Marina Zucker Marques

🔔New update of the Global Financial Safety Net Tracker!
We track countries’ lending capacity and new IMF, RFA, and swap arrangements through Dec 2025—and discuss growing diversification and geopolitics in our blogpost

Tracker- shorturl.at/hThy6
Blog- shorturl.at/LM2px

@gdp-center.bsky.social

Debt service is crowding out social spending for billions of people, after the 2025 Jubilee it is time for a bold reform that brings HOPE "High Opportunity for Prosperity and Equity"

w/ @kevinpgallagher.bsky.social and Marilou Uy at @devex.com

www.devex.com/news/this-ju...

@gdp-center.bsky.social @rishirbhandary.bsky.social @timhirschelburns.bsky.social @kevinpgallagher.bsky.social

Check our chart of the week! shorturl.at/l7xhx

COP’s key discussion: achieving the $1.3T climate finance goal.

For that, MDBs must play a bold role. Tripling MDB lending by 2030, per G20 Independent Expert Group, would put MDBs in the path to cover one-quarter of 1.3 T target by 2035.

The Case for IMF Gold Sales Tim Hirschel-Burns & Marina Zucker-Marques argue that selling a small share of the Fund’s vast holdings would offset this year’s foreign-aid cuts.

It is hard to imagine a more cost-effective solution to foreign-aid cuts than the IMF selling a small share of its gold at no risk to its financial health and at no cost to its donors, write @timhirschelburns.bsky.social and @marinazucker.bsky.social.
bit.ly/48nTRaS

No More Time to Waste: The Imperative to Strengthen Global South Voice and Representation at the IMF By Tim Hirschel-Burns and Marina Zucker-Marques The International Monetary Fund’s (IMF) governance is increasingly out of step with today’s world. While emerging market and developing economies (EMDEs...

For @chinagsproject.bsky.social, @marinazucker.bsky.social + I wrote on the need for IMF governance reform, the China-sized elephant in the room, and how there are workable routes to reform—if members are committed to preserving the IMF's legitimacy
chinaglobalsouth.com/analysis/no-...

NEW from @marinazucker.bsky.social and me in @chinagsproject.bsky.social.

The IMF hasn't agreed a shift in quotas (and thus voting power) since 2010, leaving it way out of step with today's world.

We outline a strategy to break out of political gridlock + increase the Global South's representation

Battle over 'baby multilaterals' may trap Zambia, Ghana in longer debt default Ghana and Zambia battled their way to debt restructuring deals with their primary creditors last year, but simmering disagreements over two key African banks could keep them in default for longer than anticipated, hampering their economic recoveries.

One more double standard on IFA. If you are MDB with rich shareholders, your claims is out of the parameter. But claims from South-led institutions - that should be strengthened and supported - are included in the parameter? www.reuters.com/world/africa...

This Spring Meetings made one thing clear: the IMF must reform its governance or risk losing legitimacy and becoming less effective in addressing global financial challenges.

Maia Colodenco, Florencia Asef Horno, and I outline ways to boost EMDE voice and representation in the Fund

Summary below 👇

It’s that time of year!

If you’re in DC for the WB/IMF Spring Meetings, don’t miss this event TOMORROW apr. 21st 3PM

W/ fresh papers that address the impact of debt on development prospects in Africa + more

Not in DC? Join us online! t.co/mLoTlbc68i
@gdp-center.bsky.social

We propose 3 fixes:

1. Widen eligibility for debt suspensions

2. Replenish the CCRT, including via IMF gold sales

3. Expand broader crisis finance without austerity
w/ @kofi1.bsky.social and @rishirbhandary.bsky.social

@gdp-center.bsky.social

CRDCs only cover Small States (<2.8M people). Myanmar has 55M.

And the CCRT is underfunded, with just $107mn

🧵 The tragic earthquake in Myanmar has exposed deep flaws in how global financial institutions respond to disasters. A 7.7 magnitude quake, 3,400+ dead—and yet, key IMF and WB tools remain out of reach.

Red Cross aims to raise $100 mn aid
Myanmar will pay $170 mn to IMF + $95mn to WB

"What a week, huh?"....."Captain, it is Sunday"

China's response: ”As the second largest economy and second largest market for consumer goods, China is committed to opening ever wider to the world, no matter how the international situation change [...]And we will share our development opportunities with the world to achieve mutual benefits."

Trump Tariffs Are ‘Disaster’ for the World’s Poorest Countries President Donald Trump’s new reciprocal tariffs are set to hit some of the world’s poorest nations the hardest, putting their labor-intensive export industries at risk and diminishing one of the US’s ...

www.bloomberg.com/news/article...

IMF financial statements here www.imf.org/en/Data/IMF-...

In 2025, Myanmar will pay 130mn SDRs= $170 mn to the IMF

CCRT normal limit is 20% of quota (103 mn SDRs= $134 mn) but countries can benefit beyond this threshold in some cases www.imf.org/external/np/...

The US Geological Survey's modelling estimates Myanmar's death toll could exceed 10,000, with losses surpassing annual economic output." www.bbc.com/news/article...

CCRT qualification criteria for natural disasters: damage deemed to exceed 100 percent of GDP www.imf.org/en/About/Fac...

CCRT replenishment is urgent

When gold $2600, @rishirbhandary.bsky.social
and I estimated just 4% of gold could replenish and expand the CCRT. Today it is at $3120

Gold sales could fund a CCRT endowment, with proceeds sustainably subsidizing relief www.bu.edu/gdp/2024/11/...

Our broken financial architecture

Myanmar’s disaster (est. cost >100% GDP) qualifies it for IMF relief via the CCRT

But CCRT funds, w/ just 81 mn SDRs aren't enough to cover the 103 mn Myanmar could request- 20% of their quotas

Meanwhile, IMF sits on $282bn in idle gold

The International Financial Architecture and Sustainable Prosperity. My new paper for @UNUWIDER www.wider.unu.edu/sites/defaul...

É pra comemorar sim! É clima de copa do mundo sim!

Today, 8 former presidents from Africa have made public their call for debt relief

It’s time to speak up about debt in Africa Through no fault of their own, Africa is facing a debt crisis

Time to speak up about Africa’s debt crisis, new piece with @marinazucker.bsky.social blogs.lse.ac.uk/africaatlse/...

Escape from Washington before it’s too late! Come join our communications team: www.bu.edu/gdp/about-us...

@bancocentralbrasil.bsky.social released the 2024 BoP data
Brazil recorded a $16.7 BILLION outflow via crypto purchases, or 17% of the capital and financial account and 0.76% of GDP. Those concerned with forex stability & BoP vulnerabilities must pay attention to this new channel for outflows

Debt Distress and Climate-Resilient Development in Sub-Saharan Africa Abstract. Due to multiple external shocks since the outbreak of COVID-19 in the world economy, SSA is facing acute debt distress and new highs in the cost

New article with @marinazucker.bsky.social and others on Africa’s chronic debt predicament. Time for HIPc 2.0: track.smtpsendmail.com/9032119/c?p=...

YouTube video by Ada Derana English State of the Nation | Episode - 43

It was a pleasure to talk with Mahieash Johnney on Sri Lanka's State of the Nation (at Ada Derana) to discuss the recent @gdp-center.bsky.social policy brief on selling IMF gold to fund the Catastrophe Containment and Relief Trust

www.youtube.com/watch?v=hWfL...

Net negative transfers on external public debt in middle and low-income countries continued in 2023. Public sectors in these countries paid more to creditors than they received in fresh funding. Multilaterals are providing net positive flows, while private creditors continue to drain resources.