorest nations the hardest, putting their labor-intensive export industries at risk and diminishing one of the US’s ...

bloomberg.com

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

Kevin Gallagher@kevinpgallagher.bsky.social · last yr.

African leaders calling for deep and comprehensive debt relief debt-leaders.org/about/statem...

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

It’s time to speak up about debt in Africa

Through no fault of their own, Africa is facing a debt crisis

blogs.lse.ac.uk

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=...

Debt Distress and Climate-Resilient Development in Sub-Saharan Africa

Abstract. Due to multiple external shocks since the outbreak of COVID-19 in the world economy, SSA is facing acute debt distress and new highs in the cost

track.smtpsendmail.com

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...

State of the Nation | Episode - 43

YouTube video by Ada Derana English

youtube.com

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

Distressed LICs need debt relief, not more new debt - OMFIF

IMF emphasis on liquidity strains is off target

omfif.org

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-...

Biden administration moves to forgive $4.7 billion of loans to Ukraine

The Biden administration has moved to forgive about $4.7 billion in U.S. loans to Ukraine, State Department spokesperson Matthew Miller said on Wednesday, as outgoing officials seek to do what they can before leaving office to bolster Ukraine in its war against Russia.

reuters.com

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...

Atos adotados por ocasião da visita de estado ao Brasil do Presidente da China, Xi Jinping – 20 de novembro de 2024

gov.br