Sixth Annual Sovereign Debt Restructuring Conference

In the post-COVID environment, the number of debt-distressed countries has increased, and several are in default (Chad, Sri Lanka, Suriname, and Zambia). Despite developing policy initiatives to address Low-Income Countries (LICs) defaults and help with efficient debt restructuring processes, resolving these countries’ debt episodes has been slow and ad hoc so far. Until now, defaults occurred under a relatively low global interest rate environment and benign US dollar levels. Rising interest rates and the strengthening of the US dollar may create conditions that accelerate sovereign debt restructurings, particularly of LICs.

This conference, now in its sixth year, intends to shed some light on issues of preparedness of sovereign debt stakeholders of countries as the economic climate is changing and will debate options based on views of prominent policy makers, private creditors, and members of multilateral organizations. We invite you to join us with Drexel University’s LeBow College of Business on Thursday, February 23, 2023.

**Agenda 8:30 – 9:00 a.m. | Registration

**9:00 – 9:05 a.m. | Welcoming Remarks

George Tsetsekos, Francis Professor of Finance and Dean Emeritus Drexel’s LeBow College of Business

**9:05 – 10:05 a.m. | Session I

• Trends and Developments in Global Debt and Sovereign Debt Restructuring: Mark Flanagan, Deputy Director of the Strategy, Policy, and Review Department, International Monetary Fund
• Legal Policies in the IMF Sovereign Debt Restructuring Framework and Issues in Debt Resolution: Yan Liu, Deputy General Counsel in the Legal Department, International Monetary Fund
• Credit Rating Agencies’ Overview of Debt and Recent Sovereign Debt Restructurings: Elena Duggar, Managing Director – Chief Credit Officer Americas, and Chair of Macroeconomic Board, Moody’s Investors Service

**10:05 – 10:50 a.m. | Session II

Is the Prevailing Sovereign Debt Restructuring Architecture Adequate for Facing Current and Future Restructuring Challenges? DeLisle Worrell, Former Governor of the Central Bank of Barbados

**10:50 – 11:00 a.m. | Break

**11:00 – 11:45 a.m. | Session III

Identifying Market Issues in Recent Sovereign Debt Restructurings: Thor Jonasson, Deputy Division Chief, Debt Capital Markets Division, International Monetary Fund James Knight, Senior Financial Sector Expert, International Monetary Fund Analytical Aspects of Sovereign Debt Restructurings: Tamon Asonuma, Economist in the Strategy Policy and Review Department, International Monetary Fund

**11:45 – 11:55 a.m. | Break

**11:55 a.m. – 12:55 p.m. | Session IV

Investors’ Considerations in View of Recent Debt and Sovereign Debt Restructuring Developments: Federico Sequeda, Head of Country Research & Portfolio Manager, Morgan Stanley Investment Management Challenges in Handling Sovereign Debt Restructurings: Liam Localio, Managing Director, Farallon Capital Management Approaches in Advising Sovereign Debtors and Creditors during Sovereign Debt Restructurings: Rafael Molina, Managing Partner, Newstate Partners

**12:55 – 1:00 p.m. | Concluding Remarks

Michael G. Papaioannou, TA Expert Advisor, International Monetary Fund and Senior Visiting Scholar and Professor, LeBow College of Business, Drexel University