East Africa tops continent’s indebtedness list: report
Many countries on the continent have found themselves in debt crises largely triggered by the Covid-19 pandemic, Russia's invasion of Ukraine and a global wave of interest rate hikes to fight inflation. PHOTO | SHUTTERSTOCK
Africa’s loans in default climbed to a record $149.4 billion in 2022, the highest in three decades, as the rising cost of borrowing contributed to delayed repayments.
Many countries on the continent have found themselves in debt crises largely triggered by the Covid-19 pandemic, Russia's invasion of Ukraine and a global wave of interest rate hikes to fight inflation.
