The numberof African countries whose public debt is above 50 per cent of Gross Domestic Product (GDP) has increased from 10 in 2013 to 22 in 2016
According to the International Monetary Fund (IMF), debt levels for some African countries are unsustainable, meaning that the scheduled debt service exceeds the capacity of the member to service it.
This is more pronounced in oil producing countries from the Sub-Saharan African region, where the IMF warned in its latest regional economic outlook for the year that the cost of debt servicing costs were becoming a burden.
Among these are Angola, Gabon and Nigeria.
According to the Brookings Institution, Cape Verde, Gambia, Congo, Mozambique, Mauritania, Sao Tome, Togo, Zimbabwe, Ghana and Sudan a…
Read the full article at: https://www.newtimes.co.rw/business/debt-saddled-africa-now-seeks-imf-help