All too often reports coming out of Africa paint a bleak picture of war, disease, and famine. While no one can deny the sad state of affairs in certain areas of the continent, there are numerous success stories of prosperity and hope.
According to the recently published 2009 Annual Africa Report, Africa’s overall trend has been an increase in democracy and development. Unfortunately, it is estimated that some $150 billion is lost to corruption each year.
In the meantime, certain European countries like France and Italy have reneged on their 2005 G8 committements to stem poverty and reduce crippling debt. Their timing and their decision could not be worse.
France’s and Italy’s dismal performance is further compounded by unfair IMF conditions.
Last April the IMF increased its resources to $1 trillion in face of the financial and economic crisis. But its checkered past at managing and imposing free market structural adjustment programs onto low-income countries does little to inspire confidence.
According to the European Network on Debt and Development, the current IMF conditions prevent governments from spending funds to improve public welfare.
“IMF policies create and sustain poverty. IMF/World Bank policies are diametrically opposed as the former stymied the realisation of the latter”. – Ministry of Education official in Sierra Leone.
This is not the time turn our backs on Africa. The IMF should reconsider its conditions as should France and Italy; especially given the global economic meltdown.
