The Ambassador of Senegal to China, Ibrahima Sory Sylla has criticized the World Bank and International Monetary Fund (IMF) for restrictive lending practices to African nations.
The ambassador stated this at a public event at Peking University, China where he complained of poor ratings being used to determine the creditworthiness of African countries.
He said,
Also speaking at the event was the lead economist at the Asian Infrastructure Investment Bank, Jang Ping Thia who said those at the IMF and World Bank believe that their debt sustainability framework is feasible.
He said,
Many African countries have been faced with unsustainable debts in recent times that have forced them to raise taxes and cut down on subsidies.
Last year, Ghana defaulted on its debt obligation and Kenya will have to pay its $2bn Euro bonds in 2024.
Sub-Sahara’s debt-to-GDP ratio jumped by 60% in the last decade and could increase by a further 10% by 2028 if the current trend does not change according to a report from the IMF.
