This report highlights the depth of a crisis that is beyond debt. It is a development
and human crisis when government opts to service a creditor [rather] than
its citizens. The findings are clear, governments are working for creditors
and not people, this must change Join the movement for a fair economy
if Africa is to be a rule maker
Tag: Africa
Africans have long been promised trade liberalisation would accelerate growth and structural transformation. Instead, it has cut its modest production capacities, industry and food security.
Trade Liberalisation Kicked Away African Development Ladder | Inter Press Service (ipsnews.net)
The World Bank has exaggerated probable gains from the African Continental Free Trade Area (AfCFTA) to promote partial and uneven trade liberalisation that is unlikely to enhance development on the continent.
Public debt in African economies has become a subject of critical examination as nations grapple with the challenges and opportunities it presents. This research paper embarks on a comprehensive exploration of the complexities surrounding public debt in Africa, aiming to shed light on its historical roots, legal foundations, theoretical dimensions, creation processes, rights and liabilities, and transparency mechanisms. By addressing these multifaceted aspects, this study seeks to offer valuable insights and policy recommendations for effective debt management and governance
ActionAid’s report ‘Fifty Years of Failure: the IMF, Debt and Austerity in Africa’ is based on new research and powerful personal testimonies from across 10 African countries. It is timed to coincide with the first IMF / World Bank Annual meeting to be held in Africa for 50 years. The report documents how the IMF imposes austerity policies, undermining health, education and wider development across the continent. Rather than seek systemic solutions to the mounting debt crisis in Africa, and rather than exploring obvious alternatives such as progressive tax reforms, the IMF continues to enforce cuts to public spending that hurt women and disadvantaged groups most acutely.
Fifty Years of Failure: The IMF, Debt and Austerity in Africa | ActionAid International
The plunder of Africa’s natural resources drained by capital flight is holding it back yet again. Africa faces protracted recessions, debt distress, rubbing salt into deep wounds from the past.
Read the article by Ndongo Samba Sylla and Jomo Kwame Sundaram
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