International Monetary Fund officials are heading to Ethiopia, where the authorities face a tough decision needed to win a bailout that’s key to restructuring the nation’s debt: whether or not to allow its currency to weaken and risk triggering higher inflation and social instability.
  • filoria@lemmy.mlOP
    72·
    6 months ago

    Just as Ethiopia joins BRICS, the IMF and World Bank comes a-knocking with new demands.

    It’s absolutely disgusting how the IMF and World Bank (which, nominally, are institutions designed to help uplift developing countries) refuse to join China in taking haircuts on debt and instead keep countries seeking perpetually more debt.

    • assassinatedbyCIA@lemmy.world
      83·
      6 months ago

      The IMF and world bank are not actually there to help uplift developing countries. That line is just PR to obscure their real purpose. They are there to ensure continuing western hegemony over developing countries. Why do you think the IMF thought structural adjustment programs were a good idea for so long.