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Debt-laden African countries charged 'extortionate' rates: UN Chief - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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African countries are getting a raw deal from the international financial system which charges them “extortionate” interest rates, the UN Chief said on Saturday.

UN Secretary-General Antonio Guterres addressing an event

The UN will spend $250 million from its emergency fund, the largest ever allocation, to respond to several crises around the world, including helping communities at risk of famine in Africa, Guterres later told a news briefing. Governments on the continent, including Ethiopia, sought debt restructuring deals under an IMF programme to help them navigate the crisis, but conclusion of the process has been delayed.

The summit, which brings together leaders from the 55 African nations, is also focusing on deepening food and security crises on the continent.

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How many African countries even pay back loans?

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Debt-laden African countries charged 'extortionate' rates - UN chief says - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Heavily indebted African countries are getting a raw deal from the international financial system which charges them 'extortionate' interest rates, the UN Secretary-General Antonio Guterres said on Saturday EUROP CHEATING AFRICA DENY THAT 😭🤬😡😠🙄😤🧐😓 It is to keep Africa in perpetual debt It's because Africans don't want to unite, Africa needs one currency and we need to have our own monetary fund
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