Russia’s war with Ukraine has escalated sovereign-debt risks in sub-Saharan Africa, increasing the need for better relief measures to avert a “large wave” of crises among the region’s developing countries, the World Bank said.
The share of countries in the region at high risk of debt distress has grown to 60.5% from 52.6% in October, the Washington-based lender said Wednesday in the April edition of its Africa’s Pulse report. Fears about debt sustainability are reflected in the widening of sovereign spreads for several sub-Saharan African nations, driven by rising interest rates in developed economies and the war in Ukraine, it said.
