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Meeting Schedules

Mitigating Sovereign Risks in Market-Access Countries

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Location: G-03

AM2026

Overview

Market-access countries are navigating an increasingly difficult fiscal and financial environment characterized by tighter fiscal space, elevated borrowing costs, and heightened global uncertainty. Against this backdrop, the panel will explore how policymakers can preserve debt sustainability and maintain market confidence while supporting economic growth and social cohesion. The discussion will focus on the key ingredients of credible, growth-friendly fiscal consolidation, including the role of efficient and equitable fiscal measures, strong institutions and policy frameworks, transparency, and effective stakeholder engagement. It will also examine how effective public debt management can help mitigate financing risks and strengthen resilience, including during periods of market stress. The discussion will provide an opportunity to highlight the forthcoming Public Debt Management Guidelines, which are being updated to reflect changes in the sovereign financing environment since 2014, and their emphasis on sound governance, clear decision-making frameworks and institutional accountability. Drawing on country experiences, including ongoing fiscal consolidation reforms, the panel will highlight practical approaches to sustaining credibility with citizens and markets through sound fiscal policy, prudent debt management, robust governance, and clear accountability frameworks.

Panelists

Muhammad Aurangzeb

Federal Minister for Finance and Revenue, Pakistan

Muhammad Aurangzeb is the Federal Minister for Finance and Revenue of Pakistan. Senator Muhammad Aurangzeb was appointed as the Federal Minister for Finance and Revenue of Pakistan in March 2024. As Minister, Mr. Aurangzeb is responsible for the Ministry of Finance’s mission to foster sound and equitable economic policies that put Pakistan on the path of sustainable macroeconomic stability and growth, with a view to continuously and significantly improving the quality of life of all citizens through prudent and transparent public financial management. He brings more than 35 years in global banking to the role. Prior to his appointment in March 2024, Aurangzeb was President and Chief Executive Officer of Habib Bank Limited, Pakistan's largest systemically important bank, and before returning to Pakistan in 2018 he served as Chief Executive Officer of JP Morgan's Global Corporate Bank for Asia Pacific. He began his career in international banking at Citibank, and has held senior roles at ABN AMRO and RBS across New York, Amsterdam and Singapore. Aurangzeb has also served as Chairman of the Pakistan Banks Association and Chairman of the Pakistan Business Council. Aurangzeb received his Bachelors and MBA degrees from The Wharton School of the University of Pennsylvania.

Muhammad Aurangzeb

Datuk Seri Amir Hamzah Azizan

Minister of Finance II, Malaysia

YB Senator Datuk Seri Amir Hamzah Azizan is Minister of Finance II of Malaysia. YB Senator Datuk Seri Amir Hamzah Azizan was appointed Minister of Finance II of Malaysia in December 2023. Prior to his appointment, he served as Chief Executive Officer of the Employees Provident Fund (EPF), Malaysia's largest pension fund, and previously as President and Chief Executive Officer of Tenaga Nasional Berhad. He also held chief executive roles at PETRONAS Lubricants International, PETRONAS Dagangan Berhad, and MISC Berhad, and served as Managing Director of Icon Offshore and Group Chief Executive Officer of Themed Attractions Resorts & Hotels. Amir Hamzah began his career with the Shell Group, where he worked in Malaysia, Singapore, and the United Kingdom. He holds a Bachelor of Science in Management, majoring in Finance and Economics, from Syracuse University.

Datuk Seri Amir Hamzah Azizan

Álvaro Santos Pereira

Governor, Bank of Portugal
Álvaro Santos Pereira is the Governor of Banco de Portugal and a member of the Governing Council of the European Central Bank. He assumed office in October 2025. As Governor, he leads Portugal's central bank, participates in euro area monetary policymaking through the ECB Governing Council, and oversees financial stability and the supervision of the domestic banking system. He brings both policymaking and international surveillance experience to the role. Prior to taking office, Santos Pereira was Chief Economist of the OECD and the Organisation's G20 and G7 Finance Deputy. He served as Portugal's Minister of Economy and Employment from 2011 to 2013, during the country's adjustment programme. A Portuguese and Canadian national, Santos Pereira has held academic posts at Simon Fraser University, the University of York and the University of British Columbia. Santos Pereira holds a PhD in Economics from Simon Fraser University, a Master's degree in Economics from the University of Exeter and a degree in Economics from the University of Coimbra.

Álvaro Santos Pereira

Nehad Chowdhury

Managing Director and Global Head of Sovereign Credit Management, Citigroup

Nehad Chowdhury is a Managing Director and the global head of Sovereign Credit Management (SCM) at Citigroup. His team is responsible for establishing Citi’s internal views on global macroeconomic and sovereign risk. His team’s assessments are used to guide senior management decisions regarding country risk appetite and to underwrite Citi’s exposures to sovereigns and government-related entities. He brings over 25 years of experience to this function. Prior to joining Citi in 2013, Nehad was an economist at the IMF and advised IMF management and policymakers on global financial stability risks. Nehad began his career at Goldman Sachs where he held multiple roles in New York and London advising governments on capital markets transactions and public finances. Nehad has an MPA in International Development from Harvard University and a BA in Economics from Haverford College.

Nehad Chowdhury

Jan Friederich

Managing Director and Head of Western Europe, Middle East, Africa and APAC Sovereigns, Fitch Ratings

Jan Friederich is Head of Europe, Middle East and Africa Sovereign and Global Supranational Ratings, Fitch Ratings. He manages a team covering a portfolio of around 80 sovereigns and 35 supranationals. He often participates in international fora and in investor discussions on matters of debt sustainability, the treatment of debt restructurings and the economic and fiscal prospects of the regions and sectors under his coverage. He spent most of his time before joining Fitch in 2015 at the Economist Intelligence Unit in economic analysis roles in London, New York, Beijing and Hong Kong. He studied at the Free University of Berlin, the University of Cambridge and the University of London.

Jan Friederich

Michaela Erbenova

Deputy Director in the IMF’s Monetary and Capital Markets Department

Michaela Erbenova is a Deputy Director in the IMF’s Monetary and Capital Markets Department. In this capacity, she oversees the IMF’s Financial Sector Assessment Program and development of analytical tools for financial stability assessments; capacity building and related policy work on the management of sovereign debt, developments and innovations in sovereign debt markets and instruments; as well as MCM’s resource management and strategy. Her previous Fund career encompassed overseeing the Fund's capacity development strategy and evaluation and the IMF Institute training program as a Deputy Director of the IMF Institute for Capacity Development and more than 10 years in MCM, including as a Division Chief of Financial Supervision and Regulation. In 2016-2018, she served on the IMF Executive Board as Executive Director for Austria, Belarus, Czech Republic, Hungary, Republic of Kosovo, Slovak Republic, Slovenia, and Turkey. Prior to joining the IMF in 2007, Ms. Erbenova was a Board Member and Chief Executive Director of the Czech National Bank. Previously, she served as Advisor to the Czech Prime Minister; Chief Advisor to the Minister of Finance; and as Head of Investor Relations in Komercni Banka in the Czech Republic

Michaela Erbenova

Rodrigo Valdés

Director of the IMF’s Fiscal Affairs Department

Rodrigo Valdés, a national of Chile, became Director of the IMF’s Fiscal Affairs Department in October 2025. He previously served as Director of the Western Hemisphere Department and has held senior roles across academia, government, and the Fund. Before returning to the IMF, he was Chile’s Minister of Finance from 2015 to 2017 and earlier taught economics at the Catholic University of Chile. Rodrigo brings more than 16 years of experience in Chile’s public institutions, including leadership positions at the Ministry of Finance and the Central Bank, where he directed research and oversaw macroeconomic analysis. He has also held senior roles in the financial sector, including at BTG Pactual and Barclays Capital. He holds a PhD in Economics from MIT and a bachelor's degree in economics from the University of Chile.

Rodrigo Valdés

Dan Katz (Opening Remarks)

First Deputy Managing Director of the IMF

Dan Katz assumed the position of First Deputy Managing Director of the IMF on October 6, 2025. Mr. Katz most recently served as Chief of Staff at the United States Department of the Treasury. He was the principal advisor to the Secretary of the Treasury on a wide range of domestic and international matters, including on some of the most consequential international economic issues involving the United States. Mr. Katz has over a decade-long association with the Treasury, serving as Senior Advisor to the Under Secretary for International Affairs, Counselor to the Assistant Secretary for International Markets, and Policy Advisor in the Office of Terrorism and Financial Intelligence. In addition to his work at the Treasury, Mr. Katz spent several years in the private sector, where he worked at a global macro hedge fund, and as an investment banker at Goldman Sachs. He was also a senior fellow at the Manhattan Institute, focusing on central banking, international economic issues, and economic statecraft, and served as an advisor to the Commander of U.S. forces in Kabul, Afghanistan. Mr. Katz received a Bachelor of Arts from Yale University and a Juris Doctor magna cum laude from New York University School of Law.

Dan Katz