African Union says continent’s rising debt crisis undermines development

The chairperson of the African Union Commission has warned that the continent’s debt crisis is undermining development.

Speaking in Ethiopia at a G20-Africa high-level dialogue on debt sustainability, Mahamoud Ali Youssouf, said public debt has grown to about $1.8 trillion.

This represents about two-thirds of the continent’s GDP and is largely due to the high cost of borrowing and limited access to concessional finance.

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