WASHINGTON : A combination of sticky high interest rates and lacklustre global growth could push a number of emerging economies that are facing soaring refinancing needs into debt difficulties next year.
"A more prolonged period without market access would be of more concern for the lower-rated tiers of the emerging markets sovereign universe," said James Wilson, EM sovereign strategist for ING. Meanwhile countries such as Tunisia, Kenya and Pakistan"would need to find alternative sources of financing if the market doesn't re-open for them," said Thys Louw, portfolio manager for the emerging markets hard currency debt strategy at Ninety One, in London.
"The market expects more solutions to be delivered, either the IMF's resilience and sustainability trust or $1 billion external issuance or syndication loan," Paja told Reuters. The nation reached in October a staff-level agreement for a $1.9 billion bailout with the International Monetary Fund , though Tunisia's President Kais Saied recently gave his clearest rejection yet of the terms of the stalled programme.
Sri Lanka, Zambia and Ghana have already defaulted on their overseas debt and are working towards debt reworks with creditors, albeit slowly.
Source: Loan Digest (loandigest.net)
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