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Africa’s Debt Landscape: Scope for Sustainability
This brief argues that the absence of statutory and human rights-based sovereign debt mechanisms that involve all creditors hinders attempts towards addressing reforms in the architecture of the current African debt profile. After the cancellation of debts of developing countries in the early 2000s, a proliferation of new creditors emerged as African countries began entering capital markets. The share of traditional and relatively new creditors in African external debt varies a lot across African countries. In 2019, 8 African countries accounted for over 80% of private creditors debt whereas 3 countries accounted for 50% of China’s debt. […]