15% of low-income countries in debt distress – IMF

The International Monetary Fund has said about 15 per cent of low-income countries are already in debt distress.

This is contained in a new report titled ‘confronting fragmentation where it matters most: trade, debt, and climate action’.

The IMF said an additional 45 per cent of the population is further at high risk of debt distress.

It said while Chad recently reached an agreement with its official and private creditors, Zambia was progressing toward a debt restructuring.