Finding the Money: Fiscal Transparency in Emerging Markets

Investors rely on government fiscal data to assess creditworthiness. Yet many governments do not produce basic or complete fiscal data. The event will focus on fiscal openness and budget transparency in emerging markets. The discussion will address questions such as: (1) How are governments performing on fiscal openness and budget transparency and why does it matter?  (2) How do closed fiscal policies and budgets contribute to systemic risks and open ones reduce risks? (3) Which fiscal transparency regimes are models to replicate and which are disasters in the making? (4) How should investors assess the transparency and accountability of fiscal regimes? and (5) How can investors encourage improvements in fiscal openness and budget transparency regimes? 


Drapers Garden, 12 Throgmorton Avenue, London

Emerging Markets Investors Alliance (

The Emerging Markets Investors Alliance is a 501(c)(3) non-profit organization that enables institutional emerging market investors to support good governance, promote sustainable development, and improve investment performance in the governments and companies in which they invest.

Additional information: 

Host Committee Members

Neeraj Arora, MFS Investment Management

Stephen Bailey-Smith, Global Evolution

Alan Cameron, Jefferies

Bryan Carter, BNP Paribas Asset Management

Matt Elliott, Citi Global Markets

Fatima Hane, Renaissance Capital

Andrew Howell, Citi Global Markets

Nicolas Jaquier, Standard Life Asset Management

Inna Loseva, Renaissance Capital

Eleanore Mapa, CIBC World Markets

Ashok Parameswaran, Emerging Markets Investors Alliance

Giulia Pellegrini, Blackrock


Speaker Biographies


Ronnie ‌‌‌Downes, Deputy Head, Budgeting and Public Expenditures Division, OECD

Mr. Downes is an Irish national with a background in the Department of Finance in Dublin. In the OECD, Mr. Downes has been responsible for the introduction of OECD Principles of Budgetary Governance, the Budget Transparency Toolkit and the conduct of country-specific reviews and OECD-wide analysis in the area of public financial management. His current research areas include budgeting to support high-level goals, assessing the impacts of budgets on inclusive growth, and developing international best practices. In Ireland, Mr. Downes managed public expenditure during the crisis period 2008-2012, and introducing reforms including performance budgeting, a medium term expenditure framework, systematic policy evaluation and spending review. Mr. Downes holds a Master’s degree in Economics and Policy Studies from Trinity College Dublin, as well as diplomas in Law and Accounting.


Juan Pablo Guerrero, Network Director, Global Initiative on Fiscal Transparency

Mr. Guerrero runs the Global Initiative on Fiscal Transparency, a multi-stakeholder action network aimed to advance global norms and fiscal transparency and participation in countries around the world. He was founding Information Commissioner of the Federal Institute for Access to Information & Data Protection in Mexico (2002-09), where he subsequently became the Secretary General (2013-14). Between 2009 and 2013, he was the manager of the Mentoring Governments for Transparency Program at the International Budget Partnership. Before 2003, he was a university professor at the CIDE (Center for Research & Teaching in Economics) in Mexico (1994-2003). He started his career as news reporter and correspondent in Washington & Paris, where he studied in master and PhD programs in public policy.


Jason Lakin, Head of Research, International Budget Partnership (IBP)

Prior to taking on the Head of Research position, Mr. Lakin was the Country Manager for IBP Kenya for 4 years, based in Nairobi.  Mr. Lakin joined IBP in May 2009 as a Program Officer covering Ghana and East Africa. Prior to joining IBP, Mr. Lakin completed his Ph.D. in Government and Social Policy, and post-doctoral research in Global Health, at Harvard University. The focus of his research was on the political economy of social policy reform in Mexico (particularly health financing and implementation). Before graduate school, Mr. Lakin worked briefly as a researcher on tax and housing issues for the D.C. Fiscal Policy Institute. He is the co-author, with Seymour Martin Lipset, of The Democratic Century (2004).


Giulia Pellegrini, Director and Portfolio Manager, Emerging Markets Debt, BlackRock

Ms. Pellegrini focuses on EM sovereign debt strategies at Blackrock. Prior to joining BlackRock in 2015, she was Chief Economist for Sub-Saharan Africa in J.P. Morgan's Emerging Market Research team in London and in Johannesburg from 2010 to 2015. Prior to that, Ms. Pellegrini was an Economist at the World Bank, in the Africa Finance and Private Sector Development Department in Washington D.C. Ms. Pellegrini started her career as an Assistant Economist in the Policy & Strategy Division of the Debt Management Office of the Federal Republic of Nigeria in Abuja. Ms. Pellegrini holds master degrees in Development Economics and in Econometrics from the University of Oxford, St Antony's College and from Birkbeck College as well as a BSc in Economics from the School of Oriental and African Studies - University of London.


Carolina Renteria, Division Chief, Fiscal Affairs Division, International Monetary Fund

Ms. Renteria is responsible for delivering technical assistance on public financial management in Europe, Anglophone Africa, Middle East and Central Asia, and leading analytical work on Public Financial Management. Previously she worked as Lead Economist in the Macro Fiscal Management (MFM) Global Practice of the World Bank, mainly working in West, Central and South East Africa Region; Fiscal Management and Quality of Expenditures, MFM Community of Practice leader. Ms. Renteria has held Ministerial and Senior level positions in the Colombian government and was Executive Director for the World Bank Group’s Board (2009-10). From 2006 to 2009 was Director of the Departamento Nacional de Planeación (DNP) of Colombia, was National Budget Director (2002-06) and Senior Advisor to the Minister of Finance and to the Fiscal Policy Council (1999-2002). She has also been a researcher at Fedesarrollo, consultant to the Inter-American Development Bank and economist at the Central Bank of Colombia. She has led various multi-sectoral committees and was Member of Ecopetrol’s Board. Ms. Renteria has a Master Degree from New York University (Fulbright scholarship) on Public Administration and from Universidad de los Andes (Bogotá, Colombia) in Economic Development. She has published on fiscal, budgetary, decentralization and other economic matters.


Juan Pablo Guerrero, Global Initiative for Fiscal Transparency
Giulia Pellegrini, Allianz Global Investors
Carolina Renteria, International Monetary Fund