2024-10-25 22:26:00
ECONOMY: AFRICA-DEBT-CAI
The debt of African countries has stopped growing, the IMF reports
Ouagadougou, October 25, 2024 (AIB/TASS) – The debt of African countries stopped growing in 2024 and stabilized at 58% of GDP, said the deputy head of division in the African Department of the International Monetary Fund (IMF), Antonio David. .
“The level of debt has stabilised, although still high, at around 58% of GDP. However, the good news is that the debt is not constantly increasing,” he told the Ecofin agency.
According to him, the economic outlook for Africa is “gradually improving”, and “changes in economic policies are starting to show positive results”. “For example, we are looking at a reduction in certain economic inequalities, such as inflation, which is falling in many countries. Around half of the countries already have more acceptable inflation rates. In 2023, many countries have also made efforts to manage their public finances in a better way: around two-thirds of countries have taken steps to consolidate their budgets,” he explained.
At the same time, some countries on the continent cannot solve their economic problems. In a third of the countries, especially Angola, Algeria and Ethiopia, “inflation is still high, with double-digit rates”.
As for Africa’s economic outlook in 2025, its GDP is expected to grow by 4.4%. “This is better than the rates observed in 2024 and 2023, but it is still insufficient to really reduce poverty or to catch up with richer countries and emerging markets,” said Antonio David.
Burkina Faso Information Agency with TASS
#debt #African #countries #stopped #growing #reports #IMF #AIB