“…Similarly, Bird (2007, p. 734) observes that ‘the evidence certainly implies that it is misplaced to rely on the Fund catalysing private capital markets to lend’. Indeed, it is often argued that Fund programmes signal payment difficulties, increasing spreads and triggering private capital outflows (Őzler, 1993; Bird and Rowlands, 2002, 2008, 2009; Jensen, 2004; Edwards, 2006).…”