{"id":587854,"date":"2023-06-01T00:00:00","date_gmt":"2023-06-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/surging-borrowing-costs-are-raising-calls-for-sovereign-debt-relief\/"},"modified":"2023-06-01T00:00:00","modified_gmt":"2023-06-01T00:00:00","slug":"surging-borrowing-costs-are-raising-calls-for-sovereign-debt-relief","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/surging-borrowing-costs-are-raising-calls-for-sovereign-debt-relief\/","title":{"rendered":"Surging borrowing costs are raising calls for sovereign debt relief"},"content":{"rendered":"

<\/span>Global calls for debt relief reach a crescendo: <\/span>The ongoing aggressive global monetary<\/span> tightening cycle, led by the US Federal Reserve, has significantly increased the cost of borrowing and strained developing countries\u2019 finances, raising calls of concern about the need for sovereign debt relief. Global debt surged to a near record high of USD 305 tn in 1Q 2023, according to the <\/span>International Institute of Finance\u2019s Global Debt Monitor<\/span>. Egypt also has its own rising debt obligations to face, with Finance Minister Mohamed Maait telling the House of Representatives last month that our <\/span>debt-to-GDP ratio is expected to widen to 96% of GDP<\/a><\/span> in the current fiscal year, up from 87.6% in the previous year. The government is also expecting new borrowing to increase by 22% in FY 2023-2024. <\/span><\/p>\n

REFRESHER-<\/span> Successive global economic headwinds \u2014 starting with the covid-19 pandemic,<\/span> and through to Russia\u2019s war in Ukraine \u2014 have put developing countries\u2019 finances under pressure and forced them to take on more debt. These debt levels have become increasingly unsustainable as rising inflation has pushed central banks globally to raise interest rates, causing this debt to become increasingly expensive. \u201cThe debt crisis facing developing countries has intensified,\u201d said World Bank Group President David Malpass<\/span>in December<\/a><\/span>. \u201cA comprehensive approach is needed to reduce debt \u2026 Without it, many countries and their governments face a fiscal crisis and political instability, with mns of people falling into poverty.\u201d<\/span><\/p>\n

Let\u2019s talk about debt relief programs:<\/span> With these rising levels of debt, and increasing<\/span> uncertainty about some countries\u2019 ability to repay, some have been calling for debt relief programs to completely write off, reduce, or restructure some countries\u2019 sovereign debts. <\/span>These programs typically involve negotiations between the debtor country and its creditors, including international financial institutions, bilateral lenders, and private creditors. One of the earliest debt relief programs is the <\/span>Heavily Indebted Poor Countries (HIPC) initiative<\/a><\/span> launched in 1996 by the IMF and the World Bank aimed at providing debt relief to the world\u2019s poorest countries. Chad, Zambia, Ethiopia, and Ghana have all sought to receive debt relief under the G20 framework and \u201cfour or five\u201d additional African nations may soon join them on the back of rising rates and a stronger greenback, a UN official said <\/span>earlier this year<\/a><\/span>.<\/span><\/p>\n

The most recent debt relief initiatives: <\/span>The G20 launched the Debt Service Suspension<\/span> Initiative (DSSI) in 2020 to provide timely financial support to countries heavily affected by the pandemic. By February 2020, 48 countries were eligible for the program and a total of USD 12.9 bn in debt service payments were suspended, according to <\/span>World Bank figures<\/a><\/span>. Paris Club creditors accounted for an estimated USD 4.6 bn of the total amount suspended. A few months later, the G20 launched the <\/span>Common Framework for Debt Treatments beyond the DSSI<\/a><\/span> to include debt restructuring and to also involve non-Paris Club member lenders along with private creditors in an effort to ensure debt burden is fairly shared between all creditors, according to <\/span>S&P Global<\/a><\/span>. <\/span><\/p>\n

No or delayed debt relief could mean sovereign defaults for many developing countries:<\/span>Countries facing delays in debt relief or that are unable to access debt relief run the risk of defaulting on their sovereign debt obligations, which happens when they are unable to make good on payments of both the principal and interest of their debt, according to the <\/span>Corporate Finance Institute (CFI)<\/a><\/span>. Defaults result in lower credit ratings and higher cost of borrowing, making it very difficult for defaulters to access the international bond market, according to CFI. Such countries usually face increased borrowing costs, limited access to funds, and diminishing investor confidence. <\/span><\/p>\n

Lebanon, Sri Lanka, Russia and Zambia have already recently defaulted on their debt<\/span>, while Belarus is<\/span> on the edge. Eighteen developing countries\u2019 debt is currently trading at \u201cdistressed\u201d levels, <\/span>Bloomberg<\/a><\/span> reported in May, with Lebanon leading the pack as its debt trades at a spread 20k bps above US Treasuries. With some USD 1.4 tn of outstanding sovereign external bonds, some 15% of which has a \u201creal possibility\u201d of default. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Global debt surged to a near record high of USD 305 tn in 1Q 2023<\/p>\n","protected":false},"author":1,"featured_media":587855,"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":[7250],"tags":[7106,633,643,724],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-macro-picture","tag-debt","tag-enterprisepm","tag-macro-picture","tag-monetary-policy","wpautop","entry"],"acf":{"mongo_id":"219c8964-188e-4f4c-99e7-bb5bf162d11a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1157.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Surging borrowing costs are raising calls for sovereign debt relief","related_issue":[587838],"teaser":"Global debt surged to a near record high of USD 305 tn in 1Q 2023","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.19f17faf-6ce6-4017-94c3-a0c711d739fc.mp3"},"yoast_head":"\nSurging borrowing costs are raising calls for sovereign debt relief - 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The Global Debt\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\/2601.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597088,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/16\/egypt-bucks-the-trend-as-emerging-market-debt-climbs-to-new-record-highs\/","url_meta":{"origin":587854,"position":1},"title":"Egypt bucks the trend as emerging-market debt climbs to new record highs","author":"enterpriseam admin","date":"16 July 2019","format":false,"excerpt":"Egypt bucks the trend as emerging-market debt climbs to new record highs: Egypt\u2019s debt-to-GDP ratio fell y-o-y in 1Q2019 as overall debt in emerging markets surged to new record highs, according to a report by the Institute of International Finance (IIF). Corporate, household and public sector debt all fell during\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\/2019\/7\/2161.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567209,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/15\/fx-debt-pushes-em-debt-to-record-usd-72-5-tn-in-3q2019-iif\/","url_meta":{"origin":587854,"position":2},"title":"FX debt pushes EM debt to record USD 72.5 tn in 3Q2019 -IIF","author":"enterpriseam admin","date":"15 January 2020","format":false,"excerpt":"Foreign debt pushes EM debt to record USD 72.5 tn in 3Q2019: Total emerging market debt \u2014 including that of EM governments, households, non-financial corporates, and the financial sector \u2014 has hit a new record high of USD 72.5 tn in 3Q2019, according to the Institute of International Finance\u2019s (IIF)\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\/1\/612.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":587854,"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":597874,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/07\/interest-burden-on-em-governments-grows-dramatically-amid-borrowing-spree\/","url_meta":{"origin":587854,"position":4},"title":"Interest burden on EM governments grows dramatically amid borrowing spree","author":"enterpriseam admin","date":"7 May 2019","format":false,"excerpt":"EM governments face dramatically higher interest burden amid borrowing spree: Interest owed by emerging-market governments has risen dramatically over the past decade as borrowing levels soar, the FT writes. Statistics published by the Institute of International Finance (IIF) shows that debt-to-GDP levels among developing economies has risen to 49.7% in\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\/5\/1569.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":587854,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=587854"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587854\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/587838"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/587855"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=587854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=587854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=587854"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=587854"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=587854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}