The developing countries facing a debt crisis

LONDON : The record number of developing nations at risk of a debt crisis will be high on the agenda next week when central bankers, finance ministers and political leaders convene for the World Bank Group and International Monetary Fund spring meetings.

Cairo secured a new $3 billion IMF package in December by committing to a flexible currency, a greater role for the private sector and a range of monetary and fiscal reforms. The West African country secured a $3 billion agreement with the IMF in December, though it still needs to get financing assurances from bilateral lenders to clinch the final sign-off. The cocoa, gold and oil producer has already reached a deal to write down domestic debt and last week kicked off formal debt talks with international bondholders.Lebanon's financial system began unravelling in 2019 after decades of mismanagement and corruption, and in early 2020 it defaulted.

China agreed to refinance $1.8 billion already credited to Pakistan's central bank, and last month rolled over a $2 billion loan that had matured earlier in March, providing relief during Pakistan's acute balance of payments crisis. The IMF signing a $3 billion bailout package last month could help the South Asian island country secure additional support of nearly $4 billion from the World Bank, Asian Development Bank and other lenders.

The IMF estimates Ukraine needs $3-$4 billion a month to keep the country running. Rebuilding Ukraine's economy is now expected to cost $411 billion, a recent report by the World Bank and others found.The first African country to default during the COVID-19 era in 2020, Zambia is seen as a litmus test for the G20's Common Framework initiative set up during the pandemic to streamline debt restructurings. But talks have been remarkably slow, and external debt crept up to $18.6 billion.

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