African countries are getting a raw deal from the international financial system which charges them “extortionate” interest rates, the United Nations Secretary General, Antonio Guterres, said at the weekend.
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. Others, which have not sought to restructure their debt, like Kenya, have seen their debt sustainability indicators worsen after the pandemic hit their finances.
Armed conflict from the Sahel to the Horn of Africa and the impacts of droughts and floods have driven ever more Africans from their homes. Meanwhile, the UN has appealed for $1.3 billion to provide assistance to 6 million Nigerians who are suffering the impact of a long-running Islamist insurgency in the northeast of the country.