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Bernat Camps Adrogué

@bernatcamps.bsky.social
211 followers 94 following 63 posts

Director at Lion's Head Global Partners working with EM Sovereigns and MDBs | IMF, SDRs and Debt | CGD, LSE & UPF alumni | Views are my own.

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Bernat Camps Adrogué @bernatcamps.bsky.social · 13/03/2026
The EU has a finite supply of grants for budget support to its partner countries. In a new report with @cgdev.org colleagues, we show that most of these grants are used where concessional loans could suffice. We propose fixing the grant-loan mix to maximise impact at no extra cost to the EU budget.
cgdev.org
A Renewed EU Budget Support Framework to Maximise Leverage and Impact
Drawing on a comparative assessment of international best practices and financial modelling of alternative grant–loan configurations, this paper explores how EU budget support can be strengthened to e...
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Bernat Camps Adrogué @bernatcamps.bsky.social · 29/04/2025
With increasing pressure on EU development budgets,optimising the impact of the EU’s concessional finance is critical. Check out this paper we have put together with @cgdev.org colleagues on how the EFSD+ guarantee instrument can be strengthened to support EMDEs better. www.cgdev.org/publication/...
cgdev.org
The European Fund for Sustainable Development Plus: Maximising the EU Guarantee for Leverage and Impact
With increasing pressure on European development budgets, optimizing the efficiency and impact of the European Union’s concessional finance is critical. This paper examines how the European Fund for S...
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Bernat Camps Adrogué @bernatcamps.bsky.social · 04/03/2025
Here waiting for Moody's, S&P and Fitch to put the US on watch...
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Bernat Camps Adrogué @bernatcamps.bsky.social · 23/02/2025
The African Financing Stability Mechanism (AFSM) technical and operational report is finally out! Africa is the only continent without a Regional Financing Arrangement, making this initiative a game changer to address African financial vulnerabilities. www.afdb.org/en/documents...
afdb.org
African Financing Stability Mechanism (AFSM) Technical and Operational Report
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Bernat Camps Adrogué @bernatcamps.bsky.social · 30/11/2023
Sovereign debt issues for EMDEs were a predictable subject of many conversations at the WB-IMF Annual Meetings. In a new CGD blog, Masood Ahmed, Hannah Brown & I share our takeaways on the state of play and how to make progress to address urgent needs. cgdev.org/blog/main-ta...
cgdev.org
Main Takeaways on Debt from the Annual Meetings
Sovereign debt issues for emerging markets and developing economies (EMDEs) were a predictable subject of many conversations at the World Bank and IMF Annual Meetings in Marrakech. Here are our main t...
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Bernat Camps Adrogué @bernatcamps.bsky.social · 14/11/2023
Does SDR recycling impair reserve management? In a new Center for Global Development note, Mark Plant and I show that the UK can manage its reserves well and recycle SDRs to vulnerable countries, but the IMF can learn from this case to reform the VTA choice mechanism. www.cgdev.org/publication/...
cgdev.org
Does SDR Recycling Impair Reserve Management? The Case of the United Kingdom
In the wake of a challenging year, the Bank of England (BoE) has found itself navigating a tumultuous economic landscape marked by significant upheavals. Following the release of the mini-budget in Se...
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Sander Tordoir @sandertordoir.bsky.social · 02/11/2023
One issue - rightfully flagged by @bernatcamps.bsky.social on the other platform - is missing from the op-ed. Low income countries are sheltered from surging SDR interest but not completely because if they drew on their SDR allocations it's akin to a perpetual loan with a variable rate (the SDRi)...
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Bernat Camps Adrogué @bernatcamps.bsky.social · 30/10/2023
Two years after the G20 commitment to recycling US$100 billion worth of SDRs to vulnerable nations, pledges still fall short and less than 1% of the promised support reached vulnerable economies. Here's an update from Mark Plant and me: www.cgdev.org/blog/empty-w...
cgdev.org
Empty Words, Empty Wallets: The G20’s Broken Promise on SDR Recycling
In August 2021, as the world continued to grapple with the far-reaching effects of the ongoing global pandemic, the International Monetary Fund (IMF) took a significant step to help. Recognizing the u...
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Bernat Camps Adrogué @bernatcamps.bsky.social · 25/10/2023
On October 13th, CGD, the AfDB, the IDB, and the Rockefeller Foundation hosted a high-level meeting to discuss the rechanneling of SDRs to MDBs. Key takeaways from the PR: - Representatives from the IMF noted that in the Staff's view, the hybrid capital proposal meets the Reserve Asset Status!
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Bernat Camps Adrogué @bernatcamps.bsky.social · 24/10/2023
New CGD Working Paper - Climate Change and Government Borrowing Costs: A Triple Whammy for Emerging Market Economies. We investigate the impact of both climate debt and climate vulnerability/resilience on sovereign bond yields and spreads in AE and EM using a novel dataset. 1/4
cgdev.org
Climate Change and Government Borrowing Costs: A Triple Whammy for Emerging Market Economies
Climate change is a systemic risk to the global economy. While there is a large body of literature documenting the potential economic consequences of climate change, there is relatively little researc...
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Bernat Camps Adrogué @bernatcamps.bsky.social · 19/10/2023
I must say I disagree with some of the remarks made by the Governor of the Bank of Ghana on the PRGT. Short thread 1) Surcharges only apply to borrowing from the GRA, lending under the PRGT comes without surcharges (although yes, eliminate surcharges for GRA) www.businessghana.com/site/news/Bu...
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Bernat Camps Adrogué @bernatcamps.bsky.social · 17/10/2023
IMFC Chair's Statement 10 key takeaways: 1: The global economy has been resilient, with the 2023 growth outlook slightly upgraded since the Spring. However, recovery has been uneven and medium-term global growth projections remain weak.
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Bernat Camps Adrogué @bernatcamps.bsky.social · 10/10/2023
New loan resources for the PRGT! Borrowing agreements with Australia, China, Finland, France, Netherlands, Norway, Sweden, and the UK will provide new PRGT loan resources in a total amount of about SDR 5.1 billion (~6.7 bn$). That means the loan resources target has been met.
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Bernat Camps Adrogué @bernatcamps.bsky.social · 10/10/2023
Interesting graph in the WEO on changes in tanker shipments from Russia's ports from 2019 to 2023 (decreases in blue and increases in red). Russian oil shipments rose after the invasion to China, India, Turkiye and the UAE; And Europe imported more from Norway, UAE and the US.
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Bernat Camps Adrogué @bernatcamps.bsky.social · 10/10/2023
The WEO is out, the likelihood of a soft landing has increased, but the growth forecast is the lowest in decades. www.imf.org/en/Publicati...
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Bernat Camps Adrogué @bernatcamps.bsky.social · 06/10/2023
Ahead of the Annual Meetings in Marrakech, IMF's Managing Director Kristalina Georgieva gave a speech at Côte d'Ivoire on the outlook for the global economy and policy priorities. Key takeaways in this thread, but first some context: www.imf.org/en/News/Arti...
imf.org
2023 IMF Annual Meetings Curtain Raiser Speech
Ahead of the 2023 Annual Meetings, Managing Director Kristalina Georgieva will deliver the curtain raiser speech outlining global policy priorities.
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Bernat Camps Adrogué @bernatcamps.bsky.social · 05/10/2023
The Bretton Woods Project just published an interesting brief on reconceptualising SDRs as a tool for development finance.The brief calls for: 1:Periodic general allocations 2:Decoupling SDRs from quotas 3:Revisiting IMF tools and rechanneling mechanisms www.brettonwoodsproject.org/2023/10/reco...
brettonwoodsproject.org
Reconceptualising Special Drawing Rights as a tool for development finance - Bretton Woods Project
Briefing examines the shortcomings of the current SDRs allocation system and calls to reform SDRs to ensure their targeted, needs-based and equitable distribution.
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Bernat Camps Adrogué @bernatcamps.bsky.social · 03/10/2023
It's that time of the year, the annual update on SDR trading operations is out! If you don't have time to read the report, I've got you covered, here's a thread with the most interesting parts. But first, what exactly is this report and why does it matter? My first thread on Bluesky!
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