{"id":565251,"date":"2021-03-29T13:55:24","date_gmt":"2021-03-29T13:55:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/29\/just-when-you-thought-the-talk-of-an-emerging-market-debt-crisis-was-over\/"},"modified":"2021-03-29T13:55:24","modified_gmt":"2021-03-29T13:55:24","slug":"just-when-you-thought-the-talk-of-an-emerging-market-debt-crisis-was-over","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/29\/just-when-you-thought-the-talk-of-an-emerging-market-debt-crisis-was-over\/","title":{"rendered":"Just when you thought the talk of an emerging-market debt crisis was over\u2026"},"content":{"rendered":"

<\/a> UN chief urges action to prevent incoming EM debt crisis: <\/strong>The UN secretary-general has warned that growing debt in the emerging world threatens to destabilize developing countries, tipping many into poverty, social unrest and conflict. \u201cThe response to covid and to the financial aspects [of the crisis] has been fragmented, and geopolitical divides are not helping,\u201d Antonio Guterres told the Financial Times<\/a> ahead of announcing new UN proposals to provide debt relief to low- and middle-income countries.<\/strong> \u201cIt has been too limited in scope and too late.\u201d<\/p>\n

An \u201cillusion\u201d:<\/strong> The fact that only six nations \u2014 Argentina, Belize, Ecuador, Lebanon, Suriname and Zambia \u2014 have defaulted on their debts since the onset of covid-19 last year has lulled the world into a false sense of security and a \u201cmisperception of the seriousness of the situation,\u201d he said.<\/p>\n

We\u2019re not just talking about smaller, frontier markets:<\/strong> Larger emerging economies such as South Africa and Brazil have taken on significant amounts of local debt at higher interest rates, making a future EM debt crisis harder to see coming, he said.<\/p>\n

And some are taking on more short-term debt:<\/strong> Some countries \u2014 such as Brazil \u2014 have shortened the average maturities of local-currency debt since the crisis, lowering borrowing costs but giving governments less time to repay. \u201cThey are essentially borrowing in the internal market but maturities are coming down \u2026 This is a very bad signal. There is an illusion of sustainability but it risks bringing quite dramatic surprises, especially if the recovery is slower than expected from the slower access to vaccines,\u201d he said.<\/p>\n

This is the opposite of what Egypt has tried to do:<\/strong> The Egyptian government is working to issue more longer-term debt; as of June last year, the Finance Ministry had extended the average maturity of its debt profile to 3.2 years<\/a>, up from 1.3 years in June 2013.<\/p>\n

IMF to the rescue?<\/strong> The UN is proposing that the IMF issue new special drawing rights (SDRs) to allow it to provide more post-covid relief to low-income countries. Advanced economies may also be asked to contribute their SDRs to the IMF\u2019s Poverty Reduction and Growth Trust \u2014 a facility earmarked for the world\u2019s poorest countries \u2014 and a new unit to be set up specifically to channel finance to struggling middle-income nations.<\/p>\n

The G7 recently gave its backing to new SDRs<\/strong>, which reportedly could be upped by another USD 650 bn<\/a> to allow it to provide more post-covid relief to low-income countries. The plan is expected to be given final approval at the IMF and World Bank\u2019s Spring Meetings, which will take place during the first week of April.<\/p>\n

This would be the biggest SDR issuance in history<\/strong>, Guterres said when asked whether the measures on the table would be enough to tackle the scale of the problem. \u201cSome of these things are quite radical \u2026 It will break taboos. If multilateral and national institutions are ready to enter into partnerships and provide guarantees, we can create incentives for the financial sector to mobilise a lot of additional private funding,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

UN chief urges action to prevent incoming EM debt crisis: The UN secretary-general has warned that growing debt in the emerging world threatens to destabilize developing countries, tipping many into poverty, social unrest and conflict. \u201cThe response to covid and to the financial aspects [of the crisis] has been fragmented, and geopolitical divides are not […]<\/p>\n","protected":false},"author":1,"featured_media":565252,"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":[9272],"tags":[1878,107,115,633,3664,1253,272,1510,7085],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-antonio-guterres","tag-covid-19","tag-emerging-markets","tag-enterprisepm","tag-frontier-markets","tag-g7","tag-imf","tag-the-macro-picture","tag-un","wpautop","entry"],"acf":{"mongo_id":"2cb01788-35a6-45a8-a22e-43d560acbba9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/579.jpg","photo_position":"above","related_issue":[565242],"teaser":"","voice_url":""},"yoast_head":"\nJust when you thought the talk of an emerging-market debt crisis was over\u2026 - 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EMs have racked up significant debts since the 2008 global financial crisis, and are scheduled to repay nearly USD 800 bn-worth of debt on\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\/2019\/11\/1221.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572275,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/shrugging-off-debt-relief-initiatives-developing-countries-continue-tapping-global-debt-markets-to-plug-covid-19-financing-needs\/","url_meta":{"origin":565251,"position":3},"title":"Shrugging off debt relief initiatives, developing countries continue tapping global debt markets to plug covid-19 financing needs","author":"enterpriseam admin","date":"17 June 2020","format":false,"excerpt":"Shrugging off debt relief initiatives, developing countries continue tapping global debt markets to plug covid-19 financing needs: Developing countries are piling on more debt to finance the deficits they face as a result of the covid-19 pandemic, rather than opting for potential restructuring of their existing debts, according to the\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\/6\/191.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575512,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/18\/foreign-debt-is-leaving-emerging-markets-more-vulnerable-to-shocks-than-ever-before\/","url_meta":{"origin":565251,"position":4},"title":"Foreign debt is leaving emerging markets more vulnerable to shocks than ever before","author":"enterpriseam admin","date":"18 October 2020","format":false,"excerpt":"Foreign debt is leaving emerging markets more vulnerable to shocks than ever before: Widening private debt, rapid monetary expansion and low-cost lending have left emerging markets with a much larger challenge in piecing together an economic recovery from covid-19 than they did during the global financial crisis, according to a\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\/10\/182.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571528,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/14\/the-impending-em-debt-crisis-is-going-to-be-messy\/","url_meta":{"origin":565251,"position":5},"title":"The impending EM debt crisis is going to be messy","author":"enterpriseam admin","date":"14 May 2020","format":false,"excerpt":"Emerging markets are facing an impending debt crisis that will be more difficult and \u201cmessier\u201d to resolve than previous crises, as countries that tapped the bond market \u201cat a record pace\u201d over the past decade are now under immense economic pressure from the covid-19 pandemic, Colby Smith and Robin Wigglesworth\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO 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