Economics
Africa’s Virus Recovery is Under Threat
- Falling revenue heightens debt-crisis risks for the continent
- Debt relief for poor countries moving slowly with few takers
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A rising debt bill in Africa is wrestling away funds needed for infrastructure and dampening hopes of a speedy recovery from the economic fallout of the coronavirus pandemic.
As export and tax revenue 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.