The debt of developing countries has more than doubled over the past decade to reach $9 trillion in 2021, according to World Bank data. There are three Arab countries among countries currently facing a debt crisis: Tunisia, Egypt, and Lebanon.
Tunisia, which has been suffering from multiple crises since the 2011 revolution, is facing a full-blown economic crisis. The majority of government debt is domestic, but the state has maturities for foreign loan installments later this year. Egypt, North Africa's largest economy, has about $100 billion of hard currency debt (mainly dollar-denominated dollars) that it must repay over the next five years, including a massive $3.3 billion bond next year.
Lebanon has been ranked among the defaulters since 2020, with little sign that the country's problems will be solved at any time.
Source (Al-Arabiya.net Website, Edited)
