DAY 3

FRIDAY 31st MAY

  • The registration links provide access to all plenary sessions and parallel sessions A.
  • Streaming links for parallel sessions B and C are included in the programme below.

8:00-9:30

Parallel Sessions 5

9:40-11:10

PANEL 6: The need for a coordinated Restructuring Framework

Chaired by Hamouda Chekir, Co-Founder, Finance for Development Lab

The current restructuring framework is slow and conflictual due to its reliance on a sequential process. This panel aims to explore an integrated framework where all creditors, both private and official, can make their decisions simultaneously based on the same information.

Currently, the restructuring process follows a sequential approach where the sovereign first reaches an agreement with its official bilateral creditors and then negotiates with private creditors. This approach no longer makes sense as it leads to uncertainty, recriminations, and delays, especially when official bilateral creditors are hesitant to act without clarity on what will be offered to private creditors.

The panel will delve into the possibility of reforming the process by adopting an integrated framework. Under this proposed system, all creditors, whether private or official, will make their decisions simultaneously based on the same information. While some differential treatment may be necessary in certain circumstances, fairness will be ensured as each creditor will make its decision with full knowledge of what other creditors are being offered. This simultaneous decision-making process is crucial for the effective operation of corporate restructuring systems.

The panel will analyse the shortcomings of the current framework based on recent and ongoing cases and discuss the proposed alternative, which is detailed in a blog by Sean Hagan and will be further explored in an upcoming paper co-authored with Brad Setser.

INVITED SPEAKERS:

Hamouda Chekir, Founding member, Finance for Development Lab

Hamouda Chekir

Finance for Development Lab

Hinjat Shamil, Senior Reform Advisor - Ministry of Finance of Ethiopia

Hinjat Shamil

Senior Reform Advisor, Ministry of Finance of Ethiopia

Cropped. Creator: International Monetary Fund 
Copyright: ©IMF
https://www.flickr.com/photos/imfphoto/22095503695
https://creativecommons.org/licenses/by/2.0/

Sean Hagan

Georgetown University & Sciences Po

Brad Setser, Council on Foreign Relations
Brad Setser, Council on Foreign Relations

Brad Setser

Council for Foreign Relations

Mark Flanagan, Deputy Director, SPR, IMF

Mark Flanagan

IMF

William Roos, Director of Multilateral Affairs and Development, Vice-president of the Club de Paris

William Roos

Paris Club

Michel Aubenas, Blackrock

Michel Aubenas

Blackrock

Masitala Mushinga, Debt Management Office Director, Ministry of Finance of Zambia

Masitala Mushinga

Director – Investments and Debt Management, Ministry of Finance and National Planning, Zambia

11:30-13:00

Parallel Sessions 6

14:00-15:30

CLOSING Panel 7: Geopolitics of Sovereign Debt

Chaired by Benoit Coeuré, President of the Autorité de la concurrence and President of the CEPREMAP 

Geopolitical fragmentation has a deep impact on the international financial architecture. In this new landscape, what are the costs of fragmentation? How can countries manage these risks, and can international forums such as the G20 bring about better coordination? How will the global rule book, anchored by the Bretton Woods institutions and the Common Framework, evolve to meet global challenges?

This session will focus on these questions and their consequences on development finance and debt. It will address how emerging and developing countries navigate global tensions, how markets manage growing uncertainty, and also how global institutions such as the Paris Club or international financial institutions integrate new actors and adapt to these

INVITED SPEAKERS:

Benoît Coeuré, President of the Autorité de la concurrence, President of the CEPREMAP
Jeromin Zettelmeyer, Bruegel
Layna Mosley, Princeton University
Reza Baqir - Profile Photo
Ye Yu, Shanghai Institutes for International Studies

Benoit Coeuré

President of the Autorité de la concurrence and President of the  CEPREMAP

Jeromin Zettelmeyer

Bruegel

Layna Mosley

Princeton University

Reza Baqir

Alvarez & Marsal and Harvard

Ye Yu

Shanghai Institutes for International Studies

1637656309109

Polina Kurdyavko

Bluebay Asset Management

Karina Patricio, Assistant professor, University of Leeds

Karina Patricio

University of Leeds

Armand Zorn, Member of the German Parliament

Armand Zorn

Member of the German Parliament