DebtTalks

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

Hosted on Ausha. See ausha.co/privacy-policy for more information.

This episode looks at how developing countries can finance their growth without adding to already heavy debt burdens. From the lessons of past debt relief to the use of state assets to attract equity investment, Reza Baqir, Managing Director and Global Practice Leader for Sovereign Advisory Services at Alvarez & Marsal, shares why countries should make use of their whole balance sheet and how sovereign wealth funds can play a key role in doing so.

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.
• Reza Baqir is Managing Director and Global Practice Leader of Sovereign Advisory Services at Alvarez & Marsal in Dubai. He brings more than 25 years of experience working with governments and central banks on macroeconomic stability, sustainable growth, sovereign debt and economic crises. He previously served as Governor of the State Bank of Pakistan and spent 19 years at the International Monetary Fund, where he held senior positions including Head of the Debt Policy Division and Senior Resident Representative in Egypt. He also worked at the World Bank and has extensive experience in sovereign debt sustainability, restructuring and emerging market policy.

Production : Paola Subacchi

Coordination : Nathalie Corvée

Musique : Nils Bertinelli

Hosted on Ausha. See ausha.co/privacy-policy for more information.

This episode explores how development finance can unlock private investment where it matters most. From supporting Ukraine’s recovery and strengthening economic resilience to mobilising capital, creating jobs and driving sustainable growth, Ines Rocha, Division Director for Western, Central and Eastern Europe, Ukraine and Moldova, IFC, World Bank Group, shares how public and private finance can work together to turn investment into lasting impact.

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.
• Ines Rocha, Division Director for Western, Central and Eastern Europe, Ukraine and Moldova, IFC, World Bank Group, leads the IFC’s work across Western, Central and Eastern Europe, with a focus on mobilising private investment, supporting sustainable growth and strengthening the private sector. She has more than 20 years of experience in development finance and capital markets, including senior roles at the European Bank for Reconstruction and Development (EBRD), where she helped lead the institution’s response to the war in Ukraine and mobilise support for the country’s economy and private sector. Earlier in her career, she worked at UBS Investment Bank and the Central Bank of Portugal.

Production : Paola Subacchi

Coordination : Nathalie Corvée

Musique : Nils Bertinelli

Hosted on Ausha. See ausha.co/privacy-policy for more information.

In this episode, Paola sits down with Sonja Gibbs to unpack the shifting global debt landscape – tariffs, supply-chain strain and higher interest rates driving up government and corporate borrowing. They discuss what it means for debt sustainability and bond markets, and how emerging economies can use stronger investor relations, transparency and domestic capital markets to attract long-term finance.

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.

• Sonja Gibbs is Managing Director and Head of Sustainable Finance and Global Policy Initiatives at the Institute of International Finance (IIF). She oversees the quarterly IIF Global

Debt Monitor, which tracks debt-related vulnerabilities across mature and emerging economies, as well as the weekly IIF Insight on global financial markets. Her policy work includes engagement with the G20, the multilaterals and global regulators and standard setters. Sonja has spent over 20 years in banking and financial markets, most recently as Chief Equity Strategist at Nomura International in London, with earlier roles as a US economist and bank credit analyst in New York and Los Angeles.

Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

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Sciences Po students Marius Guerin and Tom Krauthausen join Paola Subacchi to discuss what the G20 should prioritise as the United Kingdom prepares to take the chair in 2026. Drawing on their final projects for Paola’s course on managing sovereign debt, Marius and Tom bring fresh perspectives to the question of whether policymakers should focus on fixing debt crises once they erupt, or on preventing them before they begin.

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.

Tom Krauthausen is a master's student at Sciences Po and the Stockholm School of Economics, specializing in International Economic Policy and Finance. His professional experience includes internships at the Boston Consulting Group and KfW Development Bank. Marius Guérin is a Sciences Po master's graduate, now working as a Junior Policy Analyst in the OECD's Development Co-operation Directorate. His previous experience includes internships in government and the private sector.

Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

Hosted on Ausha. See ausha.co/privacy-policy for more information.

Global debt is entering a more expensive and uncertain phase. Drawing on the OECD Global Debt Report 2026, Paola Subacchi talks to Nicolas Pinaud about the
outlook for sovereign and corporate debt, rising refinancing risks, and the growing burden of debt-servicing costs.

They discuss how higher interest rates, inflation, tighter monetary policy, and geopolitical tensions are reshaping debt markets, especially for low-income
countries. The conversation also explores the legacy of quantitative easing, the changing investor base in corporate bond markets, shorter maturities, and the role of EU bonds in strengthening Europe’s capital markets.

Host
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.

Guest
Nicolas Pinaud is Deputy-Director, OECD Directorate for Financial and Enterprise Affairs. He is an experienced Advisor with a demonstrated history of working on domestic, international and multilateral economic affairs for more than 15 years at government level and in an international organisation (the OECD).

Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

Hosted on Ausha. See ausha.co/privacy-policy for more information.

In this episode, Paola Subacchi is joined by Nicolas Niarchos to explore the growing global race for critical metals, especially those powering the batteries behind our digital and green transitions. They unpack the supply chains at the core of modern life and ask a tough question: are richer economies simply exporting pollution to poorer countries?

Focusing on metal-rich nations, they examine how years of neglect, state fragility, and predatory lending have left these countries unable to turn resource wealth into sustainable development – and what it would take to change that.

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.

 Nicolas Niarchos is a journalist whose work focuses on energy, war, and migration. He is the editor and co-founder of Now Voyager, a new magazine of international affairs. He has been a contributing writer at the New Yorker since 2014, where he initially started as a fact-checker. His reporting has also appeared in the Nation, the New York Times, and the Guardian.

He is the author of The Elements of Power: A Story of War, Technology, and the Dirtiest Supply Chain on Earth (Penguin Press).

Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

Hosted on Ausha. See ausha.co/privacy-policy for more information.

In this episode, Paola Subacchi sits down with Kamran Ahmad to unpack a persistent paradox: why countries rich in natural resources so often struggle to build lasting prosperity. The conversation dives into the complexities of financing commodity extraction, with a focus on how partnerships and project finance can unlock capital for large-scale initiatives – and ensure that resource wealth translates into sustainable economic development.

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.

Kamran Ahmad is a partner in the Energy, Infrastructure and Project Finance Group in London.

He has extensive experience acting for the full spectrum of market participants, including banks, multi-laterals, investors, sponsors and project companies, on greenfield and brownfield transactions covering a wide range of infrastructure sectors and financing techniques including bank debt, project bonds and multi-source financings. Kamran Ahmad also regularly advises on the development and financing of projects in the energy sector including conventional and renewable power, as well as, commodities based financings (including reserve based lending).

Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

Hosted on Ausha. See ausha.co/privacy-policy for more information.

In this episode of DebtTalks, Paola Subacchi and Martin Kessler explore what happens when a country begins to face mounting debt pressures. What are the early warning signs, and when does concern turn into crisis? The discussion also delves into the options available to heavily indebted countries – from restructuring to relief – and take a closer look at how the IMF’s Debt Sustainability Analysis shapes decisions along the way.

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.

Martin Kessler is the Executive Director of the Finance for Development Lab. Previously, he worked as an economist in the Development Cooperation Directorate of the OECD, focusing on trends of development finance for developing countries, and debt risks in particular.

Prior to this, Martin worked at the World Bank on development dynamics in East Asia, and held research positions at the Brussels-based economic think-tank Bruegel and the Peterson Institute for International Economics in Washington DC.

Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

Hosted on Ausha. See ausha.co/privacy-policy for more information.

Episode 13 of DebtTalks dives into how Latin America can unlock domestic finance to power - funding major infrastructure while supporting SMEs - to the rise of innovative tools like green and thematic bonds in the Caribbean, the episode explores what’s working across a diverse region.

With debt costs squeezing fiscal space, the conversation highlights the urgent need for cheaper financing. It also underscores the importance of stronger multilateral cooperation - moving beyond siloed approaches - to scale impact and drive sustainable development.

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.

Sebastián Nieto-Parra is an Economist at the OECD Development Centre, where he works on the production of the annual report Latin American Economic Outlook. He also teaches economic policy of emerging markets at Sciences Po, Paris. His research interests include banking regulation, international finance and political economy in emerging countries. In particular, he has been researching the structure of the primary bond market. He has presented a number of his papers in various academia and policy-making oriented conferences. Before joining the OECD, Mr. Nieto-Parra was an Economist for Latin America at Santander Bank, Madrid.

Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

Hosted on Ausha. See ausha.co/privacy-policy for more information.