Falling wages and rising unemployment among migrant workers will lead to the sharpest drop in recent history, according to the Group’s report.
24 Apr 2020
Turkey’s Central Bank cut the policy rate by a full percentage point to 8.75% this week in a bid to lower the cost of domestic borrowing, but analysts warn the move could pile additional pressure on the country’s corporate sector by making it harder to pay back foreign currency debt.
23 Apr 2020
Further rate cuts are expected in Mexico after growth forecasts are revised down again, while the benchmark rate is now forecast to be just 4.75% by end of the year.
23 Apr 2020
The twin shock of coronavirus and plummeting oil prices have put the brakes on global growth. Combined with widespread outflows, a strengthening US dollar and a global recession, emerging markets face an unprecedented flurry of headwinds. According to a recent report from Fitch, weaker rated GCC sovereigns may be vulnerable to a downgrade in the current market conditions.
23 Apr 2020
The IMF’s Executive Board has approved a USD274mn emergency support package for immediate disbursement to Paraguay in order to alleviate the economic shock caused by COVID-19.
23 Apr 2020
Among the highest capital outflows on record from emerging economies resulted in huge liquidity shortages and price corrections, but the recovery is taking longer than some hoped.
22 Apr 2020
The company – one of the most prolific and well-recognised issuers in the energy sector – came to market at a difficult time, but successfully secured 3.6x oversubscription on the new notes, with proceeds going to a bond buyback.
22 Apr 2020
South African government-owned Land Bank may have triggered a default under the terms of its ZAR30bn domestic medium-term note (DMTN) programme after failing to make a payment on a revolving credit facility (RCF), despite previously reporting a strong liquidity profile.
22 Apr 2020
BlackRock is shifting gears on emerging market local debt on the back of what it sees as further currency depreciation risk following the introduction of easing measures in some developing countries.
22 Apr 2020
With 38 lenders catering to just over 52 million people, and despite a series of mergers, the Kenyan banking sector appears overbanked. Further consolidation is expected in the years to come, which could result in a number of larger, better-capitalised, more stable banks, according to Cytonn Investments.
22 Apr 2020