The annual meeting of the World Bank and International Monetary Fund (IMF) are due to take place in Marrakech, Morocco from October 9-15, 2023 and will be attended by approximately 12,200 participants from more than 180 countries. Of concern, is the perpetuation of a debt cycle in Africa, writes Dean Bhekumuzi Bhebhe for African Arguments. More than half of adaptation finance for Climate projects in Africa, comes in the form of loans, further deepening countries' indebtedness. As African nations
, further deepening countries' indebtedness. As African nations navigate the treacherous waters of repayment, they sometimes find themselves borrowing anew just to service old loans. This vicious circle not only jeopardises fiscal health, but also constrains these nations from investing in pivotal areas likeThe World Bank and IMF have the power to help break this cycle and refocus their investments to tackle these roots of structural dependency.
The annual meetings of the World Bank and International Monetary Fund are due to take place in Marrakech, Morocco, in mid-October. The city and country are still reeling from… Rather than having too much debt, the challenge for countries in Africa may be that their debt is just too expensive. But there are remedies.
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