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Cracking the China Conundrum
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Global experts decry Africa s debts burden, infrastructure deficit
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This investigative journalism project was necessitated by the growing need to better understand the nature of southern Africa’s debt crisis with particular reference to Angola, Mozambique, Zambia and Zimbabwe.
These countries were selected in view of the fiscal solvency of their fragile economies and their vulnerability to a rising debt stock, as well as the wider impact on socio-economic development.
The report provides an overview of the risks and challenges faced by the regional states as they seek a path to debt sustainability. In sub-Saharan Africa, 16 countries are classified as having either a high risk of debt distress or being in debt distress. The average public debt in the region was estimated at 57% of Gross Domestic Product (GDP) as at the end of 2018. Between 2010 and 2018, the debt payments of developing countries increased by 85%, which sent alarm bells ringing.
This report details proceedings of the Southern Africa’s Debt Conundrum conference hosted by the Open Society Initiative for Southern Africa (OSISA) for partners and stakeholders to discuss the unfolding and widening debt crisis in the region. The conference was undertaken in the context of the debt burden continuing to be a recurrent matter in the discourse of Africa’s development. The magnitude and consequences of debt in the continent were noted to have been a massive betrayal of Africa’s huge resource base, both human and material, and the failure of policy measures targeted at the management of those resources. With the real risk that unsustainable debt poses critical developmental questions and presents significant risks to global commitments such as the Sustainable Development Goals, this platform was meant to facilitate engagement and co-creation of conversations, strategic policy and advocacy solutions that addressed the on-going debt crisis in Southern Africa.