While rich countries have been able to borrow during the pandemic at very low rates, many developing countries already face a much higher cost of finance.
Egypt is paying 12.1 per cent. Ghana is paying 15 per cent.
Brazil has refinanced at an average rate of 4.7 per cent this year
FT 5 June 2021
Once, central bankers knew what they needed to do to handle inflation
Latin American debt crisis 80´s