Africa Faces Biggest Test This Century as Funds Dry Up, IMF Says
- IMF sees regional growth slowing for a second straight year
- List of nations needing IMF financial assistance is growing
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African nations are facing their toughest economic challenges this century as desperately needed funding evaporates, the International Monetary Fund said.
Rising interest rates have increased borrowing costs for sub-Saharan African nations. Not a single country in the region has been able to raise financing through a dollar bond sale over the past year, the Washington-based lender said in its Regional Economic Outlook report The Big Funding Squeeze on Friday.