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A record injection of International Monetary Fund resources this year could fund a facility to lower the costs for developing economies selling sovereign debt abroad, according to the head of the United Nations Economic Commission for Africa. Uneca’s Vera Songwe said she’s proposed a facility to bolster the liquidity of the secondary market for emerging and frontier-market debt, reducing the premium some issuers are charged by investors that can’t immediately trade their bonds. The liquidity and sustainability facility, which would replicate repo transactions that have helped central banks lower borrowing costs in developed countries, could be bankrolled by the upcoming allocation of $650 billion of IMF reserve assets, known as special drawing rights. ....
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