Emerging Markets Digest: Feb 13

Here are the EM posts that caught my attention today and are worth checking out:

Morocco: Treasury optimistic Morrocco will close FCL agreement with IMF in April - EmergingMarketWatch

Inflation-scarred EMs didn’t hesitate to raise rates. They could lead on loosening too - Capital Economics

Turkey: 12M rolling current account deficit highest since 2018 - ING

The Devaluation Run in Emerging Markets Is Just Getting Started - Bloomberg

Natanyahu's return to power, the military role in Egypt, Modi and the BJP, India/China investment case, and more with Hasnain Malik - Tellimer's Emerging Markets Podcast

Indian refiners are using UAE dirham to pay for Russian oil Why? - The dirham is stable thanks to the dollar peg - But doesn't have the dollar's potential sanctions complications Russia has been India’s top crude supplier since June - Ziad Daoud on Twitter

Sounds like China is equating World Bank lending with Chinese bank lending to Zambia, so all should be involved in debt forgiveness (or presumably neither) … and answers why the Common Framework to restructure debt in Ethiopia & Zambia (Ghana joining too) is not working well - Charlie Robertson on Twitter

Putin's energy windfall is over. After huge current account surpluses in 2022 (red), the Jan 2023 surplus (orange) was below its historical average for Jan (blue). The West has huge power to undermine Russia's war machine. We can cut the flow of money to Russia & end this war... - Robin Brooks on Twitter