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Debts, External

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Debts, External

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Improving debt transparency is critical for promoting debt sustainability and creditworthiness assessments, increasing the accuracy of public debt information, and protecting the interests of a diverse range of stakeholders. The importance of debt transparency, the costs associated with the lack of it, and its benefits, are extensively discussed in recent World Bank literature. One of the key factors that limits debt transparency as it relates to public disclosure and the sharing of public debt-related information, is transaction-level confidentiality and disclosure practices. Challenges to disclosure have become more evident during recent debt distress among borrowing countries, and the COVID-19 pandemic. The discussion in this paper reveals issues that arise from confidentiality and disclosure practices among lenders and borrowers; and highlights how these issues cause information asymmetries and undermine the interests of stakeholders. The paper concludes by proposing concrete and actionable recommendations for the World Bank, IMF and sovereigns.

Debts, External.

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This Guidance Note outlines good practices on information-sharing across key areas in which the Bank and the IMF interact. The note outlines general principles consistent with these frameworks and discusses how the staffs of the two institutions are expected to exchange information related to country operations, technical assistance, and policy work.

Debts, External

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This paper provides an overview of the Russian Federation's default history, the legal characteristics of the bonds, and potential issues for litigation should a default materialize. The paper's main argument is that although it is not impenetrable, this Eurobond stock is more protective of the debtor than that of the usual emerging market country. It achieves this through preservation of all the defenses available under current law and the presence of broad language in key provisions. For instance, clauses providing for payment in a different currency if "reasons beyond its control" stop the debtor from paying in the denomination currency have drawn attention. The paper analyzes this and other characteristics, providing initial assessments on how the issues could play out. While the bonds' characteristics could slow progress toward obtaining judgments when compared to other sovereign debts, they do not prevent them. Collecting on the judgments would be, as usual, the harder part. Ultimately, litigation over these debts could last a long time; other creditor versus foreign sovereign episodes involving less debtor-friendly instruments have lasted 15 years, and resolution and recovery would be highly contingent on political factors. Finally, the paper provides non-lawyers a general roadmap of debt litigation against foreign sovereigns in the United States and the United Kingdom.

Debts, External.