RESILIENCE
DISCIPLINE
CREDIBILITY
SOLVENCY
MATURITY
Stronger external balances and replenished FX reserves reduce vulnerability to global shocks
Fiscal consolidation via lower post-pandemic spending and improved tax collection promotes stability
Effective, proactive monetary policy to contain inflation positions EM central banks to accommodate growth
Many EMs have paid down debt, extended maturities and/or diversified their funding mix via concessional financing
Local investment driven by growing EM wealth increasingly complements foreign inflows as economies mature
