Japan’s prime minister on Thursday warned African leaders against accumulating too much debt, in an apparent reference to Chinese infrastructure projects
Lebanon’s plight is not just piteous but shocking, to say the least. The reported wrangling among the politicians has dealt a body blow to the economy, with the currency losing a disastrous 90 per cent of its value and inflation spiralling sky-high.
“The response to Covid and to the financial aspects [of the crisis] has been fragmented, and geopolitical divides are not helping,” Guterres told the FT.
Few countries would like to face the conditions Lebanon is facing at the moment. It is a nation virtually under siege, bearing the brunt of economic and, due to the pandemic, health woes. It has been battered by economic ruin, suffering from a dire
G20 finance ministers and central bankers agreed on Wednesday to extend a moratorium on debt interest payments for the poorest countries, which could lag behind the global recovery from the coronavirus pandemic.
Argentine economists on Friday predicted a worsening recession and raised their inflation estimate to 44.4% from 40%, according to the median forecast in a monthly central bank poll.
Brazilian public sector debt and deficit figures for March released recently gave a glimpse of the fiscal strain to come from the coronavirus crisis, as the national debt surged toward the highest on record and deficits widened sharply.
Though the country has so far been spared the death toll of other European nations at fewer than 150 fatalities from COVID-19, it will not escape the resulting economic downturn, says Prime Minister Kyriakos Mitsotakis.
Under the new law, legal action may not be taken against debtors if they invoke their insolvency status and begin the process of restructuring their debt.