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African Financing Stability Mechanism
Since 2010, Africa’s public debt has increased significantly. It is now more non-concessional and short-term. Between 2010 and 2024, Africa’s public debt surged by 170%, exceeding USD 1.8 trillion, partly due to external shocks such as the global financial crisis, Covid-19, and geopolitical tensions. While many African countries experienced good economic growth during the 2010-2019 period, that growth was insufficient considering the amount of debt contracted, thereby threatening Africa’s economic stability. Declining concessional financing, coupled with persistent external shocks has pushed African countries towards more non-concessional debt, which now stands at 72% of the total debt.[…]