Geopolitics is forcing BRICS countries to balance respect for international law, self-determination, sovereignty and peaceful resolution of disputes with their friendly relations with Russia.
- Professor/Senior Research Fellow, Centre for Advancement of Scholarship, University of Pretoria
The conditions placed on countries borrowing money from the International Monetary Fund have further disadvantaged these countries economically.
Thirty years ago the World Bank recognised that its position was untenable. It put in place mechanisms to make the bank more accountable to ordinary people.
African countries are essentially placed in the position of a supplicant appealing to the kindness of creditors.
Various scholars weigh in on the state of Ghana’s economy, how it got into this situation and on the IMF’s involvement.
The reality is that the US Federal Reserve has decided price rises must be addressed by raising interest rates. African countries have no choice by to follow suite.
The IMF sends its staff on two types of mission to member countries: to assess the state of the country’s macro economy or to assess the need for financial support.
COVID is only one factor contributing to the difficult debt situation in the region.
The World Bank board operates on the basis of reaching decisions by consensus. This means that any executive director must earn the respect of their colleagues to affect change.
A liaison group with large financial institutions has worked in the US and the Netherlands.
Central banks have a responsibility in addressing the challenge of climate change. But how? Experts explore some ideas.
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If done effectively, the reallocation could help African countries deal with COVID-19, climate change and their many other economic and social challenges.
The IMF’s injection of US$650 billion worth of Special Drawing Rights into the global economy opens a window for African countries to reform their relationship with the fund.
Nixon’s decision left the IMF without a clearly defined role. Under the leadership of the industrialised countries, it began to fashion a new more intrusive and ideological role.
While South Africa should pay careful attention to all its existing trade and economic relations, particular attention should go to its intra-African economic relations.
The IMF loan does not impose any conditions over and above what is in South African law on how the funds can be used; it only seems to expect the country to implement policies already announced.
The deal that South Africa will get from the International Monetary Fund will in part depend on how well South Africa’s representatives negotiate.
Africa is facing a profound crisis that could set its development back a generation. It needs a solution to its debt problems that doesn’t cripple countries.
The IMF/World Bank spring meetings offer Africa an opportunity to put on the table what it needs to mitigate the impact of COVID-19.
Those who benefit from economic reforms are often not the same as those who bear the costs.
Central banks are expected to act without fear or favour. But to deal with climate change, they may have to encourage financial institutions to favour certain types of activities over others.
Ahora que los países africanos se han adherido al acuerdo continental de libre comercio, deben completar la arquitectura institucional impulsando la creación de un Fondo Monetario Africano.
A human rights approach offers central banks a new tool for understanding the true costs and benefits of their operations.
Now that African countries have signed up for the continental free trade agreement, they must complete the institutional loop by jumpstarting the creation of the African Monetary Fund.
The World Bank’s original governance arrangements have changed much more slowly than the scale and nature of its operations.
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