Jonathan Fortun

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September 24, 2026

Financial Times Quoted expert

Emerging markets shrug off Iran war in record foreign borrowing spree

Emerging market governments are issuing foreign currency bonds at a record pace despite the Iran war, higher global interest rates and a stronger dollar. Jonathan Fortun tells the Financial Times that investors increasingly see the asset class as safer. He distinguishes gross issuance from fresh financing, noting that only $72 billion of this year’s total will represent new money rather than refinancing. The reporting also examines the shift toward euro borrowing and efforts to rebuild foreign exchange reserves.

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September 12, 2026

Investing.com Quoted expert

Foreign investors put $11.3 billion into emerging markets in August

Emerging markets received $11.3 billion in portfolio inflows in August, almost entirely through debt, while equity investment remained weak. Investing.com cites Jonathan Fortun’s assessment that continued inflows despite rising US long term yields point to investors selecting emerging market assets on their own merits. The article examines the contrast between resilient debt demand and a slower overall pace of inflows.

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September 10, 2026

Central Banking Quoted expert

Bolivia sells $35m to stabilise local currency

Bolivia’s central bank sold $35 million as it sought to reduce exchange rate volatility. Jonathan Fortun tells Central Banking that the parallel market was already pricing a stronger boliviano than the official fixing, interpreting the sale as an adjustment toward market pricing. His comments connect currency intervention with the competing need to accumulate foreign exchange reserves under the proposed IMF program.

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September 10, 2026

Bloomberg Quoted expert

Bolivia Aims to Cut Fuel Subsidies by 2027 Under IMF Deal

Bolivia plans to eliminate fuel subsidies by 2027 as part of its fiscal adjustment under a $1.9 billion IMF program. Jonathan Fortun warns that the subsidy cuts arrive before other reforms can deliver results. He highlights limits on central bank financing as a credible commitment and identifies the removal of lending rate caps and credit quotas as a major political test.

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August 11, 2026

Yahoo News (Reuters) Quoted expert

Analysis-Bolivia's Paz tests fragile coalition with reform push, IMF deal

Reuters analysis examines how Bolivia's President Rodrigo Paz is pushing market oriented reforms and a $1.9 billion IMF program while his coalition fractures. Jonathan Fortun of the IIF said the $1.9 billion does not fundamentally change Bolivia's solvency arithmetic. He argued the program would ease immediate financing pressures but not restore debt sustainability alone, and that the government must cut fuel subsidy costs, curb support for state firms and narrow the deficit.

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August 11, 2026

MarketScreener (Reuters) Quoted expert

EM investment flows turn positive as equity exodus slowed, IIF says

Fortun explains why emerging-market portfolio flows returned to positive territory in July as equity selling slowed and debt continued to attract foreign investment. The report distinguishes the easing pressure on Asian stocks from continued strength in bond flows.

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August 4, 2026

Bloomberg Law / Bloomberg News Quoted expert

Bessent’s Yen Rescue to Boost US Pressure on Japan Trade, Rates

Bloomberg examines US interests surrounding coordinated support for the yen. Jonathan Fortun questions whether the intervention is simply a diplomatic gesture and points to broader American interests in helping Japan support its currency.

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July 10, 2026

WTVB (Reuters) Quoted expert

South Korea, Taiwan lead $46 billion emerging market equity exodus in June

Reuters reports that emerging markets saw $46.1 billion in net foreign equity outflows in June, led by South Korea and Taiwan, even as bonds drew $28.3 billion. Jonathan Fortun, IIF chief economist, wrote in the monthly report that investors remain willing to lend to emerging markets but are less willing to add broad equity risk. He attributed the equity cuts to higher global discount rates, China uncertainty, weaker earnings confidence and tech and energy positioning.

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