The amount of debt in default grew even though the number of sovereigns in default shrunk to 84 from 99. For example, defaults on foreign currency bonds, which made up the largest share of the defaults, reflected first-time defaults by Belarus, Ghana and Sri Lanka. Defaults to official creditors including bilateral and multilateral creditors that are not identified separately by the central bank rose by US$12.9 billion. Local currency debt defaults also rose, but from a small base. The increase to US$13.7 billion from US$275 million in 2021 largely reflected a US$13.5 billion default by Ghana, its first since 1982.

Source: National Post August 01, 2023 00:04 UTC