EMERGING market countries around the world are confronting a challenging debt dilemma, exacerbated by the confluence of rising US dollar interest rates and economic challenges resulting from the Covid pandemic and Russia’s invasion of Ukraine.
According to Fitch Ratings, a concerning trend has emerged, with a record five Fitch-rated sovereigns being in default. Notably, the period from 2020 to 2022 has witnessed sovereign defaults on average taking longer to resolve.
Since 2019, a significant number of sovereigns have experienced defaults, including Argentina, Belize, Ecuador, Russia, Suriname, Belarus, Lebanon, Ghana, Sri Lanka and Zambia. This surge in defaults reflects the economic strain...
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