Ibrahim Traore Turns Down Millions Of Dollars Financial Assistance from The IMF. 

Ibrahim Traore Turns Down Millions Of Dollars Financial Assistance from The IMF.
As of 2023, the total debt of Africa stood at approximately 1.8 trillion dollars. Surprisingly, this amount, although significant, is comparatively lower than the debt levels of any other global region. It may astonish you to learn that Germany, a European country, carries a debt burden of around 2.9 trillion dollars, surpassing the combined debts of all African nations.
However, the challenge lies in the fact that African countries face the burden of debt, which exerts considerable pressure on their economies, primarily due to the majority of the debt being owed to international lenders rather than domestic ones. In contrast, developed countries like Germany, the United States, and the United Kingdom tend to borrow from domestic creditors.
The key distinction lies in the fact that external lenders prefer to extend loans to developing countries in their own currency or international hard currencies, such as the dollar, whereas domestic lenders provide loans in the country's local currency.
Presently, more than 30 percent of Africa's total debt is owed to development organizations such as the World Bank and the International Monetary Fund (IMF). These institutions typically attach certain conditions to their loans, which African countries must fulfill.
Reports indicate that the loans from the IMF, along with the associated conditions, have significantly contributed to the economic challenges faced by many African nations. This is why Thomas Sankara, in his critique of debt, referred to debt as neocolonialism, wherein former colonizers transform themselves into providers of technical assistance.
During his presidency in Burkina Faso, Sankara actively rejected loans and assistance from the IMF and the World Bank. He even attempted to persuade other African countries to collectively refuse payment of their financial debts to their former colonizers. This was an effort to challenge the current form of debt, which he believed was skillfully managed reconquest by imperialism over Africa.