Debt-laden African countries charged ‘extortionate’ rates, U.N. chief says
DAWIT ENDESHAW AFRICAN countries are getting a raw deal from the international financial system which charges them "extortionate" interest rates, the U.N. chief said, as he announced $250 million in crisis funding, including for famine risk on the continent. The United Nations Secretary-General Antonio Guterres wants far-reaching reforms to the structure of international finance to serve the needs of developing countries more efficiently, he told the opening ceremony of the annual African Union summit in Ethiopia. "The global financial system routinely denies (developing countries) debt relief and concessional financing while charging extortionate interest rates," he said. The U.N. will spend $250 million…