Africa’s risk of debt piles as countries fight inflation
Africa will spend $44 billion in debt repayments in the next six years, 35 percent of which will go to creditors in the West and 12 percent to China. FOTOSEARCH
African governments owe three times as much debt to private creditors in the West as they do to China, a report by UK-based Debt Justice released this week shows.
Using World Bank and International Monetary Fund (IMF) data, Debt Justice estimates that 35 percent of the continent’s external debt is owed to banks, asset managers and oil traders in the West, with Chinese lenders accounting for around 12 percent.
