First Independent Mena Newspaper
As many African countries are struggling to service their debts, a new World Bank report warns that interest payments on long-term debt in sub-Saharan Africa surged nearly seven-fold to $26 billion between 2010 and 2023. The sharp increase came as the region’s foreign borrowing doubled to $864 billion within the same period. Africa’s worsening debt […]
Credit Suisse has lost its bid to block the lawsuit filed by the Government of Mozambique against the Swiss bank for its role in the 2 billion dollar scandal known as the “tuna deal”, and will thus be brought to trial in October. A UK high court judge on Monday (4 July) refused to strike […]
US Vice President Kamala Harris arrived Sunday (26 March) in Ghana for the start of a weeklong visit to Africa intended to deepen her country’s relationships amid global competition over the continent’s future. “I’m very excited about the future of Africa,” Harris said and added that she wanted to promote economic growth and food security […]
The looming debt crisis in Africa can only be resolved with a more stable and liquidity market in African government bonds, argue Daniel Cohen, the chair of Finance for Development Lab (FDL), and Ibrahim Elbadawi, the managing director of the Economic Research Forum, in a recent policy brief. As they struggle to secure investment to […]
Tunisia is facing the real risk of defaulting on its external debt which has reached 100% of GDP compared to 35% in 2010. The credit crisis adds to Tunisia’s woes of political and social instability as the country struggles to redress an economy hit by Covid-19 and a drop in tourist arrivals on the back […]