By Serafim de Oliveira, Washington D.C
- Initially published on April 18, 2020.
– The African sovereign debt crisis surfaced soon after the cold war; repressive and newly created liberal regimes previously aligned with the former Soviet Union or Western bloc were forced to resort to loans from the World Bank, IMF, or other western banking institutions, such as The Paris Club. When they were denied loans , these countries looked East to China, offering enticing aid and loan programs with “no strings attached.”
A consensus-building process concerning African sovereign debt could explain the severe economic and financial chaos immersing most of the continent.The aim of this literature review is to analyze the rationale underlying corruption and extreme poverty in Africa.
In an attempt to clarify the issues at stake, the following concepts will also be addressed here: debt forgiveness, recurrence of human rights violations vs. public funds mismanagement, media’s role…
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