August 9, 2016 by Staff Reporter
There was a time when Malawians during the late Prof Bingu Wa Mutharika administration were subjected to economic atrocities beyond reasonable doubt.
DPP became an acronym for Diesel, Petrol Palibe. To most Malawians the only sense by then was the suicide mission being advocated by the International Monetary Fund (IMF) that the solution to our problem was to devalue the Kwacha.
Even our self acclaimed economics experts shared this devilish gospel only Bingu stood his ground despite the fact that the currency which was to be devalued was already self-devalued by then.
It doesn’t need an economic expert like Henry Kachaje to see that IMF doesn’t have good faith for Africa’s future.
Despite advocating for poverty reduction and its eventual elimination the only thing these
guys have done to Africa is to multiply our poverty.
Policies like Structural Adjacent Programs (SAP) have weakened the power of African states causing political turmoil in the
continent. SAP among others encourages debt repayment at the expense of development priorities.
African states are busy repaying these loans thereby reducing their budget allocation to Health, Education and agricultural sector.
Where on earth do people develop without education or good health facilities?
The other bad side of these international monetary institutions is that they encourage
privatization there by eliminating
government role in the economic sphere.
Unless African leaders closely analyses these policies before adopting them Africa is doomed to remain poor.
The International Monetary Fund (IMF) and the World Bank are institutions in the United Nations system. They share the same goal of raising living standards in their member countries.
Their approaches to this goal are
complementary, with the IMF focusing on macroeconomic issues and the World Bank concentrating on long-term economic development and poverty reduction.