10-Point Plan for IMF and World Bank to End Africa’s Debt Crisis
More than half the continent’s low-incomecountries are in debt distress or on the brink of it. Four African countrieshave already defaulted. Because of crippling interest rates and unfairborrowing terms to African governments, most people in Africa live in countriesthat spend more on interest payments than on health, housing, education andclimate action. Without immediate reforms, the world is consigning the poorestin Africa to a century of misery. But it is a crisis that has been caused by aninternational financial system that is outdated, immoral and unjust. And it isa crisis that is perpetuated by rich countries who consistently refuse to takebolder action on debt at the Annual and Spring Meetings of the World Bank andIMF. In this joint appeal, financial and business leaders urge high income countries to stop blockingserious reform efforts as they did at the 2023 Annual meetings.
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