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Emerging Sovereign Debt Markets NEWS Table of Contents Emerging Sovereign Debt Markets NEWS Number 34 Week 19 – 25 August 2017 Table of contents ASIA ................................................................... 2 S&P director calls Latin American growth 'quite disappointing' ................................. 6 Afghanistan ................................................... 2 Argentina....................................................... 6 European Union approves €100 million package to support key reforms in Argentina posts primary fiscal deficit in Afghanistan .............................................. 2 July ........................................................... 6 China ............................................................. 2 Brazil ............................................................. 6 Chinese government debt risks under Brazil lower house approves main text of control ...................................................... 2 new BNDES benchmark rate ..................... 6 China to roll over 600 bln yuan of special Brazil council approves massive state treasury bonds ......................................... 3 asset plan through 2018 ........................... 6 Pakistan ........................................................ 3 Chile .............................................................. 7 Pakistan plans to raise up to US$1bn via Moody's changes outlook on Chile's sukuk or Eurobond .................................... 3 ratings to negative; affirms AA3 ratings ... 7 Philippines ..................................................... 3 Ecuador ......................................................... 7 Philippines may launch $200 mln panda Fitch affirms Ecuador's ratings at 'B'; bonds in Q4 .............................................. 3 outlook remains negative ......................... 7 Saudi Arabia .................................................. 4 Mexico ........................................................... 7 Saudi foreign reserves resume falling in Mexico central bank sees inflation July ........................................................... 4 peaking after hikes, peso recovery ........... 7 Sri Lanka ....................................................... 4 Nicaragua ...................................................... 8 Sri Lanka raises $550 mln more via 3-yr Fitch Affirms Nicaragua at 'B+'; Outlook syndicated loan......................................... 4 Stable ....................................................... 8 EUROPE .............................................................. 4 Venezuela ...................................................... 9 Albania .......................................................... 4 Venezuela bond prices drop on trading ban report ................................................ 9 Albania to sell 7.2 bln leks (54.4 mln euro) of 1-yr T-bills on Sep 5 .................... 4 AFRICA ............................................................. 10 Bulgaria ......................................................... 4 Congo .......................................................... 10 Bulgaria's gross foreign debt stays flattish Congo says balances 2017 budget without in June ...................................................... 4 printing money ....................................... 10 Hungary ......................................................... 5 Cote D’Ivoire ............................................... 10 Hungarian central bank says ready to Fitch affirms Cote D'ivoire at 'b+'; outlook ease monetary conditions further ............. 5 stable ..................................................... 10 Montenegro ................................................... 5 Egypt ........................................................... 11 Montenegro to auction 22.5 mln euro 182- Yields mixed at Egyptian three and seven- day T-bills on August 29 ........................... 5 year T-bond auction ................................ 11 Poland ........................................................... 5 Mauritius ..................................................... 11 Poland's 2018 general government Mauritius 10-year Treasury bond yield at budget deficit seen at 2.7 pct of GDP-PM .. 5 4.89 pct .................................................. 11 Romania ........................................................ 5 Nigeria ......................................................... 11 Romania sells planned 500 mln lei of Nigeria bond auction raises 56 bln naira, March 2022 bonds .................................... 5 less than half of amount on offer ............ 11 Russia ............................................................ 5 Nigeria plans 193 bln naira Treasury bill sale next week........................................ 11 Moscow owes $0.6 bln to South Korea, repaid other state debt ............................. 5 Rwanda ....................................................... 11 LATIN AMERICA .................................................. 6 Rwanda raises 10 bln francs with 5-year PDM Network Weekly Newsletter on Emerging Markets For information, contact the PDM Network Secretariat at: [email protected] Follow us on Twitter @pdmnet and on our website wwwpublicdebtnet.org 1 Treasury bond......................................... 11 Caution may be creeping in to emerging markets .................................................. 13 Tunisia ......................................................... 12 GLOBAL................................................... 14 Tunisia's currency reserves recover slightly with World Bank loan ................. 12 All eyes on central banks as primary flow abates..................................................... 14 EMERGING MARKET .......................................... 12 Emerging economies await end to ECB largesse with record euro debt ............... 12 Please note: The information contained herein is selected by the PDM Network Secretariat from and is provided as a service to Subscribers. is considered to be a reliable source. However, the Secretariat cannot guarantee the accuracy of information reported and is not responsible for any opinions expressed and data enclosed. demonstration of the EU's long-standing commitment to Afghanistan and its people. ASIA Following an overall positive review of progress on key reform commitments, the EU's State Building Contract makes a direct contribution to Afghanistan the National Budget and provides the Government of Afghanistan with substantial European Union approves €100 million financial resources and flexibility to allocate package to support key reforms in these where they are most needed. The purpose Afghanistan is to improve services to the population, boost economic growth and reduce poverty, at a time 21-Aug-2017 when Afghanistan continues to face major 21August 2017 : Today, the European Union security, economic and political challenges.' (EU) approved a €100 million package to The SBC supports the Government of support Afghanistan in carrying out reforms Afghanistan to implement the reform agenda to improve its development policies, maintain presented at the Brussels Conference on macroeconomic stability, advance sound Afghanistan held in October 2016, as set out in public financial management and strengthen the Afghanistan National Peace and state budget transparency. The EU's decision Development Framework and the associated follows a positive assessment on progress in National Priority Programmes, to promote these reform areas over the last twelve months effective governance, women's economic against the background of a challenging security empowerment and basic service delivery situation. It is part of a State Building Contract (Citizens' Charter). (SBC) signed with the Government of Afghanistan during the Brussels Conference on Ministry of Finance - Islamic Republic of Afghanistan Afghanistan on 4 October 2016. -SBC brief as published this content on 21 August 2017 and is solely annex- responsible for the information contained herein. This EU financial contribution for Afghanistan Distributed by Public, unedited and unaltered, on 21 is meant to support the Government of August 2017 16:23:22 UTC. Afghanistan in creating growth and jobs and (C) Copyright 2017 - Ministry of Finance - Islamic to ensure service delivery during a time of Republic of Afghanistan uncertainty that includes significant risks to the economy. H.E. Eklil Hakimi, Minister of Finance said: 'The approval of this allocation means that China Afghanistan has been making significant progress in crucial areas such as public policy, Chinese government debt risks under macroeconomic, financial management and control budget transparency and oversight. We welcome 25-Aug-2017 conditionality-based mechanism, such as the BEIJING, Aug 25 (Reuters) - China's State-Building Contract, they give the government debt risks are generally under Government of Afghanistan flexibility and fiscal control, though liabilities have risen relatively space to respond quickly to our countries fast in recent years, the official Shanghai evolving development priorities and reaffirm our Securities Journal reported on Friday citing a mutual commitments to see a prosperous, stable report from a government think tank. and self-reliant Afghanistan. I thank the EU, its Overall liabilities, including the shortfall in social member states, and the people of Europe for security funds, rose about 70 percent from 2010 their generous support to Afghanistan.' to 2015 to 70 trillion yuan ($10.50 trillion), the H.E. Franz-Michael Mellbin, EU
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