Macau is the only country in the world that is debt-free, according to the International Monetary Fund (IMF).
Many African countries take loans from different places as well as from the World Bank, the IMF, China and other countries to finance critical infrastructure and various development projects.
Reports state that Africa’s debt to China surpassed $140 billion as of September 2021.
However, IMF says about $285 billion would be required by African countries to finance major infrastructural projects from 2021-2025.
China has risen to become a top global lender with great stakes that exceeds more than five per cent of global GDP.
China has, in total, given about $1.5trn in direct loans and trade credits to about 150 countries around the world, making the country the biggest creditor, surpassing the World Bank and the IMF.
China currently owns about 72 per cent of Kenya’s external debts which is at $50 billion.
Mombasa port could be lost if Kenya defaults on the loan re-payment, according to Kenya’s own auditor general.
1.Kenya ($50 billion)
2. Angola ($25 billion),
3.Ethiopia ($13.5 billion),
4. Zambia ($7.4 billion)
5.The Republic of the Congo ($7.3 billion)
6.Sudan ($6.4 billion)
7. Nigeria ($4.1 billion)