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The Emerging Markets Podcast by Tellimer
Key takeaways from the IMF Annual Meetings in Marrakech with Rukayat Yusuf: A focus on Nigeria, Kenya, and Ghana
Oct 25, 2023
Rukayat Yusuf of Pharo Management discusses key takeaways from the IMF Annual Meetings in Marrakech, focusing on Nigeria, Kenya, and Ghana. The topics covered include debt restructuring, fiscal performance concerns in Ghana and Kenya, reform momentum in Nigeria, and Ghana's investor presentation on debt restructuring terms.
19:07
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Quick takeaways
- The IMF meetings highlighted the need for debt restructuring and presented initial proposals for distressed countries like Zambia and Ghana.
- Kenya's fiscal challenges are being addressed through consolidation efforts and potential support from IMF, World Bank, and bond buybacks.
Deep dives
Market Performance and Outlook for Emerging Market Debt
On a year-to-date basis, emerging market debt has seen a decline of 4.4% in cash terms, with the IG component being a drag on returns. High-yield has outperformed with year-to-date returns of -1.6%. Countries such as Iraq, Kazakhstan, and Costa Rica have shown poor performance, while distressed and defaulted names like Lebanon, Pakistan, Zambia, and Ghana have performed relatively well. The outlook for emerging market debt remains dependent on external financing conditions and the resilience of spreads.
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