Credit ratings have become so important in the financing of development that Africa has seen fit to build its own agency.
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Economic conditions for ordinary Mozambicans are deteriorating. Poverty has risen, public services are unreliable and there are few decent job opportunities.
Rating agencies shape the policy space for pursuing development goals. Yet they remain private firms, operating under commercial incentives.
In a speech to be delivered in Darwin, Chalmers says the government had been deliberate in its estimate in the budget. Now, “We’re in a significantly better position than we forecast.”
Moody’s acquisitions are a setback for the development of alternative rating agencies to compete against the monopoly of the ‘big three’.
Top contributors
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Senior Fellow, Centre for Policy Research (UNU-CPR), United Nations University; Aston University
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Professorial Fellow, University of Canberra
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Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town
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Senior Research Fellow, World Institute for Development Economics Research (UNU-WIDER), United Nations University