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LONDON, Oct 4 - High interest rates, growing investor risk aversion and borrowing that ballooned in recent years have left a range of developing economies mired in debt crises. Helping them claw out of this will be a key agenda item at the annual IMF and World Bank meetings in Morocco's tourist hub of Marrakech which kicks off next week.EGYPT North Africa's largest economy needs to repay some $100 billion of hard-currency debt over the next five years.
Ethiopia requested a restructuring in early 2021 under the G20 Common Framework - set up during the pandemic to try to streamline debt overhauls. Ghana's finance minister has said he expects to reach a deal with international bondholders by year-end. Still, protesters have taken to the streets of Accra recently over rising living costs, unemployment and economic hardship.
LEBANON Lebanon has been in default since 2020 with few signs it will resolve its economic meltdown anytime some. SRI LANKA Sri Lanka defaulted on international debt in May 2022 after the pandemic drained its tourism-dependent economy of crucial cash to pay for imported food, fuel and medicine. Most debt is internal, but a $500 million eurobond matures this month, and credit ratings agencies have said Tunisia could default.
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