African Union says rising debt crisis undermines development
Africanews · Just In
Africanews
Just In
The chairperson of the AU Commission says many governments are spending more on servicing debt than on investments in human development.
Breakdown
- The African Union Commission chairperson warned that Africa's debt crisis is undermining development.
- At a G20 dialogue, it was stated that Africa's public debt has reached about $1.8 trillion, or two-thirds of GDP. 8s
- High borrowing costs and limited access to concessional finance are major factors behind the debt increase. 13s
- In 2024, debt service payments exceeded $70 billion, taking a larger share of public revenue. 25s
- The AU chairperson called for urgent collective action to restore debt sustainability and improve access to capital. 35s