Sources: BIS & SARB  2020 General government balance projections  0.0  Percent of GDP  -2.0 -4.0 -6.0 -8.0 -10.0 -12.0 -14.0 -16.0 Source: IMF Fiscal Monitor, Apr 2020  Page 15 of 16  Colombia  Chile  EM debt stocks: Change between 2009-19  Estimated term premium: 10y bond  50  5  40  4  29.8  3 20  2  10  %  0  1  -10  0  -20  -1 -2 2012  Source: IMF  EM 10y govt bond yields: Change from 1 Jan - 17 Jun  2018  2020  EM 5y CDS spreads:  Source: Bloomberg  Source: Bloomberg  Page 16 of 16  Turkey  Brazil  South Africa  -100  Colombia  -80  Mexico  -60  Indonesia  -40  China  -20  Basis points  0  Chile  20  200 180 160 140 120 100 80 60 40 20 0  Malaysia  40  Basis points  2016  Change from 1 Jan - 17 Jun  Russia  60  2014  Source: SARB  Thailand  pp of GDP  30
2/2  BIS - Central bankers' speeches