Its currency, the cedi, has lost nearly a quarter of its value this year and it was already spending over half of tax revenues on debt interest payments. GHANA Furious borrowing has seen Ghana's debt-to-GDP ratio soar to almost 85%. The dollar climbed to a 24-year high on the yen on Monday after Japan's ruling conservative coalition's strong election showing indicated no change to loose monetary policies, and global growth fears helped the safe-haven US currency more broadly. Rampant dollar surges to new 24-year peak on Japan's yen "A deal with the International Monetary Fund becomes imperative," Tunisia's central bank chief Marouan Abassi has said. bonds - have risen to over 2,800 basis points and along with Ukraine and El Salvador, Tunisia is on Morgan Stanley's top three list of likely defaulters. Tunisian bond spreads - the premium investors demand to buy the debt rather than U.S. A near 10% budget deficit, one of the highest public sector wage bills in the world and there are concerns that securing, or a least sticking to, an IMF programme may be tough due to President Kais Saied's push to strengthen his grip on power and the country's powerful, incalcitrant labour union. TUNISIA Africa has a cluster of countries going to the IMF but Tunisia looks one of the most at risk. But with state-run Naftogaz this week asking for a two-year debt freeze, investors suspect the government will follow suit. Aid money and reserves mean Kyiv could potentially pay. The crunch comes in September when $1.2 billion of bond payments are due.
1 dollar to 1 pakistani rupee plus#
UKRAINE Russia's invasion means Ukraine will almost certainly have to restructure its $20 billion plus of debt, heavyweight investors such as Morgan Stanley and Amundi warn. The government doesn't have any substantial debt to service until 2024, but it ramps up after that and concerns have crept in that powerful vice president Cristina Fernandez de Kirchner may push to renege on the International Monetary Fund. The peso now trades at a near 50% discount in the black market, reserves are critically low and bonds trade at just 20 cents in the dollar - less than half of what they were after the country's 2020 debt restructuring. ARGENTINA The sovereign default world record holder looks likely to add to its tally.
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