Africa: IMF Pushes World's Poorest Countries Into 'Starvation Diet' as Debt Burdens Spiral

  • 📰 allafrica
  • ⏱ Reading Time:
  • 60 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 99%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

The International Monetary Fund (IMF) and the World Bank began their annual meetings in the Moroccan city of Marrakesh on October 9. Finance ministers and central bank governors from 190 countries are in attendance, with the meetings likely to address the prevailing economic crisis. The meetings will wrap up on October 15.

Since 2020, successive economic shocks have led to the loss of $3.6 trillion of the global output, stated IMF chief Kristalina Georgieva in aon October 5, meant to kick off the series of meetings. Georgieva’s speech did not acknowledge the enduring role of the IMF and the World Bank in hollowing out state capacity to address socio-economic challenges. The U.S.

The IMF chief cited the energy subsidy “reform” in Nigeria as one such example of a “tough decision” in the right direction. What was not noted is the move led to fuel pricesFifty-seven percent of the world’s poorest countries, home to about 30 percent of the world’s population, will have to cut their public spending byby 2029. Low and lower-middle-income countries will be forced to pay almost $500 million every day in interest and debt repayments from now until that year.

“The World Bank and IMF are returning to Africa for the first time in decades with the same old failed message: cut your spending, sack public service workers, and pay your debts despite the huge human costs,”Oxfam’s interim Executive Director, Amitabh Behar. “The IMF is forcing poorer countries into a starvation diet of spending cuts, driving up inequality and suffering,” Behar added.).

AllAfrica is a voice of, by and about Africa - aggregating, producing and distributing 500 news and information items daily from over 90 African news organizations and our own reporters to an African and global public. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in LOANS

Loans Loans Latest News, Loans Loans Headlines