Marina Zucker Marques @marinazucker.bsky.social · 17/08/2026Are international financial institutions ready to deal with emergencies? The IMF's CCRT is meant to help countries like DR Congo fight Ebola. But it's empty, with no reliable funding source. An endowment funded by a small slice of the IMF's gold reserves could solve this problem for good 000
Marina Zucker Marques @marinazucker.bsky.social · 25/05/2026Reminder: the IMF has a fund — the Catastrophe Containment & Relief Trust — designed exactly for moments like the Ebola outbreak now raging in DR Congo. BUT it's nearly empty. The cash left wouldn't even cover DRC's own debt repayments to the IMF in 2026 May- Dec. 022
Reposted by Marina Zucker MarquesBretton Woods Project @brettonwoodsproject.org · 25/03/2026"This is not only about markets or oil prices, but whether the international system can respond in time to avoid deepening already existing debt vulnerabilities," argue @kevinpgallagher.bsky.social, @becky-ray.bsky.social & @marinazucker.bsky.social in their new research👇 www.bu.edu/gdp/2026/03/...bu.eduRising oil prices and developing country debt – the next shock is already here | Global Development Policy Center 042
Marina Zucker Marques @marinazucker.bsky.social · 03/02/2026🔔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 010
Marina Zucker Marques @marinazucker.bsky.social · 15/12/2025Debt 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... 010
Marina Zucker Marques @marinazucker.bsky.social · 13/11/2025Check 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. 122
Reposted by Marina Zucker MarquesProject Syndicate @projectsyndicate.bsky.social · 09/10/2025It 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/48nTRaSbit.lyThe Case for IMF Gold SalesTim 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. 043
Reposted by Marina Zucker MarquesTim Hirschel-Burns @timhirschelburns.bsky.social · 17/05/2025For @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-...chinaglobalsouth.comNo More Time to Waste: The Imperative to Strengthen Global South Voice and Representation at the IMFBy 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... 102
Reposted by Marina Zucker MarquesTim Hirschel-Burns @timhirschelburns.bsky.social · 07/05/2025NEW 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 111
Marina Zucker Marques @marinazucker.bsky.social · 29/04/2025One 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...reuters.comBattle over 'baby multilaterals' may trap Zambia, Ghana in longer debt defaultGhana 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. 010
Marina Zucker Marques @marinazucker.bsky.social · 29/04/2025This 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 👇 011
Marina Zucker Marques @marinazucker.bsky.social · 21/04/2025It’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 021
Marina Zucker Marques @marinazucker.bsky.social · 07/04/2025🧵 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 WBbu.eduDisaster-Triggered Financing Mechanisms Must Provide More Relief for Myanmar | Global Development Policy Center 242
Marina Zucker Marques @marinazucker.bsky.social · 06/04/2025"What a week, huh?"....."Captain, it is Sunday" 010
Marina Zucker Marques @marinazucker.bsky.social · 06/04/2025China'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."mfa.gov.cnChinese Government’s Position on Opposing U.S. Abuse of Tariffs 010
Marina Zucker Marques @marinazucker.bsky.social · 03/04/2025www.bloomberg.com/news/article...bloomberg.comTrump Tariffs Are ‘Disaster’ for the World’s Poorest CountriesPresident 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 ... 031
Marina Zucker Marques @marinazucker.bsky.social · 31/03/2025Our 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 123
Reposted by Marina Zucker MarquesKevin Gallagher @kevinpgallagher.bsky.social · 21/03/2025The International Financial Architecture and Sustainable Prosperity. My new paper for @UNUWIDER www.wider.unu.edu/sites/defaul...wider.unu.edu 032
Marina Zucker Marques @marinazucker.bsky.social · 03/03/2025É pra comemorar sim! É clima de copa do mundo sim! 000
Marina Zucker Marques @marinazucker.bsky.social · 27/02/2025Today, 8 former presidents from Africa have made public their call for debt relief 001
Reposted by Marina Zucker MarquesKevin Gallagher @kevinpgallagher.bsky.social · 14/02/2025Time to speak up about Africa’s debt crisis, new piece with @marinazucker.bsky.social blogs.lse.ac.uk/africaatlse/...blogs.lse.ac.ukIt’s time to speak up about debt in AfricaThrough no fault of their own, Africa is facing a debt crisis 051
Reposted by Marina Zucker MarquesKevin Gallagher @kevinpgallagher.bsky.social · 30/01/2025Escape from Washington before it’s too late! Come join our communications team: www.bu.edu/gdp/about-us...bu.eduCareers | Global Development Policy Center 002
Marina Zucker Marques @marinazucker.bsky.social · 24/01/2025@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 161
Reposted by Marina Zucker MarquesKevin Gallagher @kevinpgallagher.bsky.social · 08/01/2025New article with @marinazucker.bsky.social and others on Africa’s chronic debt predicament. Time for HIPc 2.0: track.smtpsendmail.com/9032119/c?p=...track.smtpsendmail.comDebt Distress and Climate-Resilient Development in Sub-Saharan AfricaAbstract. 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 033
Marina Zucker Marques @marinazucker.bsky.social · 08/12/2024It 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...youtube.comState of the Nation | Episode - 43YouTube video by Ada Derana English 010
Reposted by Marina Zucker MarquesDaniel Munevar @danielmunevar.bsky.social · 04/12/2024Net 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. 175
Reposted by Marina Zucker MarquesTim Hirschel-Burns @timhirschelburns.bsky.social · 01/12/2024Happening tomorrow! I’ll be moderating and the panel lineup is great. Come if you’ll be at the Financing for Development Dialogues #FfD4 051
Marina Zucker Marques @marinazucker.bsky.social · 27/11/2024Mark Sobel & @kevinpgallagher.bsky.social "The IMF needs to call for a major debt relief initiative akin to HIPC for those LICS/LMICs where debt payments are squeezing government revenues, making debt service unsustainable and choking the growth prospects of billions of people" shorturl.at/R3AAZomfif.orgDistressed LICs need debt relief, not more new debt - OMFIFIMF emphasis on liquidity strains is off target 020
Reposted by Marina Zucker MarquesRishikesh R Bhandary @rishirbhandary.bsky.social · 25/11/2024the IMF's income position report for 2024 shows how the Fund is in great financial shape... www.imf.org/en/Publicati... it doesn't have to sit on 90 million ounces of gold. @marinazucker.bsky.social and I have some ideas on what it could do instead: www.bu.edu/gdp/2024/11/...bu.eduA Golden Opportunity: Selling a Small Share of the IMF’s Gold Reserves to Replenish the Catastrophe Containment and Relief Trust | Global Development Policy Center 031
Marina Zucker Marques @marinazucker.bsky.social · 22/11/2024When countries need to urgently invest in climate adaptation and development, debt relief cannot restricted to countries geopolitically close to US MANY more countries need support www.reuters.com/world/biden-...reuters.comBiden administration moves to forgive $4.7 billion of loans to UkraineThe Biden administration has moved to forgive about $4.7 billion in U.S. loans to Ukraine, State Department spokesperson Matthew Miller said on Wednesday, as outgoing officials seek to do what they can before leaving office to bolster Ukraine in its war against Russia. 041
Reposted by Marina Zucker MarquesRenato H. de Gaspi @rhdegaspi.bsky.social · 21/11/2024So, China and Brazil signed a bunch of MoUs (and other agreements) yesterday. I will follow the numbering done by the Brazilian government: www.gov.br/mre/pt-br/ca... I was taking a look at the 'most relevant' ones for development and industrial policy. Let's do a thread with the highlights...gov.brAtos adotados por ocasião da visita de estado ao Brasil do Presidente da China, Xi Jinping – 20 de novembro de 2024 101
Marina Zucker Marques @marinazucker.bsky.social · 21/11/2024At FT: Yemi Osinbajo, former vice-president of Nigeria, argues it is urgent to tackle the "silent debt crisis". Otherwise, "it will exacerbate social instability, undermining efforts to meet climate and development goals" www.ft.com/content/a784...ft.comHow to fight the silent debt crisis engulfing the global southMultilateral institutions must help these countries find the money to stave off climate change 030
Reposted by Marina Zucker MarquesKevin Gallagher @kevinpgallagher.bsky.social · 12/11/2024Come join our team and help us promote evidence based research in global policy circles: jobs.silkroad.com/BU/External/...jobs.silkroad.comASSISTANT DIRECTOR, COMMS & OUTREACH, Global Development Policy Center - BOSTON, MA, United States - Boston UniversityFind a career with Boston University 053
Reposted by Marina Zucker MarquesTim Hirschel-Burns @timhirschelburns.bsky.social · 19/11/2024🚨G20 Leaders' Declaration is out🚨 Highlights include most advanced language ever on taxing the rich, endorsing the MDB roadmap, and new G20 commitment on reforming the UN Security Council. Follow through key but 🇧🇷 has left its mark w/ focus on fighting inequality and poverty 161
Marina Zucker Marques @marinazucker.bsky.social · 18/11/2024📢Glad to share my article "Currency Internationalization, payment infrastructures and central banks: An institutional analysis of renminbi internationalization" is out at Research in International Business and Finance🧵 Article www.sciencedirect.com/science/arti... Blog www.bu.edu/gdp/2024/11/... 163
Reposted by Marina Zucker MarquesKevin Gallagher @kevinpgallagher.bsky.social · 14/11/2024Combat climate change and the debt crisis at the same time—sell gold and replenish CCRT www.bu.edu/gdp/2024/11/...bu.eduA Golden Opportunity: Selling a Small Share of the IMF’s Gold Reserves to Replenish the Catastrophe Containment and Relief Trust | Global Development Policy Center 002
Marina Zucker Marques @marinazucker.bsky.social · 14/11/202430 DAYS to apply to @GDP_Center Global Economic Governance Fellows Program. If you are enrolled in or graduated from a PhD program + interested in development banks, global financial stability & development, trade regimes, apply! www.bu.edu/gdp/2023/09/... 000
Marina Zucker Marques @marinazucker.bsky.social · 13/11/2024In 2009/10 the IMF sold gold to finance its operations+subsidize PRGT Gold prices are at historic highs — a good moment to sell more gold and replenish the Catastrophe Containment and Relief Trust (CCRT) 🧵 @rishirbhandary.bsky.social and I make the case here www.bu.edu/gdp/2024/11/... 111
Marina Zucker Marques @marinazucker.bsky.social · 07/11/2024STARTING SOON: Juan Pablo Bohoslavsky and I will be discussing the recently published book "Feminism in Public Debt". Don't miss! Register here bu.edu/gdp/events/?ei… The book is OPEN access and counted with the contribution from amazing people! bristoluniversitypressdigital.com/edcollbook-oa/ 000
Marina Zucker Marques @marinazucker.bsky.social · 22/10/2024It is that time of the year! This week I am in DC following the WB/IMB annual meetings 000
Marina Zucker Marques @marinazucker.bsky.social · 19/09/2024Time is ripe for a reform of the Bretton Woods institutions. @kevinpgallagher.bsky.social and I argue that, to match the needs of developing countries, they need to be bigger and better.project-syndicate.orgThe World Needs Bigger and Better Financial Firefighters | by Marina Zucker-Marques & Kevin P. Gallagher - Project SyndicateMarina Zucker-Marques & Kevin P. Gallagher call for reforms to make the IMF and the World Bank larger, more equitable, and less focused on austerity. 010
Marina Zucker Marques @marinazucker.bsky.social · 16/09/2024Ahead of Tomorrow’s GSGR,Daniel Bradlow, Kevin Gallagher and I propose a two-pronged strategy to free some fiscal space for developing countries in a manner that is fair to debtors, creditors and their respective stakeholders alike: Buybacks, with a principled twist. www.bu.edu/gdp/2024/09/...bu.eduBringing Buybacks Back: A Known Debt Restructuring Tool with a Principled Twist | Global Development Policy Center 010
Marina Zucker Marques @marinazucker.bsky.social · 05/03/2024Thrilled to share some professional news! After a year with SOAS University of London, I've now officially joined Boston University Global Development Policy Center as a Senior Academic Researcher at the Global Economic Governance Center, and team lead for financial stability! 000
Reposted by Marina Zucker MarquesKevin Gallagher @kevinpgallagher.bsky.social · 17/02/2024Sustainable Future Bonds can expand MDB balance sheets and improve the reserve system at the same time onlinelibrary.wiley.com/doi/full/10....onlinelibrary.wiley.comSustainable future bonds: Boosting multilateral development banks lending and improving the global reserve systemMultilateral development banks (MDBs) are crucial players to finance a greener, more socially inclusive and sustainable future, given their unique financial model that provides low-cost and long-term.... 011
Marina Zucker Marques @marinazucker.bsky.social · 07/12/2023Malawi is locked in crisis! Because most of its debt is owed to MDBs, Malawi's current debt restructuring is limited to 1/3 of its external PPG debt stock As other 26 countries, Malawi debt negotiation must include ALL creditors See my last blog👇 drgr.org/news/locked-... 010
Marina Zucker Marques @marinazucker.bsky.social · 05/12/2023Excited to share our new paper @Global_Policy! Just in time for #COP28 , we introduce a hybrid capital model that could boost MDBs' lending by $1.6 - $1.9 trillion by 2030 +supply the international reserve system with a new safe and liquid asset onlinelibrary.wiley.com/doi/full/10.... 010
Marina Zucker Marques @marinazucker.bsky.social · 27/11/2023Bondholders need to step up and provide MUCH MORE debt relief With Kevin Gallagher on.ft.com/47T4MWCon.ft.comWe should all be ‘very disappointed’ and ‘deeply concerned’ about Zambia’s debt predicamen...Bondholders SHOULD offer much more relief 000
Marina Zucker Marques @marinazucker.bsky.social · 17/11/2023Based on Zambia & Suriname's recent negotiations w/ bondholders, my blog discusses critical flaws in international financial architecture What are the main problems? Which changes are needed? Some key lessons Find out more here drgr.org/news/winner-... 100
Marina Zucker Marques @marinazucker.bsky.social · 25/10/2023At the recent IMF/World Bank #AnnualMeetings, the issue of multilateral development banks (MDBs) participation in debt relief negotiations went unaddressed My new blog demystifies how MDBs can safely + effectively participate in debt relief drgr.org/news/debunki... 🧵 000
Marina Zucker Marques @marinazucker.bsky.social · 24/10/2023If you want to stay in the loop on key debt-related discussions during the IMF/WB annual meetings, be sure to check out DRGR's latest blog post. by Sarah Ribbert and Arabella Wintermayr drgr.org/news/the-202... 020