The International Monetary Fund (IMF) and a group of 12 African countries warned this Monday that public debt in sub-Saharan Africa has deteriorated to levels above 60% and that two-thirds of the region is mired in debt.
“The impact of multiple crises, economic slowdowns and depreciating exchange rates are widening fiscal deficits in many countries in the region and exposing pre-existing vulnerabilities,” the IMF Executive Director and President of the African Group, Prime Minister of Cape Verde, said in a statement.
“The debt-to-GDP ratio now averages over 60%, a level last recorded in the early 2000s, raising concerns about debt sustainability in many countries,” read a statement signed by Kristalina Georgieva and Olavo Correia in which notes that “nearly two-thirds of low-income countries in the region are at high risk or already over-indebted [debt distress, no original em inglês] in 2022.”
Author: Portuguese
Source: CM Jornal
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