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Debt Dynamics and Financial Stability in Africa

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  • Emmanuel Pinto Moreira

Abstract

African countries were severely hit by the COVID-19 pandemic, which quickly drove the continent into its worst recession in fifty years. According to the 2022 African Development Bank African Economic Outlook (AEO), real GDP declined by -1.5% in 2020 compared to growth of 3.3% in 2019. Africa has recovered quickly from the recession, but this has not translated into favorable debt prospects for many countries. To make a challenging situation even worse, the Russia/Ukraine crisis has cast further doubt on prospects for debt sustainability in Africa. The international community has reacted to these events by putting in place a Debt Service Suspension Initiative (DSSI). To address debt needs further, the G20 has introduced a Common Framework to facilitate debt relief, including from the private sector. These two initiatives have not proven sufficient to meet Africa’s debt challenge.

Suggested Citation

  • Emmanuel Pinto Moreira, 2023. "Debt Dynamics and Financial Stability in Africa," Policy notes & Policy briefs 2014, Policy Center for the New South.
    • Handle: RePEc:ocp:ppaper:pb25-23
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    File URL: https://www.policycenter.ma/sites/default/files/2023-06/PB_25-23_Emmanuel%20Pinto%20Moreira%20Final.pdf
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