Departmental Paper No 2023/004

Throughout history, the Caucasus and Central Asia have been great crossroads. Many peoples have shaped this region, from the nomads of the steppe to the traders of the Silk Road.

This year’s conference, titled “Debt in the Time of Turbulence,” addressed the challenges facing debt managers. How can debt managers best rollover public debt and manage FX exposure during a time of turbulence? What can central bankers and other financial authorities do to restore liquidity when bond markets dysfunction? How can debt managers navigate the unwinding of monetary stimulus as central banks battle inflation while fiscal support is maintained for the vulnerable?

Thank you, Norbert. Honorable Governor Pirmatov, Executive Directors, Distinguished Guests, I am delighted to welcome all of you to CCAMTAC (/see-cam-tack/)! our Caucasus, Central Asia, and Mongolia Regional Capacity Development Center.

“Equatorial Guinea’s economy expanded in 2022 for the first time since 2014, with real GDP growth estimated at 2.2 percent, reflecting higher global hydrocarbon prices and Bata reconstruction. Inflation reached 4.8 percent in 2022 on account of high food import prices. A significant part of the hydrocarbon revenue windfall was saved as reflected in the fiscal surplus of 10.1 percent of GDP, and a significant strengthening of the external current account. However, the non-oil primary fiscal deficit increased to 9.9 percent of GDP in 2022 from 8.7 percent of GDP in 2021. The banking sector prudential indicators weakened.

A new €300 million lending agreement between the European Investment Bank (EIB) and BNG Bank will facilitate low-cost financing for Dutch public sector entities.