Wealthy nation creditor club sees tide shifting as debt defaults peter out

LONDON - The debt crisis risk that has overshadowed the global economy for four years is beginning to recede, the Paris Club of rich creditor nations said in its 2023 annual report on Wednesday.

"But vigilance remains the order of the day – at a time when many borrowers have significant external repayments falling due, limited fiscal space and large investment needs." Global ratings agency S&P, in a contribution to the report, also flags concerns over the very African Eurobond debt issuance that the Paris Club points to as a reason for optimism.

But the World Bank's Manuela Francisco also warned that blurring lines between creditor groups - with more state-controlled lenders charging interest rates above 5% to low-income nations - continued to stress their finances.

Source: Financial Digest (financialdigest.net)

Debt Restructuring Creditor Nations Debt Crisis Global Economy

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