The region has been hit by repeated economic shocks since 2020, from the COVID-19 pandemic to Russia's invasion of Ukraine and rising U.S. interest rates, putting cash-strapped, debt-laden governments in a political and fiscal bind., which must pay back or refinance a $2 billion international bond before next June, have seen violent protests against tax hikes and subsidy removals.
The country froze some non-social spending two months ago, such as capital expenditure on projects that are less than 80% complete, she said. Sub-Saharan Africa's ratio of debt interest payments to government revenues of about 10.5% has more than doubled in the last decade and is about three times that of developed countries, according to the IMF.
Public spending could drop in real terms for the next five years in 26 Sub-Saharan African countries, according to forecasts by Oxfam International, an anti-poverty NGO.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: SABC News Online - 🏆 32. / 51 Read more »