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Module 9: Legal Aspects of External Debt and External Borrowing
Governments borrow in the international markets all the time. Bonds are issued, loans are contracted, guarantees are given. For that, the financial mechanics tends to be standardized and easy to replicate---that's how markets like it. And yet, behind each transaction involving a sovereign there is a country-specific legal structure to authorize officials to act on behalf of the nation. What is that structure? How clear, efficient, effective, and transparent is it? What happens when loans are signed without authorization or by someone without authorization? What happens when those loans are not recorded or disclosed properly? What is "properly"? What are the best legal and contractual principles and practices to borrow for the State or to renegotiate debts on its behalf? At core, there are issues of protection, liability, and accountability for the civil service when it interacts with the financial industry. But lenders also seek and need protection! What are the most common way they do this and why? What are the recommendations of institutions like the Loan Market Association, the Asian-Pacific Loan Market Association, or the Institute of International Finance? What restrictions apply to the issuance of bonds, both privately and in the market? How do you abide by international sanctions and protect your operational integrity? This Workshop will identify and explain all these issues. And it will do it in a very practical way; the idea is to share knowledge that helps public debt managers and development lenders in their day-to-day job.
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