International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the IMF/World Bank annual meetings in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas/File Photo
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Sub-Saharan African nations are at growing risk of debt distress because of heavy borrowing and gaping deficits, despite an overall uptick in economic growth, the International Monetary Fund warned Tuesday.In its economic outlook for the region released in Accra Ghana, the Fund projected the rate of economic expansion would rise to 3.4 percent this year, up from 2.8 percent in 2017, boosted by global growth and higher commodity prices.Around 40 percent of low-income countries in the region are now in debt distress or at high risk of it, the IMF said.Foreign currency debt increased by 40 percent from 2010-13 to 2017 and now accounts for about 60 percent of the region's total public debt on average, IMF data showed.
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