Africa Has Over $1 Trillion in Sovereign Debt, UN Agency Says.

A United Nations agency official has stated that African countries have over $1 trillion in sovereign debt, with some struggling to make payments. The continent is facing challenges in financing, security, and climate change, leading to fiscal stress and a high risk of debt distress for many countries. Climate change is also eroding an average of 5% of Africa's GDP annually, with Mozambique experiencing a 15% loss last year. The official called for reform of the global financial architecture to address Africa's needs and ensure fair treatment by multilateral financial institutions. [Extracted from the article]