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Business - Economy Updated: May 16, 2024

Africa’s public debt to drop in 2024 - World Bank

By Felicia Abisola Olamiji
May 16, 2024
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The World Bank Group has predicted that for African countries' public debt will drop in 2024.

Low-income African countries have been stuck in a loop of debt servicing instead of channelling funds to national development. The World Bank thinks 2024 could be a positive year for public debt in Africa.

The latest World Bank report entitled, Tackling Inequality is Necessary for Growth and Poverty Reduction the global financier argued that just like the continent’s economic growth, Africa’s public debt status is on the cusp of a positive trend.

The World Bank further explained that more than half of African countries suffer unsustainable debt burdens, and financial issues and are actively trying to restructure debts.

“Sub-Saharan Africa’s debt service levels have steadily increased since 2012, adversely affecting fiscal space and increasing vulnerability to shocks, especially for countries that have gained access to the international bond market and other non-concessional financing sources. Total debt service increased by US$46.6 billion between 2012 and 2022,” as seen in the World Bank’s report.

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Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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