Soaring inflation, rate hikes and a stronger dollar are reminiscent of the early 1980s – a decade that brought a wave of EM sovereign debt crises. This year has already seen Sri Lanka default, hit by an external liquidity crisis.
Soaring inflation, a strong dollar and a complete overhaul of global energy markets are playing hell with Emerging Market debt. The world is now teetering on the edge of a global debt crisis, warns Oxford Economics.
The economic war that the West launched against Russia in the days following the invasion of Ukraine has already cost developing nations $379bn, analysts estimate.
Russian Foreign Minister Sergei Lavrov took to the road this week and toured Africa to build closer ties with non-aligned nations.
Russia is preparing for the second Russia-Africa summit, scheduled for October-November 2022 in Addis Ababa, Ethiopia, as it steps up its campaign to move closer to the African countries and pivot away from the West.