- Natural resource-backed loans lack transparency, are financially burdensome, and make debt resolution difficult.
- AfDB head Dr Akinwumi Adesina warns that if the trend continues, “it will be a disaster for Africa.”
- IMF to African countries: We will come with a strong voice to tell countries not to create avenues for predatory and enslaving loans.
The International Monetary Fund (IMF) has thrown its weight behind a call by the African Development Bank (AfDB) Group urging African nations to stop borrowing loans largely secured by their Natural Resources.
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IMF Managing Director, Kristalina Georgieva, meet on Thursday with Dr. Akinwumi Adesina, the President of the AfDB Group, in Abidjan, Cote D’Ivoire. Notably, this visit marked the first occasion in which an IMF head has visited the Bank headquarters since its establishment in 1964.
Loans backed by natural resources
Dr. Adesina warmly welcomed Ms. Georgieva, noting that the concerns related to loans backed by …
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