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Sovereign Financing Database (SFD)

Working papers

An EFSD Series of Working Papers presents the Fund’s applied economic research. The working papers might cover such issues of global, regional and country economic trends; macroeconomic, fiscal and debt sustainability in the member countries; analysis of transmission mechanisms in the region; industry and infrastructure-relevant research: global financial architecture and the functioning of the Global Financial Safety Net, etc.

The EFSD Working Papers are published in Russian and English and made freely available to the public.

Reprinting of the text for non-commercial purposes, in whole or in part, including large fragments, and placing the text on external electronic resources are permitted with a link to the original text.

The conclusions and interpretation of the facts in the Working Paper do not necessarily reflect the official position of the EFSD Council of Experts, the EFSD Council, or the EFSD member states

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06 November 2024

Working Paper "Country-level interest rate risk impact on debt and fiscal sustainability: potential use of floating-rate and inflation-indexed liabilities"

The researchers from the EFSD and the CAREC Institute conducted a comprehensive analysis, resulting in the publication of a working paper titled "Country-level interest rate risk impact on debt and fiscal sustainability: potential use of floating-rate and inflation-indexed liabilities."

Working Paper "Country-level interest rate risk impact on debt and fiscal sustainability: potential use of floating-rate and inflation-indexed liabilities"

02 October 2024

Working Paper "EFSD Early Warning System: Developing Tools to Predict Currency Crises"

Analysts at the Eurasian Fund for Stabilization and Development (EFSD) have prepared a new Working Paper titled "EFSD Early Warning System: Developing Tools to Predict Currency Crises". This study was an important step in the implementation of the task outlined in the EFSD Strategy 2022–2026, and is aimed at creating an effective Early Warning System (EWS) that can identify and comprehensively assess threats to macroeconomic stability in the Fund's recipient countries (Armenia, Belarus, Kyrgyzstan, Tajikistan).

Working Paper "EFSD Early Warning System: Developing Tools to Predict Currency Crises"

07 August 2024

Working Paper “Sovereign Financing in Eurasia: H1 2024”

International financial institutions and development agencies operating in Eurasia –Azerbaijan, Armenia, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Russia, Tajikistan, Turkmenistan, and Uzbekistan – approved a total of US $2.3 billion in sovereign financing during the first six months of 2024. A total of 96 projects are currently ongoing, underscoring the significant role these institutions play in financing the countries.

Working Paper “Sovereign Financing in Eurasia: H1 2024”

28 May 2024

Working paper: Sovereign Financing in Eurasia: Trends and Areas

In 2023, international financial institutions and development agencies approved a total of US $6.2 billion (337 operations) in sovereign financing for Eurasian countries, including Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Russia, Tajikistan, Turkmenistan, and Uzbekistan. This highlights the significant role these institutions play in funding these countries

Working paper: Sovereign Financing in Eurasia: Trends and Areas

16 April 2024

Working Paper Assessment of the Potential Impact of Natural Hazard Events on Debt Sustainability of Armenia, Kyrgyzstan, and Tajikistan

The Eurasian Fund for Stabilization and Development (EFSD) has prepared a new Working Paper titled Assessment of the Potential Impact of Natural Hazard Events on Debt Sustainability of Armenia, Kyrgyzstan, and Tajikistan. Due to their geographical location, relatively small territory and highly concentrated economies, disaster risks can have a significant impact on the macroeconomic performance of these states

Working Paper Assessment of the Potential Impact of Natural Hazard Events on Debt Sustainability of Armenia, Kyrgyzstan, and Tajikistan

26 December 2023

EFSD researchers studied factors determining countries' choice between external support and international reserves in times of crisis

EFSD researchers assessed factors affecting the decision of developing economies on the source of anti-crisis support. In times of crisis, in case of need to support the economy, states have to choose between using international reserves and attracting external stabilisation financing from such institutions as the International Monetary Fund, the RFM, swap agreements with foreign central banks and other elements of the Global Financial Safety Net (GFSN)

EFSD researchers studied factors determining countries' choice between external support and international reserves in times of crisis

17 October 2023

International financial institutions, development agencies and climate funds have provided financing to water and HPP sector in the Eurasian region in the amount of $11 bln over the past 15 years

In 2022, the EFSD launched its own unique database of sovereign financing in Eurasia. SFD is a unique analytical product that aggregates data on publicly available sovereign financing activities in the Eurasian region. The EFSD is issuing this Working paper in order to present the analysis of sovereign financing in water and HPP sector

International financial institutions, development agencies and climate funds have provided financing to water and HPP sector in the Eurasian region in the amount of $11 bln over the past 15 years

15 February 2023

International financial institutions and development agencies have realized more than 3 800 sovereign financing operations in the Eurasian region over the past 15 years

In 2022, the EFSD launched a project to develop its own unique database of sovereign financing in Eurasia. SFD is a unique analytical product that aggregates data on publicly available sovereign financing activities in the Eurasian region. The EFSD is issuing this Working paper in order to present the SFD and its findings

International financial institutions and development agencies have realized more than 3 800 sovereign financing operations in the Eurasian region over the past 15 years

06 October 2022

International financial institutions and development agencies have realized more than 2,900 technical assistance projects in the Eurasian region over the past 14 years

Technical assistance is in high demand by the countries due to the need for accelerated institutional and socioeconomic development. Projects in public administration, economic development, macroeconomics, health care, and agriculture prevail

International financial institutions and development agencies have realized more than 2,900 technical assistance projects in the Eurasian region over the past 14 years

27 October 2021

EFSD Working Paper WP/21/2 “Total Debt is So Much More Than Just Sovereign Debt. Contingent Liabilities in Armenia, Belarus, Kyrgyz Republic, and Tajikistan”

This study aims to contribute to understanding the potential risks and impacts of both explicit and implicit contingent liability shocks on government fiscal and debt positions in the EFSD recipient countries. Special attention is paid to the significance of state-owned enterprises and their role in countries’ debt positions

EFSD Working Paper WP/21/2 “Total Debt is So Much More Than Just Sovereign Debt. Contingent Liabilities in Armenia, Belarus, Kyrgyz Republic, and Tajikistan”