Malawi President Lazarus Chakwera Rejects Payment Of IMF & World Bank Debts

Malawi President Lazarus Chakwera Rejects Payment IMF & World Bank Debts - Malawi President Lazarus Chakwera has taken a bold stance in international finance, demanding that the IMF and World Bank cancel their debts to the nation due to their inability to make payments. This move has garnered significant attention and sparked discussions about the implications for both Malawi and the global financial landscape.
President Lazarus Chakwera, issued this compelling call to developed nations and international financial institutions in his address at the 78th United Nations General Assembly in New York. He emphasized that many Least Developed Countries (LDCs), including Malawi, are grappling with the overwhelming burden of perpetual debt repayment, hindering their economic progress in comparison to developed nations. Chakwera warned that the ambitious goal of eradicating poverty by 2030, as outlined in the Sustainable Development Goals, could remain a mere rhetoric if developing countries are not granted debt relief.
African nations are increasingly assertive in their stance that they will not continue repaying their debts. This bold position highlights the growing sentiment that African countries have already repaid their loans to institutions like the World Bank and IMF many times over. Many African leaders argue that the debt has been more than settled, and they are no longer willing to make further payments.
African countries have traditionally been cautious about discussing their debt-related concerns, often fearing exclusion from international financial markets. However, a noticeable shift is occurring as African leaders, like President William Ruto, voice the need to reconsider lending practices and credit rating metrics for the continent.
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[factsoverfear]

This is also a wake up call. Stop taking foreign loans ❕

[GrailArmattoe-]

African Countries using CFA franc have paid their loans 10x over !!!! Stop making those

[nomiko]

Call for end of UN.
Stop paying back debts to banks.

[badgyrl]

I agree, but it's unrealistic. I wish they'd cancel my student loan debt, but it's never gonna happen for the same reason. Their goal is to keep Africa in debt, impoverished and dependent on them for money. This is the debt trap.

[Nazarene_Judaism]

And get rid of the suits and ties also

[beautydefined]

It is unfair for the global banks to expect Africa to pay the same amount of money, if not more than other nations, without giving Africa the infrastructure to compete economically like all the other nations

[malama_ka_aina]

This will only increase the intensity on Malawi to repay. They structure these loans in this manner for this exact reason. They are well aware the country will be barely able to make the payments on the interest alone. The entire point is to create a forever repayment structure. At some point we need to realize we need to look within. We need to stop begging for reparations, loan forgiveness and praying the West will have mercy on us. When someone looks down on you, the only way to change this is to elevate yourself so they have no choice but now look up to you.

[LuisAldamiz]

Is this the famously predicted debt crisis? I've been hearing about it since the 1980s... but never materialized. I hope this time is for real.

[turboredcart]

Did this debt build infastructure? I am not seeing that.

[shamarsoule]

If you don't want to pay debt, than don't take out loans it's that simple.

[kingB]

AFRICAN LEADERS ARE VERY GOOD AT SPEECHES THAN ACTIONS.

[thomasmoyo]

Finally realized that imf is no good at all, how I wish someone realizes too

[turboredcart]

19 countries in Africa got debt cancellation in 2001

[dawoodbarak]

Yes the IMF and world bank also disturb Pakistan progress 😢. Must Stop the payment to the world bank and IMF 👍✌️.

[rof]

The world needs to get out of the USD system

[longstreet]

EU sou cidadão africano porque nós os cidadãos àfriçanos não podemos lutando para ter acesso da nossa moeda afrcano istoe que eu gostaria dêzer que nós todos cidadãos africanos vamos fazer da nossa maneira fabricação de dê uma nova versão da moeda afrcano para acabar com á situação dê pobreza

[APOLO-oqce]

My problem with Africa leadership as quick as that money comes into the national treasury, they order new cars and jets.Even if it's 10 times over, we still need to build hospitals roads and schools. And medication. Americans have packed a jet full of cash to Iran for a handful of CIA spies.

[rentoshine]

Its always the same with them..first begging on knees for billions and dont pay.them back...they have No honor !!.. shame on them

[iland]

Simply, if the IMF and the World-bank to cancel the Loans. African Countries will start to borrow again for the Corruption Purpose. My View, do not cancel it until Accountability exist. Just, look at Egypt too.

[toniehatin]

Why did malawi borrow money they knew they couldn't be able to pay?