service in the region. Hence, the higher risk profile of debt and rising payments might lower the threshold for debt distress …

determinants that are broadly consistent with the cross-country literature. These determinants include private sector credit … openness, international oil prices, foreign direct investment levels, past net foreign assets, inflation volatility, and global … established in Turkey, driven by an expansion of credit to households and rapid gross domestic product growth, coupled with …

-concessional and private sources. As a result, in most low-income countries, interest payments are absorbing an increasing proportion …