The Black Horseman
The Black Horseman is ‘Saddled-Up’! World’s poorest countries teeter on the brink of economic chaos. The past three years have seen an unprecedented wave of sovereign defaults in developing countries. The economic landscape for the world’s poorest countries is not just on the brink of chaos; it’s an unfolding saga of financial hardship, where the stakes couldn’t be higher.
Story by Jai Hamid Cryptopolitan December 14, 2023
The global economic landscape is becoming increasingly treacherous for the world’s poorest nations. A recent report from the World Bank paints a grim picture: a group of the globe’s most financially vulnerable countries are staring down the barrel of a daunting debt crisis. The crux of the matter lies in the skyrocketing costs of debt servicing, fueled by a perfect storm of high interest rates and fragile economies. In the next two years, these nations are set to shell out a staggering $21.5 billion to service their external public debt. This figure marks a nearly 40% surge from the previous two years, thrusting these economies closer to the precipice of financial turmoil.
A rising tide of debt
The economic scenario for these countries is bleak. Bond markets, still reeling from a sharp sell-off that sent Treasury yields to a 16-year peak in October, have only made a partial recovery. This financial squeeze has left about a quarter of developing countries in debt distress, a dramatic increase from less than 5% in 2019. The World Bank’s chief economist, Indermit Gill, doesn’t mince words, labeling the situation a path to crisis. High interest rates have set the stage for this economic drama, where countries are caught between a rock and a hard place: servicing public debts or investing in vital sectors like public health, education, and infrastructure. The past three years have seen an unprecedented wave of sovereign defaults in developing countries, with 18 defaults across 10 nations, including Zambia, Sri Lanka, and Ghana. This figure surpasses the total number of defaults recorded in the previous two decades. The retreat of private creditors from these markets has compounded the problem, leaving fewer financing options available. In 2022, foreign loans to emerging market sovereigns plummeted to their lowest in a decade. For the first time since 2015, private creditors received more in repayments than they disbursed in loans.
A daunting economic future
Looking ahead, the economic prospects for low and middle-income countries are dim. The World Bank forecasts that by the end of 2024, economic activity in these nations will be 5% below pre-pandemic levels. This anticipated growth over the 2020-24 period is shaping up to be the weakest in nearly three decades. In 2022, these countries shelled out a record $443 billion to service their external and publicly guaranteed debt, marking a 5% increase from the previous year. Interest payments alone have quadrupled over the past decade, further straining these economies. Emerging market and middle-income countries are not faring much better, with IMF projections indicating an average gross government debt burden soaring above 78% of GDP by 2028. This trajectory represents a significant jump from just over 53% a decade earlier.
Adding to their woes, some of the poorest nations are grappling with additional debt repayments from participating in the G20’s debt service suspension initiative in 2020 and 2021. The full extent of these costs will not be known until 2024, but as Gill points out, they will be far from negligible. In the face of these daunting economic challenges, there’s a clarion call for more robust support for these nations. The current aid levels are proving insufficient to ease their debt burdens. The economic landscape for the world’s poorest countries is not just on the brink of chaos; it’s an unfolding saga of financial hardship, where the stakes couldn’t be higher. As they navigate these turbulent economic waters, the need for coordinated action and support from global financial institutions and creditors is more critical than ever. The path ahead is fraught with challenges, but with proactive and concerted efforts, there’s hope for steering these economies away from the edge of the abyss.
Documentary: Satan, The Antichrist and The One-World Government
Through the Holy Spirit, Jesus Christ testifies who is he is and his offer of salvation for mankind, through the forgiveness of their sins, the shedding of his blood and his resurrection. Through the Holy Spirit, Jesus communicates (witnesses) the who, what, where, when, why and how of mankind’s salvation. This is known as the gospel of Jesus Christ. Once again, seven (7) references regarding the Holy Spirit witnessing to Christ denotes God’s divine purpose and plan.
In His Service,
Night Watchman
Paul Rolland
Night Watchman Ministries
Make Your (7) Decision for Christ NOW!!!!!!! Time is Up!!!!!!!
Jesus Christ’s Offer of Salvation:
The ABCs (7) of Salvation through Jesus Christ (the Lamb)
A. (7) Admit/Acknowledge/Accept that you are sinner. Ask (7) God’s forgiveness and repent of your sins.
. . . “For all have sinned, and come short of the glory of God.” (Romans 3:23).
. . . “As it is written, There is none righteous, no, not one.” (Romans 3:10).
. . . “If we say that we have no sin, we deceive ourselves, and the truth is not in us.” (1 John 1:8).
B. Believe Jesus is Lord. Believe that (7) Jesus Christ is who He claimed to (7) be; that He was both fully God (7) and fully man and that we are (7) saved through His death, burial, and resurrection. (7) Put your trust in Him as your (7) only hope of salvation. Become a son (7) or daughter of God by receiving Christ. (7777777) 7×7
. . . “That whosoever believeth in him should not perish, but have eternal life. For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life. For God sent not his son into the world to condemn the world; but that the world through him might be saved. (John 3:15-17). For whosoever shall call upon the name of the Lord shall be saved.” (Romans 10:13).
C. Call upon His name, Confess (7) with your heart and with your lips (7) that Jesus is your Lord and Savior.
. . . “That if thou shalt confess with thy mouth the Lord Jesus, and shalt believe in thine heart that God hath raised him from the dead, thou shalt be saved. For with the heart man believeth unto righteousness; and with the mouth confession is made unto salvation.” (Romans 10:9-10).
. . . “If we say that we have no sin, we deceive ourselves, and the truth is not in us. If we confess our sins, he is faithful and just to forgive us our sins, and to cleanse us from all unrighteousness. If we say that we have not sinned, we make him a liar, and his word is not in us.” (John 1:8-10).
. . . “And he is the propitiation for our sins: and not for ours only, but also for the sins of the whole world. (John 2:2).
. . . “In this was manifested the love of god toward us, because that God sent his only begotten Son into the world, that we might live through him. And we have seen and do testify that the Father sent the Son to be the Saviour of the world. Whosoever shall confess that Jesus is the Son of God, God dwelleth in him, and he in God.” (1 John 4:9, 14-15).
. . . “But God commendeth his love toward us, in that, while we were yet sinners, Christ died for us. Much more then, being now justified by his blood, we shall be saved from wrath through him. For if, when we were enemies, we were reconciled to God by the death of his Son, much more, being reconciled, we shall be saved by his life.” (Romans 5:8-10).
. . . “For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord.” (Romans 6:23).
. . . “Jesus saith unto them, I am the way, the truth, and the life, no man cometh unto the Father, but by me.” (John 14:6).
. . . “For I am not ashamed of the gospel of Christ: for it is the power of God unto salvation to everyone that believeth.” (Romans 1:16).
. . . “Neither is there salvation in any other: for there is none other name under heaven given among men, whereby we must be saved.” (Acts: 4:12).
. . . “Who will have all men to be saved, and to come unto the knowledge of the truth for there is one God, and one mediator between God and men, the man Christ Jesus.” (1 Timothy 2:4-6).
. . . “For God did not appoint us to suffer wrath but to receive salvation through our Lord Jesus Christ.” (1 Thessalonians 5:9).
. . . “But as many as received him, to them gave the power to become the sons of God, even to them that believe on his name.” (John 1:12).
True Church / Bride of Christ Spared from God’s Wrath:
Romans 5:8-10. “But God commendeth his love toward us, in that, while we were yet sinners, Christ died for us. Much more then, being now justified by his blood, we shall be saved from wrath through him. For if, when we were enemies, we were reconciled to God by the death of his Son, much more, being reconciled, we shall be saved by his life.”
Romans 12:19. Dearly beloved, avenge not yourselves, but rather give place unto wrath: for it is written, Vengeance is mine; I will repay, saith the Lord.
1 Thessalonians 1:10. And to wait for his Son from heaven, whom he raised from the dead, even Jesus, which delivered us from the wrath to come.
1 Thessalonians 5:9. For God hath not appointed us to wrath, but to obtain salvation by our Lord Jesus Christ,
Romans 8:35. Who shall separate us from the love of Christ? shall tribulation, or distress, or persecution, or famine, or nakedness, or peril, or sword?
Jeremiah 30:7. Alas! for that day is great, so that none is like it: it is even the time of Jacob’s trouble, but he shall be saved out of it.
Revelation 3:10 Because thou hast kept the word of my patience, I also will keep thee from the hour of temptation, which shall come upon all the world, to try them that dwell upon the earth.