Africa faces debt crisis, Banque de France governor warns

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François Villeroy de Galhau

G20 countries must act to stop sub-Saharan African countries falling into another public debt crisis, Banque de France governor François Villeroy de Galhau said.

“Avoiding the next African debt crisis is our responsibility,” de Galhau said in a panel discussion at the International Monetary Fund’s annual meeting in Washington, DC. “And it is in our reach”.

He noted that sub-Saharan African public debt to GDP has risen from levels roughly at 28% in 2009–13 to 50% in 2018. Furthermore, IMF data

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