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IMF: Almost 50percent of African countries are in debt crises

Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), says 40% of African countries are in debt distress.

Commenting on the debt levels of countries, the newly appointed IMF MD said: “Are we worried about debt levels in Africa, yes because 40% of the countries have gone into debt distress levels.

“In some cases, we are concerned about that but in other cases, we see that investment is going to pay off over time.

Notable examples she mentioned in her narrative includes:

“Take the case of Kenya, we advise Kenya to be more cautious in building debt but we have seen good macroeconomic policy in Kenya.

“In cases where debt is dangerous like Zambia, we do say you need to get a handle on your debt.