Debt-laden African countries charged 'extortionate' rates, U.N. chief says

FILE PHOTO: Secretary-General of the United Nations, Antonio Guterres speaks as he receives the University of Lisbon 2020 prize, in Lisbon, Portugal, January 5, 2023. REUTERS/Pedro Nunes/File Photo

ADDIS ABABA (Reuters) - Heavily indebted African countries are getting a raw deal from the international financial system which charges them "extortionate" interest rates, the U.N. Secretary-General Antonio Guterres said on Saturday

The United Nations chief 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.