Rising American interest rates and the dollar are having a major impact on debt sustainability in emerging and developing countries. This year, this is the case in four states. Other states also face the same risk in the coming months.

More than ¼ of emerging countries have seen the price of the bonds they issued on the markets trade at very low levels. The managing director of the International Monetary Fund, Kristalina Georgieva warned in mid-September that “this situation concerns countries that we don't hear to be in this category.”

For example, more than 60% of low-income countries are at high risk of debt distress or even over-indebtedness. To do this, she warns “This means, above all, that major creditors like China and private sector creditors have a responsibility to act to reduce the risk of crisis.” According to him, this problem can become thorny with the resurgence of inflation triggering a series of hikes in central bank interest rates around the world, starting with the US Federal Reserve, whose tightening policy has been reduced. ; to shut up is under way with one major consequence: the rise of the dollar. This is very bad news for developing countries that have gone into debt in dollars on the markets.