![The intrepid Abhilash and GGR 2022-Part IV The intrepid Abhilash and GGR 2022-Part IV](/sites/default/files/styles/large/public/2023-04/1_27.jpg?itok=OiQwTTEc)
The debt phenomenon is so significant that nearly half the African Union member states are in debt – mostly to the state-owned banks of China. Countries in South America and Asia are also being caught up in this debt slide. While the New Delhi G20 summit only appealed to countries to address this serious debt issue, that China is now being seen as a part of the problem seems to be hanging over it like a Sword of Damocles.