The issue of global debt distress is a matter of great concern, not just for the affected developing nations but also for developed countries and international organizations. A recent United Nations Development Program report revealed that 54 developing economies are currently grappling with severe debt problems. Among these nations, Ghana, Zambia, and Sri Lanka have found themselves in dire financial straits. Sri Lankas government declared bankruptcy in April 2022, temporarily suspending external debt repayments until a consensual restructuring plan aligned with the International Monetary Funds economic adjustment program could be established. Ghana defaulted in December 2022, while Zambia faced financial difficulty …
Read the full article at: https://thediplomat.com/2023/11/a-tale-of-3-nations-debt-restructuring-in-ghana-zambia-and-sri-lanka/