One of the curiosities of the Covid-19 pandemic, and the economic carnage it has wrought, is that it has not prompted countries to draw down on the funds they have built to provide resilience at moments exactly like these.
The International Forum of Sovereign Wealth Funds (IFSWF) and State Street recently released research showing that sovereign wealth funds had not undertaken large-scale liquidations to provide liquidity for governments, despite widespread expectation that they would. Only two of 10 funds they spoke to had been drawn down.
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