IN DECEMBER 2023, Ethiopia became the third African country in as many years to default on its global debt payment. It was supposed to pay $33 million to holders of the country's only international government bond on December 11 but failed to do so even after the 14-day grace period ended on December 25. Zambia and Ghana are the other two countries to have defaulted on their debt since 2020.
Several African nations are faced with a debt crisis. Many of them have faced downgrades from prominent credit rating agencies in the past five years. These nations include Kenya, Morocco, Nigeria, Ghana and Egypt. Speaking at the World Economic Forum in Davos on January 17, Nonkululeko Nyembezi, chairperson of Standard Bank Group, the continent's biggest bank by assets, said that sovereign-debt crisis is the biggest issue facing Africa. Sample these cases. Nigeria is in talks to secure as much as $1.5 billion in budget support from the World Bank. Zambia's bilateral creditors have rejected a plan to restructure its $3 billion in Eurobonds-a debt instrument issued in a currency other than that of the home country or market. Kenya has secured $685 million from the International Monetary Fund and raised a $210 million loan from the Trade and Development Bank before its $2 billion Eurobond repayment is due in five months.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
A SPRIG TO CARE FOR
Punarnava, a perennial herb, is easy to grow and has huge health benefits
DIGGING A DISASTER
Soapstone mining near Dabti Vijaypur village has caused many residents to migrate.
REVIEW THE TREATMENT
Several faecal sludge treatment plants in Uttar Pradesh suffer from design flaws that make the treatment process both expensive and inefficient
MAKE STEEL SUSTAINABLE
As India works to double its GDP by 2030, its steel industry must balance growth with sustainability. By embracing policies like the Steel Scrap Recycling Policy 2019 and adopting green technologies, India is paving the way for a more sustainable future in steel production
Can ANRF pull off the impossible for India?
Anusandhan National Research Foundation is expected to reorient India's innovation goals but funding issues, old mindsets remain a drag
TROUBLED WOODS
Forests are a great bulwark against climate change. But this is fast changing. AKSHIT SANGOMLA travels through some of the pristine patches of the Western Ghats to explore how natural disturbances triggered by global warming now threaten the forest health
BLINDING GLOW
The science is clear: increased illumination has damaging consequences for the health of humans, animals and plants. It’s time governments introduced policies to protect the natural darkness and improved the quality of outdoor lighting.
GROUND REALITY
What happens when the soil loses the ability to grow healthy, high-yield crops on its own?
GM POLICY MUST BE FARMER CENTRIC
On July 23, the Supreme Court of India directed the Union government to develop a national policy on genetically modified (GM) crops for research, cultivation, trade and commerce through public consultation.
Vinchurni's Gandhi
A 96-year-old farmer transforms barren land into a thriving forest in drought-prone region of Satara
