A dozen poor countries are headed for default in the next year ...Middle East

Quartz - Economy
A dozen poor countries are headed for default in the next year
source : Quartz ( Middle East ) () 28
The pandemic sunk poor countries into record levels of debt. Rising interest rates, slow economic recoveries, and Russia’s Ukraine invasion may throw them into default.Even before the war, more than half of the world’s poorest countries were in debt distress or close to it, said Marcello Estevão, the World Bank’s global director for macroeconomics, trade, and investments. Now, those same countries are having to deal with the rising costs of wheat and oil, in addition to interest rate increases, which are making debt interest payments more expensive.The World Bank looks at the bond payments each country has due and compares those expenses to the country’s reserves and fiscal deficit to judge

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