Africa's New Sovereign Debt Crisis

Mozambique is the first major African nation in recent times to become unable to meet obligations to international creditors. A decade after the last major debt write-down, African states are again in difficulties.

Finance ministers and central bankers from the G20 group of the world's most influential industrialized and emerging economies met in Baden Baden, Germany on the 17/18 March. The German NGO Erlassjahr.de (Jubilee Germany), which campaigns for debt relief, saw this as an opportunity to draw attention to the growing debt problems of many developing countries. The NGO has identified as many as 40 African countries which are showing signs of heavy indebtedness.

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