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G20 meeting should push for debt transparency (Financial Times)
June 7, 2019
From the op-ed:
By Gayle Smith and Masood Ahmed
When the G20 finance ministers and central bank governors meet this weekend, they will consider adopting the Principles for Debt Transparency recently promulgated by the Institute of International Finance (IIF), the association of international banks.
The voluntary Principles are the result of over 18 months of discussions among IIF members, and are an industry-wide reaction to loans made to developing countries that were both non-transparent and put macroeconomic stability at risk. One example is the loan of $850m in 2013 to a Mozambique state-owned company, Ematum, which was ostensibly to be used to buy fishing boats. While the loan’s ultimate uses are still unclear, it made a major dent in Mozambique’s macroeconomic viability.