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Browsing: africa china debt
- As national debts grow, many African countries find themselves spending more on debt than on health.
- IMF says the debt ratio in Sub-Saharan Africa surged to 60% from 30% of the countries’ GDP between 2013 and December 2022.
- Kenya is for instance using nearly 60% of its annual revenues on paying debt obligations.
As the Africa debt crisis roils, over half of the countries have found themselves spending more money in servicing their loan obligations than even the amount they have budgeted for health services to their citizens.
This unfolding scenario is further burdening millions of their citizens who have little choice but to shoulder heavy tax burdens to settle mountains of debt.
Prof Danny Bradlow, a Senior Research Fellow at the Centre for the Advancement of Scholarship in Pretoria, South Africa, captures the dire situation, stating: “over the last three years (2019/22), more than 25 African governments allocated …