Global debt on the rise, Africa hit hardest

Debt levels have increased as more sub-Saharan countries look towards borrowing. Zambia's debt now equals its total GDP, while Kenya may be speeding towards its own financial crisis.

Lawmakers in the United States have voted to raise the government's borrowing limit by $2.5 trillion, narrowly avoiding a catastrophic default. The Senate passed the measure 50-49. The new debt ceiling will give the US government enough space to borrow until 2023, after the midterm elections. Focus in Washington will now return to whether President Joe Biden can get his $1.75 trillion social spending plan, "Build Back Better", passed by the end of the year.

The International Monetary Fund's executive board has approved the extension of $115 million in debt relief to 25 eligible low-income countries from January 11 to April 13 next year in an effort to help them ride out pandemic-induced headwinds.

2021 brought big changes to households and businesses around the world. In the last show of the season, Stephen Carroll and Kate Moody take a look at some of the biggest business and economic stories of the year and how they might evolve in 2022.

Nicaraguan President Daniel Ortega is poised to win a fourth consecutive term in Sunday's presidential elections. But there's mounting pressure from the US and the EU who are using economic sanctions to promote change.

China will have 6.5 million more affordable rental housing units during the 14th Five-Year Plan period (2021-2025), an official of the Ministry of Housing and Urban-Rural Development said on Tuesday.

Marie-Hélène Poisson is the only craftswoman to be entirely dedicated to Boulle work. This French technique, invented at the end of the 17th century, consists of inlaying antique furniture with decoration made of brass or tortoiseshell. Marie-Hélène learned the trade from her father and is now passing it on to her daughter. The future of Boulle inlay is safe in their hands. FRANCE 24 takes you to the town of Vendôme, in France's Loir-et-Cher region, for a closer look at this special craft.

We take a look at the business of this year's Winter Olympics. A report suggests the true cost is 10 times more than the official $3.9 billion price tag, but Beijing is banking on other benefits. Also, Amazon reports another strong sales quarter, with its advertising business playing an increasingly significant role.

The Federal Government has blamed delays in completing some major projects, including railways, on the paucity of funds. Minister for Transportation, Rotimi Amaechi, in this exclusive with Guardian TV spoke on the delay in the execution and completion of all railway projects. He also gave insight into the kind of leader he would want to succeed President Muhammadu Buhari in 2023 as well as the reasons for the increasing insecurity in the South-South.

Developing economies were hit hardest by the global economic recession brought by the pandemic. A looming debt crisis could make things much worse, according to a new report.

The finance ministry has said its ability to make foreign payments has been hampered by sanctions. If Russia is unable to make the payments within a 30-day grace period, it will face its first default on international debt in more than a century.