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Emerging Market Debt: A Roadmap Beyond COVID-19

25 June, 2020 | 13:30 – 14:30 BST | 08:30 – 09:30 EDT

Join us for the Bloomberg Emerging & Frontier Forum 2020 Digital Series, hosted in collaboration with Amundi Asset Management, Fitch Ratings, and the Institute of International Finance (IIF).

In response to the challenges presented by the COVID-19 pandemic, our flagship annual event will take place as a series of digital panel discussions with leaders from across industry and governance. This edition of the series will feature two panels with key representatives from finance ministries and central banks from across the globe.

Panel 1 - The COVID recession: View from the economic cockpit
Ministers of Finance will give their views from the economic hot seat on the following topics:
  • Managing the economic fallout from COVID-19
  • Preserving market confidence under pressure
  • Laying the framework for recovery of the economy and foreign investment
Panel 2 - Central banks in the new age: Developing innovative tools & ideas
Our panel of Central Bank Governors will focus on:
  • How has the central bank's role evolved through the COVID-19 crisis? Can emerging market central banks be a model for the rest of the world?
  • Is inflation still priority number one for the central bank?
  • When and how will foreign investors return to emerging markets?
  • Long-term impact of the crisis for sovereign debt markets
With an introduction from Michael R. Bloomberg, Founder of Bloomberg L.P. and Bloomberg Philanthropies, and moderated by Stephanie Flanders of Bloomberg Economics, we encourage participants to join the conversation by submitting questions to the panel upon registration.


María Antonieta Alva Luperdi

Minister of Finance, Peru

María Antonieta Alva Luperdi was named finance and economy minister by President Martín Vizcarra in October 2019. Before assuming her responsibilities as minister, she was the general director of public budget at the Finance and Economy Ministry, beginning in 2017. While in this role at the National Public Budget System, she managed the formulation processes and approval of the public sector budget laws in 2018 and 2019. During her 10 years of public service, Alva has held various positions at the ministries of Finance and Economy and of Education. She studied economics at the University of the Pacific and earned her master’s in public administration and international development at the John F. Kennedy School of Government at Harvard University, where she studied as a Fulbright Scholar. Alva also spent time with the Pratham Foundation in New Delhi, India, as part of the Women and Public Policy Program at Harvard.

Dr. Benjamin E. Diokno

Governor, Philippines Central Bank

Dr. Diokno is the current Governor of the Bangko Sentral ng Pilipinas (BSP). Prior to his appointment, he served as Budget Secretary from 2016 to 2019. On his third tour of duty at the Department of Budget and Management (DBM), he pursued an expansionary fiscal policy to finance investments in human capital development and public infrastructure. As Governor, he is not only pursuing the BSP mandates of price stability, financial stability, and an efficient payments and settlements system; but also endeavors to bring central banking closer to the people.

His policy expertise and research contribution extend to various areas of public economics, such as the structure and scope of government, tax policies and reforms, public expenditure management analysis, fiscal decentralization, national budget and public debt among other topics. He has extensive experience in implementing reforms at the public sector, having also served as Budget Undersecretary from 1986 to 1991 and Budget Secretary from 1998 to 2001.

He is Professor Emeritus of the University of the Philippines-Diliman. Over more than 40 years, he taught the following courses: Public Sector Economics, Microeconomics, Macroeconomics, Development Economics and Special Topics (e.g., Public Enterprises Investment and Pricing Policies; Public Sector Reforms; Local Government Finance, etc.). He was also Chairman of the Board of Trustees of the Pamantasan ng Lungsod ng Maynila (City University of Manila).

He served as Fiscal Adviser to the Philippine Senate. He also served as Chairman and CEO of the Philippine National Oil Company (PNOC) and Chairman of the Local Water Utilities Administration.

Some of the major policy reform contributions of Dr. Diokno include: providing technical assistance to the 1986 Tax Reform Program to simplify the income tax system and introduce the value-added tax, helping design the 1991 Local Government Code of the Philippines, initiating a What-You-See-Is-What- You-Get policy to streamline the release of funds, sponsoring the internationally-lauded Government Procurement Reform Act to modernize, regulate, and standardize government procurement activities in the Philippines.

He served as an adviser and consultant to various multilateral agencies like the World Bank, Asian Development Bank, European Commission, and USAID for work in the Philippines, China and transitioning economies like Vietnam, Cambodia, and Mongolia.

He has also participated in numerous international conferences hosted by the IMF, ADB, World Bank, APEC, UN among other international organizations. Beyond this, he has authored numerous publications and discussion papers regarding his research interests that have been published in academic journals and policy reports.

He finished his Bachelor’s Degree in Public Administration from the University of the Philippines (1968), and earned his Master’s Degree in Public Administration (1970) and Economics (1974) from the same university. He also holds a Master of Arts in Political Economy (1976) from the Johns Hopkins University in Baltimore, Maryland, USA and a Ph.D. in Economics (1981) from the Maxwell School of Citizenship and Public Affairs, Syracuse University in Syracuse, New York, USA.

H.E. Carlos Dominguez

Secretary of Finance, Philippines

Mr. Carlos Dominguez has over 40 years of vast experience and an outstanding track record of achievements at the helm of various organizations in the public and private sectors. His expertise was borne out of his experiences as a shareholder, board chairman and a member of over a dozen corporations across multi-industries such as power, agriculture, mining, banking, hospitality, real estate, and investment.

Mr. Dominguez was appointed as Cabinet Secretary thrice: as Secretary of Environment and Natural Resources (1986-1987), Secretary of Agriculture (1987-1989), and currently as Secretary of Finance since 2016.

Under his leadership, the Department of Finance (DOF) was able to draft and introduce to the Congress the first of a series of the Duterte administration’s proposed tax reform packages known as the Tax Reform for Acceleration and Inclusion (TRAIN) Act less than 90 days from the time he assumed the Cabinet portfolio in July 2016. President Rodrigo Roa Duterte signed into law the TRAIN Act on December 19, 2017. This was followed by other successes in the legislature—such as the passage of the Tax Amnesty Act, the Tobacco Tax Reform Law, and a new Sin Tax Reform Law which raised excise taxes on alcohol and electronic cigarettes. On his watch, the Philippines’ key revenue agencies— the Bureaus of Internal Revenue (BIR) and of Customs (BOC) also continue to achieve strong revenue growth rates. It was also under his leadership that the BIR was able to secure its largest tax settlement ever—amounting to about $600 million—from a single taxpayer in Philippine history.

Sonja Gibbs

Managing Director, Global Policy Initiatives

Institute of International Finance

Sonja’s research interests include multi-asset investment strategy, with a focus on emerging/frontier markets, capital flows and ESG investment. She authors the IIF’s Weekly Insight, which offers a concise perspective on global financial markets in the context of topical economic and political developments, and oversees the quarterly Global Debt Monitor, which looks across mature and emerging economies for debt-related vulnerabilities such as the rapid buildup in EM corporate debt levels. Sonja co-leads IIF policy work on sustainable finance and infrastructure investment, including advocacy and liaison efforts vis-à-vis the G20, the multilaterals and the international regulatory community.

Sonja has spent over 20 years in banking and financial markets, most recently with Nomura International in London, where she was Chief Equity Strategist. Previously she was Head of East European Economics and Senior European Bond Analyst, also for Nomura. Earlier positions included stints as a U.S. economist and bank credit analyst in New York and Los Angeles. She has taught undergraduate microeconomics at U.C. Berkeley, and spent several years with the Berkeley-Stanford Program on Soviet International Behavior. Sonja’s work is widely cited in the financial press, including Bloomberg, the Wall Street Journal and the Financial Times; she is a regular speaker at industry conferences and has been a frequent commentator for financial television and radio in her strategist/analyst roles.

H.E. Arturo Herrera Gutiérrez

Minister of Finance, Mexico

He is the current Minister of Finance in Mexico. Prior to his present position, he served as Deputy Minister of Finance and Public Credit and also acting as Undersecretary for Revenues. In his professional career, he has held positions at the World Bank, the private banking sector, the Government of Mexico City, and Mexico’s Ministry of Finance and Public Credit. At the World Bank, he participated and led several initiatives aimed at improving the performance of the public sector in various Latin American and Caribbean Governments. In his last responsibility in that financial institution, he was in charge of the Governance Unit for the East Asian economies. He worked in private banking on investment banking issues and previously he was Secretary of Finance for the Government of Mexico City, where he also served as Director General of Financial Management. In the Ministry of Finance and Public Credit, he held positions in both the international affairs and the economic planning directorates. In the academic field, he has taught courses in microeconomics and macroeconomics at El Colegio de México, and monetary policy at the University of New York. He has a degree in economics from the Universidad Autónoma Metropolitana, a master's degree in the same area from the El Colegio de México, and a doctoral candidate from the University of New York.

H.E. Martin Guzman

Minister of Economy, Argentina

Martín Guzmán was born in La Plata on October 12th, 1982.

He has graduated as a Doctor in Economics (PhD. in Economics) from Brown University, United States. Prior to his doctoral studies, he obtai- ned a Bachelor's degree in Economics and a Master's degree in Econo- mics, both from Universidad Nacional de La Plata (National University of La Plata), Argentina.

He is a researcher at the Columbia University School of Business, and Director of the Public Debt Restructuring Program of the Policy Dialo- gue Initiative of the same School. Together with Nobel laureate Joseph Stiglitz, he has conducted the academic training program of the Columbia University Initiative for Policy Dialogue.

He is an associate professor at Facultad de Ciencias Económicas de la Universidad de Buenos Aires (Faculty of Economic Sciences of the University of Buenos Aires). As of December 2019, he is a tenured lecturer at Facultad de Ciencias Económicas de la Universidad de La Plata (School of Economic Sciences of the National University of La Plata).

He is editor in chief of the Journal of Globalization and Development and has published numerous academic articles in specialized journals and books.

Mr. Lesetja Kganyago

Governor, South African Reserve Bank

Lesetja Kganyago was recently reappointed as the Governor of the South African Reserve Bank (SARB) for a second term; his first was effective from 9 November 2014. P BR He had been a Deputy Governor of the SARB since May 2011. In this role, he was responsible for a wide range of areas, including research, financial stability, bank supervision, financial regulatory reform (including introducing the Twin Peaks regulatory structure), financial surveillance (including taking responsibility for the regulation of cross-border flows), risk management and compliance, and the functions of the SARB Academy. P BR Governor Kganyago has more than 20 years of experience in formulating and implementing public policy, having spent this time at the central bank and at National Treasury. During his time at National Treasury, a fundamental reform in the management of the national debt portfolio was completed and he successfully steered several public finance and financial market reforms. P BR Governor Kganyago has led South Africa’s technical team in various G20 Ministers of Finance and Central Bank Governors meetings and summits, including the Inaugural Summit in 2008. He has chaired the IMF–World Bank Development Committee Deputies and the G20 Working Group on IMF Governance Reform. He was also the Vice-Chair of the Financial Stability Board’s Standing Committee on Standards Implementation for four years. P BR Currently, Governor Kganyago chairs the Committee of Central Bank Governors of the Southern African Development Community and co-chairs the Financial Stability Board’s Regional Consultative Group for sub-Saharan Africa. He also chairs the Financial Stability Board’s Standing Committee on Standards Implementation. P BR He was appointed as the International Monetary and Financial Committee (IMFC) Chairman, effective from 18 January 2018, for a period of three years. The IMFC is the primary advisory body of the IMF Board of Governors and deliberates on the principal policy issues facing the IMF. P BR Governor Kganyago holds a Master of Science degree in Development Economics from the University of London (School of Oriental and African Studies) and a Bachelor of Commerce degree in Accounting and Economics from the University of South Africa.

Yerlan Syzdykov

Global Head of Emerging Markets & Co-Head of Emerging Markets Fixed Income

Amundi Asset Management

Yerlan Syzdykov is the Global Head of Emerging Markets & Co- Head of Emerging Markets Fixed Income at Amundi, based in the London office. In this role, he is responsible for leading a highly skilled investment team working on debt and equity strategies that covers Asia, Latin America, Emerging Europe, the Middle East and Africa. He is also Lead Portfolio Manager on a number of our Emerging Market Debt strategies.

Yerlan has worked on Emerging Markets (EM) throughout his career. He has been involved in managing EM Debt strategies since 2000 when he joined Amundi Asset Management and has played a key role in evolving our investment capability in this area.

He joined Amundi Asset Management (previously Pioneer Investments) in 2000 from Bancroft in Paris where he had been working as an Investment Analyst for Private Equity deals. Before this, he worked with various companies in London and Paris within EM equity research.

Yerlan started his career as an EM Equity Analyst with Renaissance Capital in Moscow upon completion of his MBA in 1997.

Michael R. Bloomberg

Founder of Bloomberg L.P. and Bloomberg Philanthropies

Mike Bloomberg is an entrepreneur and three-term mayor of New York City whose innovations in business, government, and philanthropy have made him a pioneering leader on critical issues facing America and the world. He has launched major coalitions to save and improve lives, including America’s largest campaigns to prevent gun violence and fight the climate crisis, and he has championed efforts to fix our immigration system.

Elected mayor just weeks after the attacks of September 11, 2001, Bloomberg led New York City’s resurgence. He spearheaded the rebuilding of Lower Manhattan, fought poverty with new programs that became national models, and turned around a failing school system. Bloomberg reduced carbon emissions by 13 percent, increased New Yorkers’ life expectancy by three years, and cut crime by a third while reducing incarceration by nearly 40 percent. Despite the national recession, he led the city to record job growth.

As mayor, Bloomberg launched a pandemic influenza plan for New York City, and led the city through outbreaks of the swine flu and West Nile virus. An international leader on public health issues, Bloomberg recently launched a series of efforts to help fight the coronavirus pandemic through his foundation, Bloomberg Philanthropies. He’s supporting a fund for New York City-based non-profits impacted by the crisis, convening mayors to share information and strategies, committing $40 million to help low- and middle-income countries slow and prevent the spread of the disease, and more. After his third term in City Hall, he resumed leadership of Bloomberg L.P., the financial technology and media company he founded in 1981. Bloomberg L.P. now employs some 20,000 people. Bloomberg Philanthropies applies a unique, data-driven approach to drive progress in five focus areas – public health, government innovation, education, the environment, and the arts. He has given away $9.5 billion.

Bloomberg grew up in a middle-class home in Medford, Massachusetts. He took out government loans and worked his way through school, graduating from Johns Hopkins University and Harvard Business School. He is the father of two daughters, Emma and Georgina, and has two grandchildren.

Stephanie Flanders

Senior Executive Editor

Bloomberg Economics

Stephanie Flanders joined Bloomberg in October 2017 as Senior Executive Editor for Economics and head of Bloomberg Economics. In this new post she leads a combined group of more than 100 Bloomberg News economic reporters worldwide and 25 professional research economists.

Stephanie came to Bloomberg from J P Morgan Asset Management, where she had been Chief Market Strategist for the UK and Europe since 2013. Stephanie was Economics Editor for the BBC from 2008 to 2013, where her national and global economic analysis was broadcast around the world and widely respected. Prior to joining the BBC, Stephanie was a speechwriter and senior advisor to US Treasury Secretary Lawrence H. Summers in the second Clinton Administration, where she was closely involved in the management of emerging market crises and other major economic issues from 1997 to 2001. She has also worked as an economist at the Institute for Fiscal Studies and London Business School. She is an Honorary Fellow of Balliol College, Oxford and a Fellow of the Society of Professional Economics. In 2016 she was appointed to Chair the Royal Society of Arts' Inclusive Growth Commission, which delivered its final report in 2017.

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