{"id":542821,"date":"2022-01-18T04:10:08","date_gmt":"2022-01-18T04:10:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/18\/poorest-countries-inch-closer-to-debt-crisis-as-pandemic-relief-program-ends\/"},"modified":"2022-01-18T04:10:08","modified_gmt":"2022-01-18T04:10:08","slug":"poorest-countries-inch-closer-to-debt-crisis-as-pandemic-relief-program-ends","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/18\/poorest-countries-inch-closer-to-debt-crisis-as-pandemic-relief-program-ends\/","title":{"rendered":"Poorest countries inch closer to debt crisis as pandemic relief program ends"},"content":{"rendered":"

<\/a> Low-inco<\/strong>me countries are in peril over debt, World Bank warns:<\/strong> Developing countries are facing a 45% surge in debt repayments this year compared to 2020, as pandemic-era borrowing comes home to roost, the World Bank said in its latest semi-annual economic outlook<\/a>. A group of 74 low-income countries will see repayments surge to around USD 35 bn this year, leaving nations including Sri Lanka, Ghana, El Salvador and Tunisia at risk of default, investors told the Financial Times<\/a>. A covid-era debt relief program launched by the G20 group of major economies came to a close at the end of 2021, meaning 42 countries must resume paying the USD 12.7 bn that was deferred under the scheme.<\/p>\n

About 60% of the countries are at risk of needing to restructure their debts<\/strong>, according to the World Bank, which called for renewed efforts to relieve the developing world\u2019s debt burden. The spike in debt servicing costs has come at the worst possible time, the bank added, with developing countries facing an increasingly constrained fiscal space as major economies look to tighten policy to tackle inflation.<\/p>\n

China\u2019s economy registered its highest growth rate since 2011 last year<\/strong>, with GDP expanding at an 8.1% clip, according to government data<\/a> released yesterday. The full-year figure comes despite growth hitting a one-year-and-a-half low in 4Q2021, recording 4%.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

11,859<\/p>\n<\/td>\n

\n

+0.2% (YTD: -0.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,166<\/p>\n<\/td>\n

\n

+0.5% (YTD: +7.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

8,413<\/p>\n<\/td>\n

\n

-0.1% (YTD: -0.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,179<\/p>\n<\/td>\n

\n

-0.7% (YTD: -0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,663<\/p>\n<\/td>\n

\n

+0.1% (YTD: -2.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,611<\/p>\n<\/td>\n

\n

+0.9% (YTD: +3.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 86.53<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 4.25<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,818.90<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 41,723<\/p>\n<\/td>\n

\n

-3.0% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 701 mn (40.6% below the 90-day average). Regional investors were net sellers. The index is down 0.8% YTD.<\/p>\n

In the green: <\/strong>Rameda (+5.5%), Raya Holding (+4.3%) and Speed Medical (+3.3%).<\/p>\n

In the red: <\/strong>MM Group (-3.2%), Cleopatra Hospital (-2.0%) and EFG Hermes (-1.8%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Low-income countries are in peril over debt, World Bank warns: Developing countries are facing a 45% surge in debt repayments this year compared to 2020, as pandemic-era borrowing comes home to roost, the World Bank said in its latest semi-annual economic outlook. A group of 74 low-income countries will see repayments surge to around USD […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[116,7106,72,119,348,122,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542821","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-china","tag-debt","tag-enterpriseam","tag-financial-markets","tag-gdp","tag-planet-finance","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"b33e2c3d-fef1-4659-966f-3d114b3e4d40","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[542799],"teaser":"","voice_url":""},"yoast_head":"\nPoorest countries inch closer to debt crisis as pandemic relief program ends - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/18\/poorest-countries-inch-closer-to-debt-crisis-as-pandemic-relief-program-ends\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Poorest countries inch closer to debt crisis as pandemic relief program ends\" \/>\n<meta property=\"og:description\" content=\"Low-income countries are in peril over debt, World Bank warns: Developing countries are facing a 45% surge in debt repayments this year compared to 2020, as pandemic-era borrowing comes home to roost, the World Bank said in its latest semi-annual economic outlook. 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The breakdown: USD 13.1 bn in IMF loans, USD 90.7 bn worth of long-term obligations, and USD 11.3 from short-term debt, World\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/127.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580370,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/soaring-global-debt-is-about-to-get-expensive\/","url_meta":{"origin":542821,"position":1},"title":"Soaring global debt is about to get expensive","author":"enterpriseam admin","date":"21 December 2022","format":false,"excerpt":"After years of cheap borrowing, the global debt pile is growing increasingly unsustainable \u2014 especially for developing countries: A decade of cheap borrowing has led to a whopping global debt pile of USD 290 tn for households, businesses and governments, up by more than one-third from a decade ago, according\u2026","rel":"","context":"In "Macro picture"","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/766.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550348,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/developing-world-debt-is-going-nowhere-and-thats-a-barrier-to-climate-goals\/","url_meta":{"origin":542821,"position":2},"title":"Developing world debt is going nowhere \u2014 and that\u2019s a barrier to climate goals","author":"enterpriseam admin","date":"24 October 2022","format":false,"excerpt":"Debt relief? What debt relief? Policymakers, investors and campaigners have been left disappointed by a lack of progress by the G20 to agree debt relief measures for poorer nations, Reuters reports. Rich nations are yet to make headway on the G20 Common Framework proposed in the wake of the covid-19\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":587854,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/surging-borrowing-costs-are-raising-calls-for-sovereign-debt-relief\/","url_meta":{"origin":542821,"position":3},"title":"Surging borrowing costs are raising calls for sovereign debt relief","author":"enterpriseam admin","date":"1 June 2023","format":false,"excerpt":"Global debt surged to a near record high of USD 305 tn in 1Q 2023","rel":"","context":"In "Macro picture"","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1157.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571179,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/03\/chinas-belt-and-road-loans-are-coming-under-pressure-amid-pandemic-squeeze\/","url_meta":{"origin":542821,"position":4},"title":"China\u2019s Belt and Road loans are coming under pressure amid pandemic squeeze","author":"enterpriseam admin","date":"3 May 2020","format":false,"excerpt":"China\u2019s Belt and Road loans are coming under pressure amid pandemic squeeze: Several countries are seeking debt relief from China on loans handed out by its banks under the Belt and Road Initiative (BRI) as the covid-19 pandemic is straining their economies, the Financial Times reports. Chinese lenders, including Exim\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/5.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548010,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/the-incoming-em-debt-crisis-is-getting-worse\/","url_meta":{"origin":542821,"position":5},"title":"The incoming EM debt crisis is getting worse","author":"enterpriseam admin","date":"21 July 2022","format":false,"excerpt":"The number of emerging-market countries at risk of default is at a record high after Angola and Gabon became the latest to see yields on their sovereign bonds rise to distressed levels, Bloomberg reports. 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