Drowning in debt: North Africa braces for impact
Edited By WION Video Desk
Published: May 12, 2023, 06:25 IST | Updated: May 12, 2023, 06:25 IST
Tunisia and Egypt are on the brink of major debt crises, with Tunisia facing a political crisis and uncertainty over IMF support. Egypt's debt-to-GDP ratio is reaching critical levels, compounded by currency devaluations and dwindling reserves. The countries' fiscal strains could have far-reaching consequences for the region. The involvement of gulf allies and the potential impact on global financial markets further intensify the gravity of the situation.
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