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 continue 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 on incorporating this trend into borrowing strategies. The goal is to assist policy makers and practitioners from emerging economies to deal with immediate crises, 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.

Format

The seminars are currently offered both in-person and online simultaneously, at the choice of the participant. This choice must be indicated at the time of registration. A small number of courses are scheduled to be delivered exclusively in person or online and are indicated as such in the schedule. In-Person Only seminars usually start at 9:30 am Washington D.C. time. Daily sessions usually end at 4:00 pm. Breaks (including the lunch break) are allocated as appropriate. Online Only seminars will be delivered through five (for 1-week course) or ten (for 2-weeks course) live online sessions via videoconferencing platform. Each session will last approximately 3.5 hours and will be scheduled to start within a time window of 7:00 am – 8:30 am Washington D.C. time. Hybrid In-Person/Online seminars will start at a time most convenient to both in-person and online participants, and will generally follow the In-Person seminar format. We expect the classes to be highly interactive and can include presentations, case studies and exercises.

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.