Africa fact of the day
Sub-Saharan Africa is slipping into a new debt crisis, with 40 per cent of the region’s countries now at high risk of debt distress — double the proportion of five years ago.
Chad, South Sudan, the Republic of Congo and Mozambique moved into “debt distress” in 2017, the IMF said, which means they have defaulted or cannot service their debts. A much higher number have breached one of the fund’s thresholds for debt or servicing burdens, putting them into the IMF category of highly vulnerable to default.