Payment of external debt in 2023: African countries are ready to do the exercise : Orishas-finance

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Payment of external debt in 2023: African countries are ready to do the exercise

03/02/2023

Source : ORISHAS FINANCE

Categories: General Information

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Payment of external debt in 2023: African countries are ready to do the exercise

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Apart from Zambia and Ghana, which have already defaulted, African countries will pay nearly $23 billion in external debt service in 2023. This figure, according to the Fitch rating agency, will increase by 12% to reach $25 billion in 2024.

In Ghana and Zambia, the IMF provided $3 billion and $1.3 billion in rescue loans, respectively, because Zambia requested debt relief. But critics have argued that restructuring loans can only delay a debt crisis, not solve it. According to these critics, the international financial system is centered on creditors and lending practices that limit the choices of developing countries.

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