The increase in interest rates over the past two years has led to higher sovereign borrowing costs and debt servicing requirements. This, along with a strong US dollar and slower global economic growth in the aftermath of the Covid Pandemic, have resulted in a growing number of developing countries experiencing debt distress and facing the specter of a potential debt restructuring.  Some sovereigns have already defaulted on their debt service obligations, including Chad, Ethiopia, Ghana, Sri Lanka, Suriname and Zambia, while others are facing enormous financial constraints as in the cases of Egypt, Kenya and Tunisia. Currently, governments, International Financial Institutions and market analysts expect that global inflation, the underlying force of the prevailing high interest rates, will subside soon that will allow central banks to ease interest rates. Such developments may provide a respite to current debt servicing pressures and perhaps even ease fears of further sovereign restructurings.

This conference aims to bring together highly experienced representatives from international financial organizations and market professionals to explore these themes and thus provide a forum for exchanging views on current global sovereign debt-related challenges and offering insights into future developments.” We invite you to join us with Drexel University’s LeBow College of Business on Thursday, February 22, 2024.

Attendees of this conference can receive 4 continuing education credits from the Certified Financial Planner Board for credit hours. Please email Sandra Levant at [email protected] for more details.

Agenda

9:00 – 9:05 am- Welcoming Remarks

• Vibhas Madan, Dean and Chapel Chair, LeBow College of Business, Drexel University
• George Tsetsekos, Francis Professor of Finance, LeBow College of Business  

9:05 – 9:45am – Session 1: Overview of Sovereign Debt Developments and Sovereign Debt Restructurings

• Mark Flanagan, Deputy Director of the Strategy, Policy, and Review Department, International Monetary Fund

9:45 – 10:15 –  Session 2: Creditors’ Comparability of Treatment in Sovereign Debt Restructurings

• Thor Jonasson, Deputy Division Chief, Debt Capital Markets Division, International Monetary Fund
• James Knight, Deputy Division Chief, Institute Training Program, International Monetary Fund

10:15 – 10:45 –  Session 3: Sovereign Debt Transparency in Sovereign Debt Restructuring

• Yan Liu, Deputy General Counsel, International Monetary Fund

10:45 – 11:15: Break 

11:15 – 12:00 – Session 4: A Credit Rating Perspective on Sovereign Debt and Debt Restructurings

• Elena Duggar, Managing Director – Chief Credit Officer Americas, and Chair of Macroeconomic Board, Moody’s Investors Service

12:00 – 12:55 – Session 5: Investors Perspectives on Sovereign Debt Restructurings

• Federico Sequeda, Head of Country Research & Portfolio Manager, Morgan Stanley Investment Management
• Ajata Mediratta, President, Greylock Capital Management
• Richard Hall, Portfolio Manager, T.Rowe Price
• Moderator: Rafael Molina, Senior Managing Director, Newstate Partners LLP

12:55 – Concluding Remarks: 

• Michael G. Papaioannou, TA Expert Advisor, International Monetary Fund and Senior Visiting Scholar and Professor, LeBow College of Business, Drexel University

1:00 – Conference Ends

Registration fees are subject to a full refund until 72-hours in advance of the scheduled program.