Analysis:Debt crunch looms for weaker economies with a wall of bond maturies ahead
WASHINGTON :A combination of sticky high interest rates and lacklustre global growth could push a number of emerging economies that are facing soaring refinancing needs into debt difficulties next year.
"A more prolonged period without market access would be of more concern for the lower-rated tiers of the emerging markets sovereign universe," said James Wilson, EM sovereign strategist for ING. Meanwhile countries such as Tunisia, Kenya and Pakistan"would need to find alternative sources of financing if the market doesn't re-open for them," said Thys Louw, portfolio manager for the emerging markets hard currency debt strategy at Ninety One, in London.
The resilience and sustainability trust, approved a year ago, is a lending facility for climate and pandemic preparedness for low-income and some middle-income nations. Ethiopia, which is currently negotiating a financing programme with the IMF, has a $1 billion eurobond issue coming due in 2024. Investors are already offering to extend maturities.
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