Alliance Notes: Turkey brief, Brazil property rights, Zambia webinar and more

Monday, December 21, 2020

                        Alliance Events, 12/21/20



  1. Turkey Fiscal Governance Brief


  1. Property rights, land governance and deforestation in Brazil (January 8)


  1. The Key Role of the Amazon to Tackle Climate Change (December 11)
  2. Podcast: The Bondholder’s View of the African Debt Crisis (December 11)
  3. Webinar: Debt, Sustainability and Governance Forum:  Extractive Industries Transparency Initiative (EITI) Report on Zambia, Presentation & Discussion Call with Ian Mwiinga from EITI and Sokwani W. Chilembo, CEO, Zambia Chamber of Mines (December 16)

Volunteer Opportunities:

  1. Program Director for Financials, Emerging Markets Investors Alliance



1. Turkey Fiscal Governance Brief

Turkey made considerable progress in improving its fiscal transparency practices during the 2000s before backsliding in recent years as key institutions became increasingly politicized. However, executive influence over fiscal and monetary authorities appears to now be on the wane.


Turkey withdrew from the Open Government Partnership in 2016 after failing to produce a National Action Plan since 2014. It is also not a signatory member of the Open Contracting Partnership. Fiscal statistics do not cover Turkey’s 468 public corporations, and there remain significant differences in the institutional coverage of various fiscal policy documents. Of 36 total principles of the IMF’s Fiscal Transparency Code, Turkey meets ten at the basic level, thirteen at the good level, and six at the advanced level. Supplementary budgets are not disclosed, despite significant in-year changes to the level and composition of budgeted expenditure.

Please see the first page of the brief here: Turkey Fiscal Brief. Alliance members have access to the full brief.  If you are interested in learning more about membership, please send an email to Claire Meier Underhill at




2. Property rights, land governance and deforestation in Brazil (Jan 8)

 The second of our webinar series in partnership with the Rainforest Foundation Norway will take place on January 8 at 10am EST.  Our speaker,  Paulo Moutinho, senior scientist and co-founder of the Amazon Environmental Research Institute (IPAM) will address the process of land grabbing and speculation that drives the expansion of the agricultural frontier, converting forests into pastures and plantations.  The webinar will also cover how illegally seized public lands become “legalized” and enter the real estate market, eventually paving the way for agricultural use.

You can register for the webinar here




3. Webinar: The role of the Amazon in tackling climate change (Dec 11)

 On December 11, the Agriculture Working Group and the Rainforest Foundation Norway, hosted a webinar on carbon loss in the Amazon due to deforestation and forest degradation and the important role that indigenous communities play in its preservation.  Our guest was Dr. Carmen Josse, Executive Director, Fundacion EcoCiencia, and co-author of the study “The role of forest conversion, degradation, and disturbance in the carbon dynamics of Amazon indigenous territories and protected areas .” which formed the basis for her presentation. 



As part of this study, the authors measured the change in above ground biomass in the Amazon over the thirteen-year period from 2003 to 2016 and found the Amazon basin to have been a net emitter of carbon. Another key finding of the study was that carbon emissions were not only due to deforestation (53%) but also to forest degradation (47%).  The study also showed that only 3% of the carbon loss was in indigenous territories. Dr. Josse addressed some of the main causes which include agriculture, extractive industries (oil and gas and mining), infrastructure (roads and hydro-electric dams), and forest fires.  


4. Podcast: The Bondholder’s View of the African Debt Crisis (Dec 11)

The ongoing debt crisis in Zambia and several other African countries is proving to be much more difficult to resolve than in previous years because of the expanded role of both Chinese lenders and bondholders. Both of these creditors have starkly different approaches in how they’re handling the situation when countries find themselves unable to meet their obligations.

Ken Colangelo, an analyst on our Sovereign team, sat down with Eric Olander and Cobus Van Staden of the China in Africa podcast to discuss the investor perspective and how EM Investors Alliance is contributing to the sustainability conversation. Please have a listen: The China in Africa Podcast


5. Webinar: Debt, Sustainability and Governance Forum: Extractive Industries Transparency Initiative (EITI) Report on Zambia, Presentation & Discussion Call with Ian Mwiinga from EITI and Sokwani W. Chilembo, CEO, Zambia Chamber of Mines (Dec 16)

This past Wednesday, December 16th, the Debt, Sustainability and Governance Forum hosted a webinar on the recent Zambian EITI report published this week. We hosted from the EITI, the author, Ian Mwiinga and Sokwani Chilembo, CEO, Zambia Chamber of Mines.  In an additional effort to ensure a lively discussion, we invited  Yvette Babb of William Blair to join the panel as an investor representative. After a brief presentation by the EITI, which has been forwarded to our membership, we unpacked the many ways the mining sector links to government finances and how the EITI’s recommendations flow into improved debt sustainability, critical to investor concerns. We are happy to report the call was both timely and engaging. We would like to thank our panelists for discussing these issues with the directness and candor necessary for progress to take place.


Volunteer Opportunities


6. Program Director for Financials, Emerging Markets Investors Alliance

 The Emerging Markets Investors Alliance seeks a part-time volunteer to incubate a program focused on advancing ESG best practices among publicly-listed, emerging market financial institutions. The successful candidate will have at least 5 years' experience analyzing emerging market financials. 

For more information, please send an email with “Program Director for Financials” in the subject line to Please include your resume or LinkedIn profile.


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.