{"id":99690,"date":"2026-04-16T16:08:52","date_gmt":"2026-04-16T16:08:52","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/citi-predicts-debt-defaults-in-senegal-mozambique-malawi"},"modified":"2026-04-16T16:51:49","modified_gmt":"2026-04-16T16:51:49","slug":"citi-predicts-debt-defaults-in-senegal-mozambique-malawi","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/citi-predicts-debt-defaults-in-senegal-mozambique-malawi","title":{"rendered":"Citi Predicts Debt Defaults in Senegal, Mozambique, Malawi"},"content":{"rendered":"<div class=\"ap-summary\" dir=\"ltr\" lang=\"en\">\n<h4>What You Need to Know<\/h4>\n<p>Citi&#8217;s Chief Africa Economist, David Cowan, forecasts that Senegal, Mozambique, and Malawi may default on their debts within the next two years. The predictions stem from the financial strain caused by the Iran oil price shock and ongoing economic challenges. Cowan highlighted that while Africa has faced several defaults since 2020, the situation remains precarious for these nations, particularly,<\/p>\n<\/div>\n<p><span class=\"ap-article-header-tag\"> <strong>Africa-Press &#8211; Mozambique. <\/strong> <\/span>Senegal, Mozambique and Malawi could default on their debts in the next two years, Citi\u2019s Chief Africa Economist David Cowan said on Thursday, as governments reel from the impact of the Iran oil price shock on their finances and economies.<\/p>\n<p>Since 2020, the 54-nation continent has experienced four sovereign defaults that were restructuring debt under the G20 initiative \u2013 Ghana, Zambia, Ethiopia and Chad \u2013 with countries buckling under a mix of heavy debt burdens and economic mismanagement exacerbated \u2060by external shocks from the COVID-19 pandemic to Russia\u2019s full-scale invasion of Ukraine.<\/p>\n<p>\u201cAfrica is still not entirely out of the woods yet in terms of the debt defaults,\u201d David Cowan told a news briefing.<\/p>\n<p>Senegal, which has been seeking to steer its way out of a hidden debt crisis uncovered in late 2024, was still in \u201ca pretty big mess,\u201d he said, meaning they could head into a default in 2027 after scraping through this year.<\/p>\n<p>Malawi and Mozambique \u2060could default this year, Cowan said, citing a steep weakening of their respective currencies, which could push their debt stocks and payments due on hard-currency lending into unsustainable territory.<\/p>\n<p>Defaults by the two Southern African nations could however be resolved quickly since \u2060Malawi does not have international bonds, while Mozambique has only one outstanding hard-currency bond.<\/p>\n<p>\u201cMalawi\u2019s debt is largely owed to the World Bank, multilateral and bilateral donors,\u201d he said.<\/p>\n<p>Overall, \u2060Africa is faring better in terms of international borrowing costs in the Iran war-linked crisis compared with previous ones, Cowan said, citing the Democratic \u2060Republic of the Congo\u2019s debut Eurobond issuance.<\/p>\n<p>Kenya could let its currency weaken to absorb some of the depreciation pressure stemming from elevated prices of crude oil, Cowan said.<\/p>\n<p>Since 2020, Africa has seen multiple sovereign defaults, including Ghana, Zambia, Ethiopia, and Chad, primarily due to heavy debt burdens and economic mismanagement. The COVID-19 pandemic and geopolitical tensions, such as the Ukraine conflict, have further exacerbated these issues, leading to increased financial instability across the continent. As countries like Senegal, Mozambique, and Malawi grapple with these challenges, the outlook for their economies remains uncertain, with potential defaults looming on the horizon.<\/p>\n<p class=\"ap-article-footer-note\">Find more news and analyses on <span class=\"ap-highlight-country\">Mozambique<\/span> on the <span class=\"ap-highlight-brand\">Africa Press<\/span> website<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What You Need to Know Citi&#8217;s Chief Africa Economist, David Cowan, forecasts that Senegal, Mozambique, and Malawi may default on their debts within the next two years. The predictions stem from the financial strain caused by the Iran oil price shock and ongoing economic challenges. Cowan highlighted that while Africa has faced several defaults since [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":99689,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[242,8768,761,8769,1353,283],"class_list":["post-99690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa","tag-citi","tag-debt","tag-defaults","tag-economy","tag-mozambique"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Citi Predicts Debt Defaults in Senegal, Mozambique, Malawi - Mozambique<\/title>\n<meta name=\"description\" content=\"Citi warns of potential debt defaults in Senegal, Mozambique, and Malawi due to economic pressures and currency weaknesses.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/citi-predicts-debt-defaults-in-senegal-mozambique-malawi\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Citi Predicts Debt Defaults in Senegal, Mozambique, Malawi\" \/>\n<meta property=\"og:description\" content=\"Citi warns of potential debt defaults in Senegal, Mozambique, and Malawi due to economic pressures and currency weaknesses.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/citi-predicts-debt-defaults-in-senegal-mozambique-malawi\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-16T16:08:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-16T16:51:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2026\/04\/sm_1776357972.478327.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"825\" \/>\n\t<meta property=\"og:image:height\" content=\"510\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/citi-predicts-debt-defaults-in-senegal-mozambique-malawi#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/citi-predicts-debt-defaults-in-senegal-mozambique-malawi\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Citi Predicts Debt Defaults in Senegal, Mozambique, Malawi\",\"datePublished\":\"2026-04-16T16:08:52+00:00\",\"dateModified\":\"2026-04-16T16:51:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/citi-predicts-debt-defaults-in-senegal-mozambique-malawi\"},\"wordCount\":441,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/citi-predicts-debt-defaults-in-senegal-mozambique-malawi#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2026\/04\/sm_1776357972.478327.jpg\",\"keywords\":[\"Africa\",\"Citi\",\"debt\",\"defaults\",\"Economy\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/citi-predicts-debt-defaults-in-senegal-mozambique-malawi#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/citi-predicts-debt-defaults-in-senegal-mozambique-malawi\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/citi-predicts-debt-defaults-in-senegal-mozambique-malawi\",\"name\":\"Citi Predicts Debt Defaults in Senegal, Mozambique, Malawi - 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