46024
Africa May Face Debt Crisis
World Economy

Africa May Face Debt Crisis

Africa may have a problem with unsustainable debt on its hands if it doesn’t manage to find other ways to finance development and cut off illicit financial flows, a new report from a United Nations trade body has said, DW reported. While Africa’s external debt rations appear “manageable,” some countries on the continent may have a debt crisis on their hands similar to that of the late 1980s and 90s, wrote the authors of the UNCTAD Economic Development in Africa Report 2016, which was published on Thursday. In those years, Africa’s debt ballooned to $230 billion, at a time where the continent’s annual export earnings represented about a third of that. “Borrowing can be an important part of improving the lives of African citizens,” UNCTAD Secretary-General Mukhisa Kituyi says. UNCTAD said that at least $600 billion would be needed annually to realize the Sustainable Development Goals in Africa, or a third of the continent’s gross national income - and international aid and external debt aren’t going to be enough to cover that.

 

Short URL : http://goo.gl/1gmfLA
  1. http://goo.gl/sD1Qax
  • http://goo.gl/6hTZQf
  • http://goo.gl/qNI5sN
  • http://goo.gl/AgRX9v
  • http://goo.gl/xfc1NR

You can also read ...

Bithumb Hacked, $32m in Cryptocurrency Stolen
Cryptocurrencies dropped after the second South Korean...
South Africa GDP Shrinks
South African gross domestic product shrank 2.2% in the first...
Saudi Arabia, which employs about two-thirds of its citizens, is chipping away at a budget deficit that ballooned to almost 16% of GDP after the oil shock of 2014, while FDI slumped more than 80% last year.
Show up, swipe in. The routine is familiar to office workers...
Washington in March imposed tariffs of 25% on steel and 10% on aluminum, in a move mainly aimed at curbing imports from China.
Russia said on Tuesday it would impose import duties on US...
Taxes in Italy Drive Economy Underground
Italy grew rapidly over the 20th century, and its black market...
European businesses say it has become harder to do  business in China over the past year.
European companies complain they still face a tough business...
Australian Telecom Co. to Axe 8,000 Jobs
Australia’s dominant telecommunications company Telstra...
South Korea to Grow 3 Percent
The Organization for Economic Cooperation and Development has...

Trending

Googleplus