IMF says African debt stabilising but risks abound

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, US September 4, 2018. [REUTERS]

Sub-Saharan Africa’s public debt load is stabilising but the region’s economies face mounting headwinds due to slowing global growth that will weigh on exports, the International Monetary Fund (IMF) said on Friday.

The IMF has previously warned of the continent’s rising debt burden, largely the result of borrowing to plug gaping budget deficits in mineral- and oil-producing countries that followed commodities and crude oil slumps.