IMF, World Bank and other global financial institutions entangle African countries in loans they will never be able to pay

Dr. Arikana Chihombori-Quoa, Former African Union Ambassador to U.S has her say

The interview was held 3 years ago but it hasn't lost its actuality.

IMF, World Bank and other global financial institutions tie African countries up in loans which they will never be able to pay. The US borrow money at the interest rate of 1.5 - 1.9%, whilst African countries get money at 9-10%. When the poorest countries need a break in payments they don't get it, whilst far more wealthier ones do get breaks.

IMF success is based on the fact that African countries, as well as other developing countries, will fail.