Business, Economy

AfDB report expresses concern over African countries rising external debt

The African Development Bank (AfDB) has expressed worry over the rising external debt profile of African countries as it is increasing the burden of debt servicing.

The bank raised the alarm during the launch of the AfDB Group’s 2019 African Economic Outlook and West Africa Regional Economic Outlook in Abuja, yesterday.

Mr. Ebrima Faal, Senior Director, AfDB in his remarks noted that “the issue of external debt is back on the radar in many countries. Average external debt is rising in the region and has nearly doubled over the past six years to 23.6 percent of GDP at end February 2019 compared with 13.5 percent in 2013. This has increased the burden of servicing external debt.”

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AfDB thus advised African countries to watch their debts commitments going forward.

Mr. Faal also expressed worry over rising insecurity across Africa and the impact on unemployment as investments in the region dwindle.

“The delicate security situation in some parts of the region also continues to impede economic performance and social stability in the West African region,” he said.

Source: Chris Agabi

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