Overview
This seminar explores key topics and recent developments with respect to international borrowing and debt management. Special emphasis will be placed on the severe impact that the COVID-19 pandemic continues to have on all aspects of borrowing, debt management, economic growth, and the negotiation and renegotiation of current and future obligations. Special emphasis will also be placed on the increasingly important role of green finance and incorporating it into borrowing strategies. The goal of the seminar is to assist policy makers and practitioners from emerging economies to both deal with immediate crises and plan for long-term challenges in a fast-changing international borrowing and debt management environment, but also to engage with the immediate and urgent challenges. There will be a topical discussion of the increasingly important role of the private sector and Chinese Sovereign and state enterprise lending. Other current topics include debt moratoriums and debt forgiveness which will also be discussed. Developing strategies and approaches for conducting successful negotiations and renegotiations in respect to international borrowing and debt transactions and obligations will be integrated into the discussion.
Certification
Upon successful completion of the seminar, each participant will be awarded a Certificate of Completion. Successful completion requires that a participant diligently attend all seminar sessions promptly and on time throughout the seminar, read all assignments, and participate in all group discussions and exercises. If a number of sessions are missed without proper reason, the ILI reserves the right to withhold certification.
Format
This seminar is currently offered in-person. Special requests to attend online must be submitted by email as early as possible. Requests will be considered on a case-by-case basis, taking into account the overall experience of each participant and the larger group. In-person seminars, even when being joined online, run from 9:30 am – 4:00 pm Washington, D.C., time.
Course Outline
Financial Development and Economic Growth
- Developing effective borrowing and debt management strategies within the current fast-changing environments
- Responses from the IMF and other donors
- Private sector/creditor involvement and potential impact, including the role of vulture funds and collective action clauses
- Incorporating Green Finance into borrowing strategies
- Debt management capacity
- Developing local capital markets
- Accountability and transparency
- Government guarantees and contingent debt
- Chinese Sovereign and SOE lending
Capital Flows and Development
- Bond market development, including Green Bonds
- Ratings and rating agencies
- Country credit spreads
- Exchange rate risk and management
- Including Project Finance in Public-Private Partnerships as a borrowing strategy
Innovative Financing Mechanisms for Economic Development
- Private equity
- Future-flow securitization
- Impact-investment funds
- Diaspora remittances
Negotiations and Renegotiations
- Negotiation strategies and approaches integrated into the above discussion.
Course Advisor
Professor Reid Click is an Associate Professor of International Business and International Affairs and Chair of the International Business Department at The George Washington University in Washington, DC. He received his Ph.D. in economics and international business from the University of Chicago. Prof. Click teaches courses in international financial management, international business strategy, and international economics. His academic research has been published in leading journals, and he has also been a consultant for several international organizations.