Luanda, Angola, (News of The South) – Angola will graduate into a middle income economy status within the next few years. This was revealed yesterday by Dr. Taffere Tesfachew, a senior official of the United Nations Conference on Trade and Development (UNCTAD).
Out of the 47 Least Developed Countries (LDCs) globally, a total of 12 will be graduated into middle income countries in the next few years.
Dr. Taffere said, “out of the 47 LDCs, five fall under debt distress, which means they have too much debt and are not in a position to pay it back.”
Currently, one-third of LDCs are in debt distress or at high risk of debt distress, becoming increasingly dependent on foreign aid, remittances and foreign direct investment.
For LDCs to attain the Sustainable Development Goals and escape aid dependency, they need external finance that is targeted at the structural transformation of their economies.
There are 47 countries designated by the United Nations as LDCs after their per ca-pita income, human assets and economic vulnerability have been assessed. Out of the 47 LDCs, 32 are in Africa.
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