Heavily indebted African countries are getting a raw deal from the international financial system which charges them 'extortionate' interest rates, the U.N. Secretary-General Antonio Guterres said on Saturday
Public debt ratios in sub-Saharan Africa are at their highest in more than two decades, the International Monetary Fund said last year.
Others, which have not sought to restructure their debt, like Kenya, have seen their debt sustainability indicatorsAll these factors have hindered their ability to invest in critical areas like health and education, Guterres said. The summit, which brings together leaders from the 55 African nations, is also focusing on deepening food and security crises on the continent.
Hunger, driven by the impact of the armed conflicts and also extreme weather that scientists have linked to climate change, has also worsened in several nations.
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