Work to improve debt transparency is ongoing, with more work to come later this year

from Sovereign Debt Restructurings – Key IMF Policies and Challenges

Other contractual features could also support timely and efficient restructurings

• Challenges to public information on debt – complex public debt landscape, increasing share of debt held by commercial creditors and non-Paris Club creditors, SOE borrowing/PPPs, use of confidentiality clauses.

• IMF Staff is conducting analytical work of domestic legal frameworks – a forthcoming paper

➢ Study of more 65 jurisdictions (mainly LIDCs and EMs) shows that legal requirements for public debt disclosure are uncommon.

➢ Shortcomings include ambiguous authorization frameworks, unclear or narrow debt coverage, deficient reporting, monitoring and accountability frameworks

• IMF continues to provide technical assistance on debt management and debt transparency

• Market-based initiatives:

➢ OECD debt transparency initiative

➢ MVPs have information disclosure requirements that track the LIA policy disclosure requirements

Work to improve debt transparency is ongoing, with more work to come later this year

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Other contractual features could also support timely and efficient restructurings

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Other contractual features could also support timely and efficient restructurings

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Enhanced CACs are the market standard and are working well

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Statutory solutions have been adopted or proposed in a few countries

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Sovereign Debt Restructurings – Key IMF Policies and Challenges