(FOX BUSINESS) – As Congress faces an early June deadline to raise the debt limit, Treasury Secretary Janet Yellen warned that high levels of debt are not sustainable, but she wasn’t referring to U.S. debt.
Speaking Thursday at a keynote Q&A session hosted by the Center for Strategic and International Studies, Yellen acknowledged that “when a country’s debt load reaches a certain level it really makes it unsustainable.” But her comments were made in the context of a discussion about African countries that are restructuring their debt. Yellen mentioned that she recently met with officials from Zambia, which became the first African sovereign default in 2020 and held a debt-to-GDP ratio as high as 133% at the end of 2021, according to the International Monetary Fund (IMF).
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“Debt is a huge issue, debt overhangs, huge issue for many African countries, and especially Zambia, that we visited,” she said.
