There is a growing number of developing coutries that are no longer in dept crisis due to a global bond rally over the past two months, in anticipation of interest rate cuts in the US and other big economies, has swept up riskier debt as investors seek higher returns. The resulting fall in borrowing costs has helped to pull countries out of debt distress, commonly defined as a dollar-borrowing cost more than 10 percentage points higher than that of US Treasuries, which in effect bars a government from issuing new debt
The article below explains the situation in full detail: