This episode looks at how the IMF decides when a country’s debt is no longer sustainable, and what happens next. Allison Holland, Deputy Director in the African Department of the International Monetary Fund, explains how debt sustainability is assessed, why debt transparency matters for borrowers, and how the IMF works with creditors, such as the Paris Club, to give countries committed to reform the debt relief they need.

Hosts & Guests:

• Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.
  From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.
• Allison Holland is Deputy Director in the African Department of the International Monetary Fund (IMF). At the time of recording, she was Assistant Director in the IMF’s Strategy, Policy and Review Department, where she had led the Debt Policy Division since July 2023. In nearly two decades at the IMF, she has served as Mission Chief for Zambia and Somalia, where she supported complex debt relief operations, and for Oman. She has also overseen the Regional Economic Outlook for the Middle East and Central Asia and worked as a public debt management expert in the Monetary and Capital Markets Department. Before joining the IMF, she spent more than a decade in the UK public sector, including at the Bank of England, HM Treasury and the UK Debt Management Office.

Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

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