What African countries are in debt? (2023)

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Which African country has the most debt?

This list is courtesy of a report by Statista dated December, 2021. Although the exact figures of these countries' public debts were not disclosed, the percentage of debt to GDP are clearly indicated as you can see below. Eritrea: The national debt in this Horn of Africa country stands at 175.1% of the GDP.

(Video) World Of Africa: Africa's spiralling debt crisis
What countries are highest in debt?

You might be surprised. According to data published by London-based investment fintech Invezz, Japan, Greece, Italy, Portugal, and the US are the top five countries with the highest level of government debt.

(Video) IMF Warns Nigeria, Other African Countries On Debt Default
(TVC News Nigeria)
Does Africa owe China?

Most of Africa's debts to China are owed by five states – Angola, Ethiopia, Kenya, Nigeria and Zambia.

(Video) The Myth of the Chinese Debt Trap in Africa
(Bloomberg Quicktake: Originals)
Which country owe the most debt?

Japan, with its population of 127,185,332, has the highest national debt in the world at 234.18% of its GDP, followed by Greece at 181.78%.
Debt to GDP Ratio by Country 2022
  • Spain (National Debt: €1.09 trillion ($1.24 USD))
  • Singapore (National Debt: $350 billion ($254 billion US))

(Video) African countries turn to China for debt relief
(Al Jazeera English)
Who owns Africa's debt?

More than 40% of African debt is owed to private creditors, 26.6% to bilateral creditors, and 32.5% to multilateral creditors.

(Video) World of Africa: South Africa's debt crisis explained
Which country is debt free?

These are called debt-free countries.
Countries with the Lowest National Debt.
S.NoCountriesDebt to GDP ratio
4.Democratic Republic of Congo15.2%
4 more rows

(Video) Global Economy: Easing The Debt Burden For African Countries
(Channels Television)
What countries owe the US money?

Despite substantial debts that America owes to countries like China and Japan, they owe us money as well.
Debts and Debtors of the US Government.
Country NameValue of Holdings (Billions of $)
All Other (Place this on the United States itself)482.5
Mainland China1,058.4
31 more rows

(Video) China Waives African Loans, Ghana To Begin AFCFTA Trading | Business Incorporated
(Channels Television)
Who owns most US debt?

CharacteristicSecurities in billion U.S. dollars
China, Mainland970
United Kingdom634.6
9 more rows
17 Oct 2022

(Video) IMF debt relief for 19 African countries [Business Africa]
Who is Africa's biggest creditor?

While China is the continent's biggest bilateral creditor, most of the debt is due to private Western holders of African debt, according to the researchers. Capital, in the form of debt repayments, thus continued to flow from Africa to Europe and North America, the study said.

(Video) Nineteen African countries benefit from IMF debt relief
(FRANCE 24 English)
Who is Africa's biggest lender?

Over the last two decades, China has established itself as Africa's largest bilateral lender, helping bankroll key infrastructure projects on the continent.

(Video) What happens if Zambia defaults on its debt? - BBC Africa
(BBC News Africa)

Which country owes money to China?

COLOMBO: Sri Lanka, Pakistan and Maldives are among the biggest debtors of China. Pakistan owes $77.3 billion of external debt to China, according to Forbes. Maldives' debt is 31 per cent of its Gross National Income (GNI).

(Video) Watch: How African nations are managing debt levels
(Business Day TV)
Who owes America the most money?

Top Foreign Owners of US National Debt
  • Japan. $1,212.8. 17.01%
  • China. $980.8. 13.76%
  • United Kingdom. $634. 8.89%
  • Switzerland. $294.1. 4.13%
  • Cayman Islands. $293.2. 4.11%

What African countries are in debt? (2023)
Who is America in debt to?

Public Debt

The public holds over $24.29 trillion of the national debt. 1 Foreign governments hold a large portion of the public debt, while the rest is owned by U.S. banks and investors, the Federal Reserve, state and local governments, mutual funds, pensions funds, insurance companies, and holders of savings bonds.

Does America owe China money?

Get ready for this statistic – China owns 981 billion dollars in U.S debt. That means we owe China nearly a trillion dollars!

Does Africa owe US money?

Africa's debt payments will remain high

Africa still has to pay US$69 billion in debt repayments in 2021, with another US$185 billion due between 2022 and 2024. Foreign debt payments were 15.5% of Africa's exports in 2020 — up from 11.7% in 2019 and three times the 5.3% in 2011.

Which African countries owe China?

Of 24 African countries that spent more than 15% of government revenue servicing debt in 2021, six countries - Angola, Cameroon, Republic of Congo, Djibouti, Ethiopia and Zambia - sent over a third of debt payments to Chinese lenders. Other private creditors accounted for over a third of payments in 12 countries.

Which African country make their own money?

Only a handful of African countries, like Nigeria, Morocco, and Kenya have enough resources to print their own currencies or mint their own coins, and even they sometimes supplement production with imports.

Can a country refuse to pay debt?

Since a sovereign government, by definition, controls its own affairs, it cannot be obliged to pay back its debt. Nonetheless, governments may face severe pressure from lending countries.

What countries does Russia owe money to?

This debt is further broken down in data by the Bank for International Settlements. Exposure to Russian debt was highest in Italy and France, where upwards of $25 billion was owed each at the end of the third quarter of 2021. In Austria and the U.S., exposure stood at $17.5 billion and $14.7 billion, respectively.

Who is the world in debt to?

Global debt is borrowing by governments, businesses and people, and it's at dangerously high levels.

Why is US debt so high?

Since the government almost always spends more than it takes in via taxes and other revenue, the national debt continues to rise. To finance federal budget deficits, the U.S. government issues government bonds, known as Treasuries.

Can the United States pay off its debt?

Can the U.S. Pay Off its Debt? As budget deficits are one of the factors that contribute to the national debt, the U.S. can take measures to pay off its debt through budget surpluses. The last time that the U.S. held a budget surplus was in 2001.

Does US owe any country?

Behind Japan, the four countries with the largest U.S. debt holdings are China at $967.8 billion, the U.K. at $615.4 billion, Luxembourg at $306.8 billion and the Cayman Islands at $300.4 billion.

How much U.S. debt is owned by China?

Key Takeaways. China, which owns an estimated $972 billion in U.S. Treasuries, is the number-two investor among foreign governments.

Why do we owe China money?

U.S. debt to China comes in the form of U.S. Treasuries, largely due to their safety and stability. Although there are worries about China selling off U.S. debt, which would hamper economic growth, doing so in large amounts poses risks for China as well, making it unlikely to happen.

What would happen if you paid off the national debt?

The country's net economic power would increase as more money was spent on goods and non-financial services—production rather than monetary intermediaries. We would be back to being able to consume what our country's economic capacity could produce. One in four of us live that way today.

How much is Nigeria debt to China?

Nigeria's external debt owed to China accounts for 83.57 percent of its total bilateral debt as of June 30, 2022, totalling $3.9 billion, a 12.7 percent increase from $3.5 billion in the same period last year, according to data from the Debt Management Office (DMO).

What is Africa's biggest source of income?

Africa as a whole has abundant natural resources, but much of its economy has remained predominantly agricultural, and subsistence farming still engages more than 60 percent of the population.

How Much Does Africa owe World Bank?

The Debt Management Office (DMO) says Nigeria took loans worth $31.98 billion from World Bank Group, International Monetary Fund (IMF), African Development Bank (AfDB) Group and others as of September 2020. This is contained in the September 30, 2020, debt stock report recently released by the DMO.

Who has the highest loan in the world?

Which Countries are the largest borrowers from the World Bank in 2017?
S.N.CountryDebt (in million dollar)
6 more rows
3 Jul 2018

Is Africa benefiting from China?

The fruitful results of China-Africa cooperation can be seen across the continent. It has improved the conditions for economic and social development in Africa and brought tangible benefits to people in both China and Africa.

Which is richest bank in world?

The following are lists of the largest banks in the world, as measured by total assets.
By market capitalization.
RankBank nameMarket cap (US$ billion)
1JPMorgan Chase368.78
2Industrial and Commercial Bank of China295.65
3Bank of America279.73
4Wells Fargo214.34
26 more rows

Where does us borrow money from?

The National Debt Explained

money from federal income tax), a budget deficit results. To pay for this deficit, the federal government borrows money by selling marketable securities such as Treasury bonds, bills, notes, floating rate notes, and Treasury inflation-protected securities (TIPS).

How much is America in debt?

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

Which countries do China own?

  • Maritime. North Korea. China-North Korea relations can be described as complicated at best. ...
  • Land. Mongolia. In 2015, Chinese state media claimed that an attack on one of its remote checkpoints in Inner Mongolia was due to a “provincial border dispute”. ...
  • Land. Myanmar. ...
  • Land. Tibet. ...
  • Maritime. Singapore. ...
  • Maritime. Brunei.
11 Feb 2022

Who brought the US out of debt?

President Andrew Jackson Cuts Debt to Zero

By selling federally owned western lands and blocking spending on infrastructure projects, Jackson paid off the national debt after six years in office. This actually created a government surplus that Jackson divided among indebted states.

Does Russia hold US debt?

The value of U.S. Treasury securities held by residents of Russia amounted to over two billion U.S. dollars in September 2022, slightly increasing from the previous month.

What if China calls in US debt?

What Would Happen if China Were to Call In Its Debt? China's position as the largest foreign holder of U.S. debt gives it some political leverage. It is responsible for lower interest rates and cheap consumer goods. If it were to call in its debt, U.S. interest rates and prices could rise, slowing U.S. economic growth.

How much U.S. land does China own?

According to U.S. Department of Agriculture (USDA) reports, Chinese investors' holdings of U.S. agricultural land surged from 13,720 acres in 2010 to 352,140 acres in 2020.

Which country in African owes China the most?

China loaned a total of $143 billion to African governments and state-owned enterprises between 2000 and 2017. In 2020, the African countries with the largest Chinese debt were Angola ($25 billion), Ethiopia ($13.5 billion), Zambia ($7.4 billion), the Republic of the Congo ($7.3 billion), and Sudan ($6.4 billion).

Which African country is the richest in the world?

Total private wealth in Africa as of 2021, by country (in billion U.S. dollars)
CharacteristicWealth in billion U.S. dollars
South Africa651
9 more rows
3 Aug 2022

Who is United States in debt to?

Public Debt

The public holds over $24.29 trillion of the national debt. 1 Foreign governments hold a large portion of the public debt, while the rest is owned by U.S. banks and investors, the Federal Reserve, state and local governments, mutual funds, pensions funds, insurance companies, and holders of savings bonds.

How much do Nigeria owe?

In the first quarter of 2022, Nigeria's public debt rose to N41. 6 trillion from N39. 56 trillion recorded at the end of December 2021, putting enormous pressure on debt servicing.

Who is the giant of Africa?

Nigeria has been dubbed “Africa's Giant” due to its population of almost 200 million people. Nigeria is Africa's most populated country. It is also the world's most populated black country, placing eighth among the world's most populous countries.

Which continent is the richest?

North America has the highest continental gdp per capita by both GDP Nominal and PPP in the world. With $46,160 in nominal terms, the per capita gdp of North America is 376% of the world GDP per capita.

What is the top 10 poorest country in Africa?

That said, below are 10 poorest countries in Africa based on low GDP per capita. Burundi: Has a GPD per capita of $239 according to the World Bank. Mozambique: Has a GPD per capita of $448.5 according to the World Bank. Madagascar: Has a GPD per capita of $471.5 according to the World Bank.

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