Life or Debt? How the IMF Keeps Africa Down

[@Asrahn]

"Most countries are rich - only the people are poor. . . These countries are not underdeveloped, they are overexploited." - Michael Parenti

[@CommieApe]

Sankara's policies of refusing IMF interference was for the sole purpose of maintaining the revolution. They knew if they accepted colonial or imperial funding they were compromised.

[@grandwonder5858]

Yeah, that also explains why most of Africa’s debts are to the US! All of the African countries that are in debt to the US have been in debt to the US for 75 to over 100 years! Talk about a debt trap! The US invented it!

[@zhongguojiayou2675]

I've kind of been saying this exact same thing for years. Its only now that people are starting to wise up to it. IMF, is the main culprit as to why so many countries are in debt, I mean look what the IMF did to Greece 🇬🇷.

[@grandwonder5858]

IMF and World Bank are both responsible for the vast majority of the debt traps in Africa, Asia, South America, and other continents. Both of them are controlled and run by the USA and the US uses both of them as debt traps to keep other countries in endless debts so that they would always be under the US’s control and their natural resources would always be free for the US to take! Just look at how the US government helps private lending companies (Such as payday lenders) to keep its own citizens in endless debt traps (Simply because the politicians are bought out by these private lenders). If the US government helps private lending companies to keep its own citizens in endless debt traps just imagine what the US government would do to the citizens of other countries when it comes to setting debt traps for them! Hey, the US didn’t become the richest, most powerful country in the world by being nice and fair, right?

[@zhongguojiayou2675]

@@grandwonder5858 Fair point my friend. Pretty much agree with everything you said. 👍🙏

[@ceceliaharmon9665]

Absolutely! Even now when you mention these things and the geopolitical tools that stop development people look at you like a conspiracy theorist.

[@versey2]

The IMF saved the Greek economy.

[@zelenskythegaynazi8680]

​@@versey2 And US brought "democracy", "human rights" and "peace" to countries they invaded, bomb and caused economy, social and cultural genocide with mass refugees.

[@farahmo4519]

Its funny how poorer people are the ones burdened with higher rates of interest on loans

[@cesarluevano3692]

Not true if poor has good credit

[@jazariareid7250]

When Africans going to start its own financial system? African leaders are hurting African 🇯🇲

[@loutsont2985]

This is a great idea - better than becoming the slave of the next outside currency, like BRIC or China.

[@Jamesdevassy]

IMF and WB are hiring the Asian and African countries totally since 1985 to till today●●

[@RuthwikRao]

Gaddafi tried that and US murked him.

[@jamesmurphy9426]

Austerity is also in Europe Especially in Greece Italy Spain and the UK Privatization is the economic Crusade Ukraine is a prime example so was the reasons of the Yugoslavia Wars Eastern Europe has be depopulated

[@shauncameron8390]

Austerity is the consequence of economic mismanagement.

[@forktongue9065]

Bingu Wa Mutharika spoke about the West 13 years ago and African leaders should have paid heed .The West said he must not give his farmers subsidies but they are giving theirs.

[@loutsont2985]

Yes this is what is stated in the video; double standards. The West knows how real economy works but chooses to turn a blind eye to the rural areas and even their own farmers. Small farmers who want to go traditional to save nature get no loans and no realistic prices for their products but big polluting agribusiness can continue. Big Finance is the enemy of real sustainable growth.

[@kbmblizz1940]

😂 You need to put jingoistic title like, "Colonial IMF traps poor African countries with debt bomb!" But then that would be the truth for last 200 yrs.

[@grandwonder5858]

Yeah, that also explains why most of Africa’s debts are to the US! All of the African countries that are in debt to the US have been in debt to the US for 75 to over 100 years! Talk about a debt trap! The US invented it!

[@ClipCoyote]

You guys need to make infographic mini docs about these topics summed up in under 3 mins explaining the process, then link back to these interviews. It will be HUGE

[@anthonykerr2806]

....I'm from America, our gov. doesn't spend money on the poor.....infact that is what humanity is dealing with class stratification. Money itself is debt....period. It literally is enslavement, as the loans can never be paid back. further more Ireland never gets brought up with slavery, and all of Africa compared to just Ireland makes quite the case of how everyone was and is enslaved. We need the Zeitgeist Movement.

[@kolyxix]

Africa is not a country

[@anthonykerr2806]

... indeed.... pat on head. ​@@kolyxix

[@flamani54]

It is a Frenchman that is always appointed to head the IMF per the agreements the Westen countries have. I believe everyone who is concerned about Africa now knows how France keeps exploiting Africa to this day. So the IMF is just an additional tool at France's disposal to pursue its vengeance and bring down for good Africa as a whole not just the countries it used to dominate. And France at this position at the IMF is working on behalf of the other Western countries. The World Bank always controlled by America is pursuing the same devastating endeavor on behalf of the same Western countries. I think we just need to see things as they are not as the West tells us there are.

[@kiaora7214]

Great discussion 👍

[@emersonfigueroa4360]

It seems that the problem would be solved if countries are banned from borrowing money!!

[@mann234]

The IMF International monetary fund gives loans to third world countries and issues conditions like devaluation of currency, increase of taxes, lowering wages, and other general re-structuring of the economy. This is what Nigeria went through in 1986(I was 19 then) called the SFEM with IMF. This SFEM in Nigeria devalued the currency overnight from $1 to 3 Naira to $1 to 50 Naira in one week and we thought it was bad then but now it is $1 to 780 Naira.

[@emekusx1363]

Structural adjustment program SAP. Nigeria never recovered from the effects to date.

[@wayando]

Ethiopia just got that treatment ...

[@mattdubs357]

now $1 is 1500 Naira

[@wayando]

Usury ... We need to rethink the financial systems.

[@JandRMediaLimited]

Raising domestic capital and pay investors as pay as you go returns. For example have a strong contract that guarantees returns. Build road and toll it

[@heralds5662]

Relationship with Amurica will bring a country a military base

[@grandwonder5858]

A military base that the US uses to dominate that country and suppress its growth! How thoughtful of the US!

[@terrystraker2459]

All praise to Almighty God; the lack of a true sense of unity among the African people is fundamentally key to propelling this magnificent continent forward we must have unity. All praise to Almighty God amen.

[@loutsont2985]

"And Jesus said: do not scorn the splinter in the other's eye when you do not see the beam in yours." How united is the rest of the world?

[@grandwonder5858]

IMF has been setting up countries into debt traps for 3/4 of a century and it is still doing it! In fact, most countries have never gotten out of the IMF debt traps even though the money that they borrowed from the IMF was from 75 years ago! The interests that they have paid to the IMF could be 50 times greater than the original loan that they have taken out on, but the US still makes them pay their IMF debts regardless of how much money it has already sucked out of those countries!

[@الماليةالعامةوالضرائب]

لكي تشاهد هذا الفيديو المرفق وهم يتحدثون عن كيف ان الدول الافريقية قد وقعت في فخ الديون عن طريق صندوق النقد الدولي من حيث استلام قرض وبعد فترة يطالبون بقرض اخر وبعد فترة ثالثة يطالبون بقرض ثالث. وهكذا تدور الرحى ولا يبدو ان هناك مخرج من فخ الديون وتضيع موارد الدولة او موارد الدول الافريقية في سداد فوائد الديون واصل الدين. من دون بارقه امل في اخر النفق او ضوء في اخر النفق يقول ان هذه الدول الافريقية يمكن ان تخرج من هذا الفخ الجهنمي.

[@sportreviewhd4767]

And it will continue to do so, this is just the beginning

[@walkerhaw5468]

We gotta keep the wild Jungle people under control.

[@ShaneNull]

Cut all ties!

[@jerronng6036]

Imf = adb = g7westUS hegemony...😢😮😢

[@ngisian]

NEO colonialism reloaded

[@الماليةالعامةوالضرائب]

🙏

[@psikeyhackr6914]

Did John Maynard Keynes ever see a television commercial for automobiles? How has planned obsolescence affected economies since 1946? There were 200,000,000 motor vehicles in the United States in 1995? Where is the data on the depreciation of those vehicles? Karl Marx used the word 'depreciation' 35 times in the first two volumes of his major work. But the gas automobile was not invented until 2 years after his death.

[@indonesiamenggugat8795]

✍✍🌹🌹

[@Chandankumar-qw6hb]

Debt trap Policy😮

[@AbuMiqdamAlAfriki]

If the president of the world bank is picked by usa presidential winner and the managing director by europe, doesn't that mean there are huge conflict of interests towards those two institutions acting independently without external political influences whether negative or positive? So many issues to untangle, not even sure where to begin, 😅. I definitely think the world needs to stop relying on the us dollar as the global world currency.

[@loutsont2985]

And beware of alternatives.

[@AbuMiqdamAlAfriki]

@@loutsont2985 Would you care to elaborate on that?

[@clementgavi7290]

‘Africa shackled by debt’ you say. Let’s imagine the continent of Africa as a company. Where do we see debts? In the balance sheet in forms of liabilities. What do liabilities means in that balance sheet? The assets. This is why the accounting formula goes Assets=Liabilities+Equity Now to what extent debts shackle Africa when in the same Africa they say there is no basic infrastructures, basic this and that? Maybe the problem isn’t debt per se, the allocation, the use made of debts. Since centuries we have hearing about how huge is Africa’s debt. If these debts which are sources of financing were used to prepared the future in investing, Africa wouldn’t be the poorest of the poorest despite debts and natural resources.

[@kevinwells6115]

We Should Stop Saying "The West". We Should Say "The Europeans" Instead: White Folks!

[@farahmo4519]

What of the Americans?

[@elemel7524]

😮

[@elemel7524]

No solo jewels✡️🕎

[@xa-12musk8]

Racist.

[@loutsont2985]

Bolsonaro nearly wiped out indigenous tribes of the Amazon, Russia steals the mineral riches of Afrika, China swindles Africa out of its farmland, Arab states let warlords steal influence territory in Africa etc. Not: white folks, but: wealthy folks.

[@emersonfigueroa4360]

I sorry ir understood that African countries would be better without any lends?

[@obiyanko2019]

The roads and hospitals built by china are no different from the western examplea you cited eaelier. Whetjer the loans were concessionary or not, they are loams and have to be paid back. The same.shortcomings in prpjected dividends or revenue are still being experienced. Kenyas $10b railway is an example. Unless we africans realize grandiose prpjects without provable benefits are always debt traps, regardless whether from china or the west, we will always be heavily indebted. After the west and the chinese who else do we.go to?

[@grandwonder5858]

How are debts to China the same thing to the debts owed to the west? Are you spreading ridiculous propaganda or you simply ignorant to simple facts? For one thing the interest rates that China charges are 2-3 times lower than the interest rates that the IMF and World Bank charge. China forgives many African countries’ debts to China (Which literally means China built their infrastructures for them for free) and China restructures most, if not all, of African countries’ debts as well to a lower rate and to a longer time period for them to pay China back. Since when has any western countries ever done that? O time! Never happened! Also, debts to China are always linked to infrastructure projects unlike the debts that are linked to the US’s IMF and World Bank, which are always debt traps that are not linked to any infrastructure projects, but more like loans that the IMF and World Bank gave to corrupt African leaders who took up the loans to make themselves rich at the expense of their people. These loans will never be paid off to the IMF or the World Bank since they are not taken to build up any infrastructures that could be used to build up the economy for the African people. They are loans taken out to make some African leaders rich as a reward by the US for a job well done in following the US’s orders in doing everything that the US told them to do as well as a way for US government to set those African countries into endless debt traps that they would never be able to pay off! In contrast, the loans taken with China are always carefully studied and examined by both China and African countries to estimate how long those loans could be paid off to China given the economic impact of each infrastructure that China is building for an African country. Once China finished building those infrastructures for those African countries the economic boost that they provide for those African countries are usually great enough for those African countries to pay off their debts to China, and if they are not able to meet that plan, then China would lower the rates that those African countries would have to pay to China and China would also extend the time in which they would have to pay the debts to China as well. Many African countries are able to meet the agreed upon time and rates, many do not, but China works with all of them to make sure all of their loans have brought them economic and social success to their people! In fact, China actually lost billions of dollars in loans that it gave to African countries in order to build infrastructures for them when it forgave 17 African countries of their debts! Compare this to the IMF and World Bank that have never forgave any loans but instead have kept some countries in debt for 75 years or longer and those countries are still in debt to them! Talk about a debt trap! Without China’s help nearly all of the African countries would still be colonized by the US and its allies! Sure, they might not go into Africa to enslave the African people like they once did, but they would definitely be controlling the African governments, running their countries’ policies, making the African people work for slave wages, and stealing their natural resources like they have been doing for the past 600 years! You African peoole are very lucky to have China’s help because without it the reality is very abysmal!

[@vangroover1903]

The stick market has been booming lately, but without a mud and buckets market to bolster it it will be hard for the economy to branch out and build lasting wealth, or even those nice mud huts the country is so famous for. Africa is such a big country they would probably do better to consolidate their debt into one easy monthly payment.

[@loutsont2985]

Smart idea. And then favour the internal African market by taxing imports/ruling %homeproduced.

[@vangroover1903]

@@loutsont2985Yes, tariffs protecting the stick and mud markets could be a useful tool.

[@spazADHD99]

Don’t donate it’s a scam

[@KingArthurWs]

So you're telling me that when you borrow money, you have to pay it back? What a horrible neo-colonial injustice!

[@edgarvonboltzmann7465]

Yes. They have to borrow in dollars and pay back in dollars. Their national Currency is then linked to the dollars. Oftentimes the currency is devalued against the dollar; it's a no-win for the borrower. Not to mention the conditions that come with borrowing.

[@KingArthurWs]

@@edgarvonboltzmann7465 This is because their national currency is worthless when untethered from the dollar because the politicians in charge would probably print as much money as they wanted if it wasn't.

[@ianm8218]

@@edgarvonboltzmann7465I now see why they took out gadaffi, one africa currency should be africas goal

[@briansims1987]

The Chinese will ensure they st 0:43 stay down until the Debt Diplomacy by China has taken affect.😂

[@grandwonder5858]

CIA projectionist alert!

[@yahaidotdev]

Who wants to take a haircut? 😅

[@emersonfigueroa4360]

I think this guy is naive regarding the good intentions of china, Russia, India, Brazil!!

[@sebastiancioek5970]

China is doing the same things, they lend so much money the country can't pay and take a part or whole of infrastructure for the debt - they like ports very much!

[@haveaseatplease]

nope; that is a myth, the PRC typically forgives half of the debt for any developing nation

[@loutsont2985]

Nice to meet you.

[@sebastiancioek5970]

@@loutsont2985 You too! I came across a cool book kzbin.info/www/bejne/pqWboXZ4abGNp8ksi=pmHRrqFSDCcQHX3_

[@abduleve8688]

Nope

[@drattler1946]

Complain because someone loaned you Money?? Why in Hell would anybody loan Money in Africa ?? Just how many countries are Credit Worthy ?? Political Risk No thank you

[@ruvanefriebus-cv6td]

😂

[@Desperate-Drive3423]

lies lies lies

[@tyrismaxey]

Well this didn't age well! Kenya just started the embers of revolt with this very idea in mind, only to find out... their countrymen stole all the money! Not to mention, 86 countries have IMF loans, who's defaulted the most? African countries, why? Leadership, African leadership is the beginning and end to Africa's problems. Blaming a loan facility for Africa's problems is asinine as hell. No video can be taken seriously without first addressing the obvious.

[@Lilly4eva]

We understand our leaders pose a problem when it comes to public finance but it is also true that the conditions and terms given by these institutions are not fair. I am an economist in Kenya and I can tell you creating a level playing field is paramount to us getting out of the debt cycle we are in currently.

[@tyrismaxey]

@leilact9368 I'm an American economist living in Africa, specially Kenya and I can tell you, you only get harsh conditions when you default or want to rearrange the debt. No different than any other lender on Earth. The loans rate is 4.8% the lowest possible for an RSF loan and frankly Kenya shouldn't have been eligible for that program after two years of contraction. The only other condition is about carbon taxing, which South Africa complied with and they burn coal. So, if you don't mind, I'm all ears as to what was egregious about this particular IMF loan. Also, can you help us understand what loan program works best for countries that pilfer 60% of the loan proceeds?

[@tyrismaxey]

@@Lilly4eva IMF? kzbin.info/www/bejne/oIm8mZSqhb1rqJYsi=TEx9fGLW35RSn5ep

[@marcellusnichols7384]

The speaker doesn’t seem to know what he is talking about. The IMF lended money to pay for construction projects throughout Africa. Most of these projects were never built, then the leader who either stole the money or took office after the loans were taken out, took out additional loan to cover missing money. Please people research all the project that were never completed.

[@mStargazin]

They are exploiting us

[@loutsont2985]

True, lots of loans were pocketed. But the IMF didn't care: the debt was created. If they had cared, they would have made sure that the money reached the contractors/workers.

[@CrowdPleeza]

Yeah, what are people expecting to happen when already corrupt governments receive these loans? They are likely to mismanage those loans.

[@abduleve8688]

IMF GIVE MONEY TO THEIR GOONS TO CONTINUE THEIR CORRUPTION

[@wnklee6878]

Beggers can't be choosers. Don't go to the IMF instead of complaining about it.

[@ndwandwewasendwedwe7964]

What are you saying?

[@wnklee6878]

@@ndwandwewasendwedwe7964 I am saying dump the West and get help from the East. Unless you want to remain in this situation and limit yourself to complaining about it.

[@ndwandwewasendwedwe7964]

@@wnklee6878 👍🏿👍🏿👍🏿

[@AnonUser2023]

Countries have decades of debt to pay back to the west. Why should China or any other country lend to a highly indebted country, because they are ultimately paying Western creditors. This is one of China's main complaints, that Western and IMF debt is highest priority over all other debts in terms of repayment. It is not as simple as you claim, sorry

[@jillfryer6699]

@@wnklee6878 and just say stuff the outrageous debt to IMF etc? Or do you borrow from 'the east' to pay them out then move your business 'east'? Food 4 thort. Seriously.

[@yasho.]

dont do squat and blame the IMF 😂

[@lf1496]

Your comment is embarrassingly ignorant. "Confessions of an Economic Hitman" Is a book written by a former IMF loan officer who details how the US government killed any leader who would not take the loans. They couped African leaders like Kwame Nkrumah, Thomas Sankara, Patrice Lumumba the latter two who they actually killed because they wouldn't take the loans. Any country that has leaders who tries to use their resources to help their own people THEY kill, installing a puppet that allows the West to STEAL resources. Thuggish, Thieving COLONIZER PIRATES😮

[@lightningRatPack]

Ya its easy to blame the IMF. When you have leaders that just steal the money.

[@shauncameron8390]

@@lightningRatPack Or mismanage the economy to ruin having to run to the IMF to stave off unrest and collapse.

[@glennscurry539]

What is he talking about, it's about putting your foot down and saying our banks taxes will be deposited every morning and evening, fell to deposited, no working till taxes are paid. And fines until the taxes are paid. That's a start, always have your taxes going to your bank. And they must pay up front in morning before starting work and in the evenings fell to do this is a fine, two fines contract is Broken. That's taken control of your resources. Every truck loaded has a price, and a tax, and the money 💵 goes into your bank. Not there's, that's taken control of your resources. PEACE ✌

[@Rockstarmade224]

False

[@stussymishka]

Imagine borrowing money from someone at zero interest when are you struggling. You dont do anything productive with the money. You dont pay it bank. Then you get mad at the person who loaned you money and say they are exploiting and controlling you. Africa needs to grow tf up. 😂🤡

[@shonawine90]

Listen don't comment want you don't understand it's debt given with some conditions that will ultimately weaken you

[@Nice_Boy_555]

Can't speak on other countries in Africa but for sierra Leon we were required to lower our value for our minerals which had a knock on effect even if we are rich with minerals. Not sure how things would have played out if we didn't ask for those loans but saying places didn't do anything with that money is probably misleading since sierra Leon isn't the only place to have an issue like this in Africa

[@loutsont2985]

African leaders, too, have to please their people, just like in the west. Look how western leaders are on the leash of the big corporations/banks.

[@lolnoob5015]

@@Nice_Boy_555why accept those conditions? Are your leaders not capable of knowing these things before hand? If so, should the fault not be on your leaders for taking a bad deal? If not the IMF it’s China, if the leaders are incompetent the same thing will happen again.

[@Nice_Boy_555]

@@lolnoob5015 don't know enough about other countries leaders in Africa but yeah kinda of since a lot of the things they do don't benefit the people. It's just that western countries also don't really care and we have a lot of resources which is why they don't leave us alone

[@sayvorie]

China called them out.

[@loutsont2985]

China is the new loanshark.

[@DPHAngelPookz]

@@loutsont2985not at all

[@shauncameron8390]

@@DPHAngelPookz Sri Lanka disagrees.