African governments tipped on collective debt resolution

A new report by Action Aid International has recommended that African governments coordinate for a resolution to debt crises. This, according to economic experts, should be based on radical renegotiations with the World Bank and the International Monetary Fund. The report titled ‘Fifty Years of Failure: the IMF, Debt, and Austerity in Africa’ based on new research from Uganda and nine other African countries, shows that 8 out of 10 countries are in debt distress and have been advised to cut or freeze public sector wage bills. Gilbert Musinguzi, the Quality Assurance Manager at the Uganda Debt Network, underscores the need for better reforms to address poor policies imposed on African countries by the IMF and World Bank. “When government is […]