Africa is Drowning in $1.86 Trillion Debt — But It Can Break Free & Build Independent Economy
20:23 28.05.2025 (Updated: 20:44 28.05.2025)
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Africa is Drowning in $1.86 Trillion Debt — But It Can Break Free & Build Independent Economy
"The big chunk [of the budget] goes to pay the debt. And whatever little that is left, that's where it's used at the domestic level to finance other activities," Claver Gatete, Executive Secretary of the UN ECA told Sputnik Africa.
How to overcome the challenges, according to the official?
🟠reform the global financial system — get all creditors to the table;
🟠boost domestic resource mobilization — fix broken tax systems and build strong capital markets;
🟠create African-owned markets — drive growth through intra-African trade and investment.
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