The Lee Kuan Yew School of Public Policy at the National University of Singapore and OMFIF host a joint discussion on debt sustainability, the future and rebooting development finance, featuring three seasoned practitioners of international finance.

Ludger Schuknecht, former deputy secretary general of the Organisation of Economic Co-operation and Development and chief economist at the German finance ministry, will comment on debt sustainability in advanced and emerging market economies. He will point to dangers facing countries with high financial imbalances, especially should financing costs rise and inflation increase more persistently than currently expected. Timely consolidation and reform remain the best way to prevent debt distress but other, less desirable scenarios are also conceivable.

Leslie Maasdorp, chief financial officer of the New Development Bank, will outline new ways of mobilising development finance through improved interactions between multilateral development banks and private sector financial institutions. His proposals include lending more to cities and local authorities, full adoption of operations to combat climate change , more issuance and lending in local currencies and using MDBs’ balance sheets to increase leverage through guarantees and other forms of credit enhancement.

Meghnad Desai, emeritus professor of economics at the London School of Economics, will say that the world needs innovative finance during this period of stress and turbulence, with emerging market economies under more strain than advanced countries from new Covid-19 variants.

Presentation of slides


Prof. Danny Quah, dean, Lee Kuan Yew School of Public Policy, National University of Singapore; Advisory Board Member, OMFIF
Leslie Maasdorp, vice president and chief financial officer, New Development Bank, Shanghai
Ludger Schuknecht, vice president and corporate secretary at the Asian Infrastructure Investment Bank (from 1 August); former deputy secretary general, Organisation for Economic Co-operation and Development; former chief economist, German Ministry of Finance
Prof. Lord Meghnad Desai, chairman , OMFIF advisory council: emeritus processor , London School of Economics and Political Science
Danae Kyriakopoulou, Managing Director, Sustainable Policy Institute, OMFIF
Urjit Patel, Chairman, National Institute of Public Finance and Policy, Governor, Reserve Bank of India (2016-18)


Recorded: 26/07/2021

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This virtual discussion is part of the OMFIF Sovereign Debt Institute. The SDI brings together DMOs, supranational agencies, public investors and capital market banks to promote high-level strategic dialogue and co-operation to help sovereign borrowers meet the challenges they face. Please contact directly for membership details.

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