Emerging Markets in Debt Distress

This chapter explores the economic challenges faced by emerging markets like Lebanon, Zambia, and Argentina amidst the COVID-19 pandemic, focusing on their struggle with debt and declining revenues. It contrasts the borrowing experiences of wealthier nations with those of these vulnerable economies, emphasizing the risks of foreign currency debt. The discussion also tackles global financial responses, including IMF support and G20 debt relief initiatives, and highlights the long-term implications for creditor relationships.