Lagos/Abuja — A rising debt bill in Africa is wrestling away funds needed for infrastructure and dampens hopes of a speedy recovery from the economic fallout of the coronavirus pandemic.
As export and tax revenues decline due to subdued global demand and domestic activity, debt costs are eating up a larger share of countries’ income in a region that already spends less than any other on infrastructure. After 25 years of uninterrupted economic growth, GDP in sub-Saharan Africa could contract by 2.8% in 2020, according to the World Bank...
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