Africa’s debt crisis hinders development projects
Al Jazeera · Just In
Al Jazeera
Just In
Across Africa, a growing debt crisis is threatening development. Combined, African countries owe over a trillion dollars in public debt, and the rising cost of servicing these loans is forcing many governments to delay or cancel key infrastructure and social projects.
Breakdown
- South Africa spends $56 million daily on debt interest, limiting funds for basic services. 3s
- More than half of African countries now spend more on debt interest than on infrastructure, health, and education. 40s
- Countries like Zambia and Ghana have defaulted, while others face IMF-driven budget cuts. 1m 27s
- Kenya and Nigeria allocate half their government revenue to debt repayments. 1m 41s
- Experts stress the need to address the causes of the debt crisis to prevent further economic decline. 1m 47s