{"id":569332,"date":"2020-02-20T04:17:52","date_gmt":"2020-02-20T04:17:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/20\/fears-rise-as-african-governments-amass-record-breaking-debt\/"},"modified":"2020-02-20T04:17:52","modified_gmt":"2020-02-20T04:17:52","slug":"fears-rise-as-african-governments-amass-record-breaking-debt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/20\/fears-rise-as-african-governments-amass-record-breaking-debt\/","title":{"rendered":"Fears rise as African governments amass record-breaking debt"},"content":{"rendered":"

<\/a> African governments amass record-breaking debt, raising concerns on repayment:<\/strong> African countries have amassed FX-denominated sovereign debts at a record rate over the past few years, fueling concerns that some governments will struggle to repay these debts as they mature during the next decade, reports the Financial Times<\/a>. The borrowing frenzy has brought the total amount of outstanding sovereign eurobonds held by 21 African countries to USD 115 bn \u2014 and yield-hungry investors have been all too happy to bite.<\/p>\n

The notion of some of these countries finding themselves in a tough spot when it\u2019s time to pay the pied piper is not farfetched<\/strong>, analysts say. Egypt, Morocco, South Africa, Tunisia, and Nigeria have met their foreign bond repayment obligations, but not all countries are in a similarly comfortable position. \u201cIf the repayment date comes up when a currency is doing badly or there\u2019s off-risk sentiment, they\u2019re pretty exposed,\u201d says Capital Economics senior emerging markets economist John Ashbourne.<\/p>\n

Eurobond debt exposure is similarly an issue with emerging markets:<\/strong> Fitch Solutions had warned in a webinar<\/a> we attended last year that EMs\u2019 borrowing binge since the 2008 global financial crisis has created a \u201cAchilles heel\u201d in the form of USD-denominated debt exposure. The IMF said shortly thereafter<\/a> that EM state-owned enterprises in particular are also facing a \u201cconcerning\u201d rise in their debt burdens, which account for a \u201csignificant portion\u201d of all EM debt securities. EMs\u2019 FX funding needs are therefore expected to soar this year, when USD 800 bn-worth of debt on foreign currency bonds and loans are due for repayment.<\/p>\n","protected":false},"excerpt":{"rendered":"

African governments amass record-breaking debt, raising concerns on repayment: African countries have amassed FX-denominated sovereign debts at a record rate over the past few years, fueling concerns that some governments will struggle to repay these debts as they mature during the next decade, reports the Financial Times. The borrowing frenzy has brought the total amount […]<\/p>\n","protected":false},"author":1,"featured_media":569333,"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":[7098,7106,72,3690,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-africa","tag-debt","tag-enterpriseam","tag-eurobonds","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"a5d71b63-62e8-49f3-9111-d37f7b4d115b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/267.jpg","photo_position":"above","related_issue":[569310],"teaser":"","voice_url":""},"yoast_head":"\nFears rise as African governments amass record-breaking debt - 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\/2020\/02\/20\/fears-rise-as-african-governments-amass-record-breaking-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fears rise as African governments amass record-breaking debt\" \/>\n<meta property=\"og:description\" content=\"African governments amass record-breaking debt, raising concerns on repayment: African countries have amassed FX-denominated sovereign debts at a record rate over the past few years, fueling concerns that some governments will struggle to repay these debts as they mature during the next decade, reports the Financial Times. 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Africa currently isn\u2019t facing a debt crisis, but governments seem to be avoiding negotiating more favorable terms for eurobond issuance and commercial loans.\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\/3\/58.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":569332,"position":1},"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":571528,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/14\/the-impending-em-debt-crisis-is-going-to-be-messy\/","url_meta":{"origin":569332,"position":2},"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 PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/158.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":652027,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/27\/mena-sovereign-issuances-set-to-decline-y-o-y\/","url_meta":{"origin":569332,"position":3},"title":"MENA sovereign issuances set to decline y-o-y","author":"enterpriseam admin","date":"27 February 2017","format":false,"excerpt":"Middle East and North African (MENA) governments are likely to issue less commercial debt this year as budget deficits improve after record issuances last year, Mahmoud Kassem writes for The National, citing an S&P Global Ratings report. 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