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As the World Forgets About the Debt Crisis, More African Countries Struggle to Stay Afloat Amid Rising Servicing Costs

File photo. CARL DE SOUZA / AFP

Last year at this time, expectations ran high that Africa’s largest creditors in Beijing, and among the Paris Club members were all motivated to restructure their outstanding loans to reduce the burden on some of the world’s poorest countries. 

Well, it turns out the Chinese policy banks, the bondholders in London and New York, the multilateral lenders like the IMF and World Bank, along with the Group of 20 wealthiest countries, weren’t actually that motivated to help after all.

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