IMF and World Bank set up to debt trap for Africa
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- Опубликовано: 10 сен 2024
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African countries are among nations that remain chained by the Brentwood institutions - IMF and the World Bank over unpaid loans accumulated over the years. As such, African nations stay under the control of IMF and the World Bank. The two institutions provide Africa with financial aid, which is then used as a tool to trap the African continent in constant debt. PLO explains why the Brentwood institutions were formed, what they're supposed to do and how they have abused their status to control nations. Lumumba further offers solutions on how nations can self-liberate from the Brentwood- Institutions economic architecture.
#lumumbaexplain #plolumumba#kenya #theealfahouse#IMF #WorldBank #Debt #Loans#Africa
00:20- The modern states history
02:42 - Taxation and financing institutions by World bank and IMF
03:50- How African countries were grafted to IMF and World Bank to stay controlled
05:15 -How and why nations end up in IMF & World Bank debt trap
08:52 - Architecture of economies built by the West to exploit nations
10:00 - Bretton woods institutions as instruments of economic control
14:13 - How African countries can sort the IMF loans debt crisis
16:38 - African countries must use own resources to self-liberate from the IMF/World Bank
18:32 - The Unholy trinity - IMF/WTO and World Bank - role is to keep others in debt
20:15 - The cost of debt for nations
22:40 - Auditing of projects under Brentwood institutions
24:50 - Economic prescriptions of Brentwood institutions.
28:21 - Kenya must fix the current governance & economic structures to self-sustainability
31:44 - The youth as an asset in fixing nations
![INDEBTED: Kenya's Journey to a Debt Crisis [Part 1: The Men in the Arena]](/img/1.gif)
The former Vice president of Zambia famously said 1967,if we Africans don't use our independence wisely. The colonisers, would come back as investors.
@@abdullahiahmed119 But since we prefer to invest in religious faith and physical enjoyment instead of investing in constructive projects, let the foreign investors come and take over our economy, and indirectly, our politics!
PLO Lumumba for head of AU. You are an asset to the whole of Africa. Always on point ✊🏾
fuck AU,we need to work and invent stuffs and offer services the world can buy and stop this nonsense of thinking only outsiders are to blame and not us....we are bunch of dsyfunctional race of people and need to blame and work on ourselves...singapore,taiwan,malaysia,israel,korea,etc all graduated with flying colours...we do not have excuse...PLO and others leaders are communists and fools lying us to blame somebody else and forget to correct ourselves and be prosperous..i dont buy this nonsense
@@freshcash3959 Bro, AU won’t let him, he is true Pan-Africanist, even if he becomes it, he will have a lot blockers or won’t pas any legislation, AU is an invisible IMF or World Bank member. Take look the European Union achievements vs AU, so no hope on this useless entity so called AU. Unless these well educated youths men/women wake up and take back their countries. Much can be said here.
@@freshcash3959 why don't you call on your dad?😃
@@controller8927 what's your point?
@@freshcash3959 call on your father to take the AU leadership. Or he's not capable as you can't trust him😃😃😃
In Kenya they get the loans and then divert it to personal accounts and the citizens are told they have to pay.
Facts 100% And they always leave behind huge debts before they leave office 🤔
In Ghana too fam
@@flynnsekyi8662 in most of Africa actually
@linusmwika1978 Well, if you elected someone to act on your behalf, you can't claim ignorance when you're being asked to pay for the consequences of their decisions. I thought this was a settled fact, or am I missing something..?
@@davidfrimpong1531they don’t most of this leaders take power by force
Lumumba is such a noble person what a treasure for Africa.
This pretty much sums up my country, Nigeria.
Excellent articulation, as always. Leaves me thinking about the term "African Economists." Sounds like an oxymoron. Self contradicting term. Africa does not have economists. The guys we have are agents of the imperialists. All of them. Trained by them, for them.
Thanks Mr John
They are deceived big time.
What you want to do
@@GM-op2sl
Wake up from your deep sleep.
@@ngurekim6278 I now get reminded the Ghana president signing away minerals rights to Australia. And only keeping 10 percent that is economics gone South.
This are the people who are supposed to be voted into positions of presidency in Kenya but our bad manners and parochialism as voters can't allow that we prefer tribal chiefs
So true, indeed very true. Sometimes, I wonder how and when we shall free ourselves from that parochialism.
The professor is spot on.
African leadership. I don't have a word to describe them.
@@Seechrist_s spineless cretins
Puppets and clowns
the AES is here now, and the 🤡's are being embarrassed in Ghana, Nigeria and Kenya because of AES.....their western masters are calling on these 🤡's to do more to harm their countries...but people are uniting and understanding to unite against these western puppets to take back their resources so there is progress.
The problem is not leadership. Our leaders are only a distilled version of the average citizen. The problem is us the citizens, who continue to consume goods imported with the dollars borrowed from the IMF and World Bank, instead of making those goods ourselves, especially that the manufacturing of many of those only require small machines made in Asia, while the raw materials are here in Africa!
Thank you Prof on point as usual.
In Kenya the problem is looting of public coffers.
@@carollynne5943 Why did you people stop the protest until Ruto was gone?
@@collentreefelling9142 Will do in the ballot.
They are looting the public coffers because you let them accept IMF and World Bank loans under the pretext of finding the dollars you need to import all sorts of products which, if you put your mind to it, you could make yourselves in Kenya. Once you start making everything you need in Kenya, your politicians will not find an excuse to go borrow money which they will proceed to steal!
Sir, when I become President of my country, I'll need your advises and insight. God bless you richly Sir.
Wish you the best 🎉
PLO is a lier lying to you to blame outsiders and not work on ourselves....these are bunch of whiners...better study Lee Kuan Yew and forget this piece of shit....these are bunch of useless communists always blaming the most successful and not look inward to themselves and correct themselves and raise their nations above just like singapore,malaysia,taiwan,israel,etc graduated from IMF with flying colours...this is nonsense
AFRICAN LEADERS MUST LISTEN CAREFULLY TO PLO LUMUMBA, AND OTHER ECONOMICS EXPERTS LIKE THE ZAMBIAN DR MOYO. THANKS SIR 👍🏻
@@user-re1yw3lm5n i cant listen to this fool who 24/7 blames outsiders and never examine internally whats wrong....he assumes internally we are 100% perfect,only outsiders especially the west are the problem and never russians or chinese his fellow communists....the same world controlled by the west singapore,taiwan,israel,UAE,Qatar,etc all graduated with flying colors,Lumumba do not answer why only us Africans we do never graduate from IMF loans?
Great insights.
Facts
I cry and bleed for AFRICA 😢
Russian banks offer Africa loans at very cheap rates
Nice lecture Prof
I don't remember a time Mr. PLO was wrong.
yes...
They have never advised us to exploit our resources or add value to them and industrialise our economies in order to pay these debts but they always talk about taxing people more and remove subsidies why
Why would they need to advise us to industrialise? Don't they need us to keep buying their manufactured products? What you are saying is like needing to advise anyone to cook their own food, while they have uncooked groceries at home and no cash left to buy food from the restaurant!
The Lender Will Always Bd Master of The Borrower. So true!
@@Beacons-of-Light-JustBeIT would you rather them not give us and the economy gets fucked up?. I think the problem is the politicians here at home that are stealing the money than using it for what it was borrowed for.
Thank you for the re-up 👍
China and Russia are doing the same as me thing. 🤷🏿 No one is going to give up resources for nothing. The best path is to build from within organically independently!
Or do you mean manufacturing within our continent?
The latest death trap is ethiopia. The currency has been devalued by 110% over last ten days.
Amazing interview, The strategies they use including structural adjustments, LGBTQ, macroeconomic stability, democracy don't work at all. It is used to tie us deep into debt. Our minds are kept busy into arguing and try to do their will instead of us looking unto ourselves, rediscovering our potential and developing our economies.
@@gloriabukachi1 facts
Yes we have institutions capable of running our economy without any input from IMF that can bring about deflationary measures and hence ensure job creation, higher standard of living and eventual economic growth instead of stagnation, that Africa and Kenya included is experiencing under imf misguided tax policies. Period! Right all! Prof.
China $35.0 trillion
USA $27.4 trillion
India $14.6 trillion
Russia $6.5 trillion
Japan $6.3 trillion
Germany $5.9 trillion
In the same report, world bank notes that Russia's economy is underestimated by 39%, which would add another $2.5 trillion to the figure
My people in St. Martin needs to see this. Our economy is suffering, and most people don't care. We just leave the politicians do what they want. I'm not going to lie. I wasn't voting because our government collapces almost every 2 years. Most don't stay for the full 4 year term.
You know a man is in financial trouble when he is in so much debt . He oftenly struggles to keep his head above the water.
But PLO,i have a quick question-We all agree the IMF is a debt trap,But what happens to the cash these African nations concede from IMF?Is IMF also responsible for the loot?Question 2,What about financial institutions like Exim Bank of China that Kenya owes 880.9 Billion more than Kenya Owes IMF 335.6 B? Who is more dangerous here Exim bank owned by China or IMF owned by westerners?
Listen carefully n all your questions are answered.
All foreign bank accounts, offshore accounts, tax havens where the loot is stored are basically in the collective west countries. So they are working together. China accounts for roughly 8% of Africa's total external debt yet people can see infrastructure all over built by China. The rest of the debt is from the collective west yet people can hardly point to any project done by the funds - because the money is simply laundered. That's all
African leaders are part of the deal against their countrymen.
@@CS-wn5lv true ..but have you ever asked yourself why China builds infrastructure everywhere?Do you think the sole objective is to help you Africans have better road?Do your research you will know why Chinese are everywhere building roads!Do you remember the story once told of how the colonizer came with a bible,gun and a cane in africa?That is the same thing only that this time its not a bible, but a road!The day Africans will use their own Engineers to build their own roads with their own infrastructure..that is the day Africa will be liberated ,but for now lets change colonial masters..from the West to the East!
@@jacksonmichael5603 There's a man called John Perkins. He has written a book that answers your questions perfectly. You can also watch his many interviews on RUclips. He used to work as a chief economist representing the World Bank & IMF in 3rd world countries. You will be shocked to hear his confessions.
The professor is spot on and he can become the president
Hello sir, I am totally agree with your analysis but again we ñeed to have innovation and technology so that we can manage our own natural resources, ect. Thank you
Before we go into innovation and technology, let us first produce the basic products we need everyday. Those are the products that we are importing everyday with dollars borrowed from the IMF and World Bank!
Have a plan if borrowing
I. Most cases Your plan doesn’t in the case of imf and world bank. They impose on you what to do
But taxation, really pulls the renumeration for labour back into the pocket of the colonizers. Think about it. And it places us into a cycle of independent for that which we have laboured to attain.
🙏
they insist nobody to make debt and it depennds what the lender make with the money. blamig is not the solution.
Debt trap...Robert Kyosaki called it ....Rate Race
Yeeesssss
God save Suriname
Blame it on our head of states
Blame it on yourself. Your leader has been borrowing dollars from the IMF and World Bank in order to find dollars for you to buy goods, some of which you can live without!
❤
Respect
DNA.......AFRICA's [Leaders] ECONOMIC incompetence....✍🏿🇻🇨🇻🇨🇬🇧
Excellent ❤❤❤
🇪🇷 Eritrea is the only country in Africa that has no loans
@@n.m6249 Uganda has a lot to learn from Eritrea.
No wonder the West doesn't like the Erythrean government!
PIA of Eritrea 🇪🇷 said this in the 90’s when Eritrea first gained independence. Now maybe the Kenyan people see it now because of their situation.
The Kenyan people will never follow the example of Erythrea. Kenyans are busy importing all sorts of goods, which forces the Kenyan government to borrow dollars, while the erythreans prefer the.modest life and import as little as possible, which is why the westerners are not happy with them!
Its not the IMF's fault, it is always the government who decides to loan money and how to spend it wisely and smart
I hope you heard the professor say the imf experts sometimes are there to decide what you do with your loan 😊
@@Mabeltrots Take responsibility once in your lifetime you kiddos look like babies with diapers 🤣🫵
The problem is not our governments, the real problem is us subsaharan African who force our governments to borrow dollars to use to import all sorts of goods that we should be making ourselves! Tell me your country, and I will tell you which product your country should be manufacturing for all of us across Africa!
I’m not an economist, can all the African countries unify, and make one payment to these international loan sharks each month. Where these countries should start to live within there means renegotiate the loans, lesson the interest rates with the sharks. Then pay off the loans in a specific time. In the mean time add value to their resources and products that they produce. They should then have the extra finances,to serve their citizens and pay back the loans. I think Barbados and Jamaica paid back their loans to these International Loans Sharks.🐬
STUPENDOUS
97% of Nigeria revenue goes to debt servicing. Corruption is the main problem in Nigeria. Most politicians use private jets here.
Since the Nigerians didn't live a modest life and thought they could import anything and everything!
I feel PLO is all over with this topic. From minute 28:22 of the video, he makes a very good point about Africa's governance structure, and this is genuinely what his talk should be about. The other part of blaming others, in this case, the IMF/World Bank, and interestingly leaving out Kenyan commercial banks and eurobonds as part of Kenyan creditors with highest rates doesn't make any sense. As an African living in the West, this is the reality of how credit/loans work. In the U.S credit card, auto, mortgage debt is a huge business for banks, but a financial mess non-selectively to all types of people especially if lacking financial literacy. These banks are out there to make profits, period; they are not in it for charity. It begs the question: do we Africans really know how the credit game is played?
It’s not only IMF and the world bank are keeping the African countries in debt but china also exhibits the same model. Known as debt diplomacy 😢
It is ourselves keeping Africa in debts that we use to import anything and everything instead of manufacturing the goods. What do you think the borrowed dollars are used for? Do you pay anything within your country with dollars?
Why do your technical staff wait until you are seated before switching the light on? Not a good visual.
It's what makes the session and setup unique.
Countries governments are the IMF & WBG clients/clienteles
If your government has borrowed from one of those institutions, you as an individual are a client of those institutions!
🙏🏽🙏🏽🙏🏽🙏🏽🙏🏽🙏🏽🙏🏽
A good book to read. "The Confessions of an Economic Hitman". by John Perkins.
I read that aome years back and it explains everything imf and world bank
Very true... Explains the exploitation of the UN as well. It is sad. But I am glad people are starting to have these kinds of conversations..
Is loan forgiveness on odious loans a trap?
they purposely put Soldiers in harms way for the tensions they start in the name of control the Soldiers are only a sacrifice to them not People still same shaking the Farm🤔♥️
👌✨️
What the meaning of IMF ?
South Africa 🇿🇦 in summary
What a strange sound track 😂
Imagine if a country pays 80% of taxes revenue to service foreign loans 😮 that is Kenya for you my friends
Ghana too
It's your fault!
Sir, with all due respect, am a Nigerian and I recall we had a better Nigeria(after Independence), should we Nigerians also blame IMF for our problems?
Like all subsaharan Africans, the Nigerian as an individual must be blamed for his problems!
It's a shame that they (africans) DONT EVEN REALIZE IT!!!
"Illiteracy makes the people search for only food for the belly and never make inquisitions into what ministers do with tax payer's money" - Bushman
Mr freeman 002 .
Africans don't need to Pay an Tax at all.
Just add value added to are resources,many countries have done it.example Libya,Kuwait,UAE, etc so Africans don't need to Pay Taxes TO IMF
Give better solution rather than sit down for critcism!
The solution is in your hands! It's your smartphone. Your smartphone can teach you how to make all the products imported with the dollars your government has been borrowing from the IMF and World and foreign financial institutions! You pick one product you can make with the resources available in your country, maybe with one or two machines imported from Asia, that will be your contribution to the resolution of the problem of the debt trap!
While I agree with some of the things he says but IMF and World Bank are not there to debt trap Africans in some sort of conspiracy… the main problem has been the borrower … the African we all live in Africa and we know how the money has been used … in my opinion the worst sin that has sank Africa is corruption … not IMF or World Bank …we naturally feel good apportioning blame to others
Even worse than the corruption, our main sin is laziness. We are are too lazy to learn how to make all the goods imported using the borrowed dollars! We are even importing toothpicks and wooden cutting boards with the borrowed dollars, importing the buttons, light switches, sockets, toothbrushes and phone covers made of plastic which we can make ourselves, importing tons of paper made from vegetal biomass while we are throwing or burning tons of vegetal biomass everyday instead of using it to make paper, and prefer to force our governments to borrow so as to find dollars to import everything!
The intro music is not befitting for the likes of our dear Prof. Lumumba to be welcomed with. It sound more like up and coming artists intro. Please introduce a more African toned welcoming intro.🎉
Lol 😆, sir, you're wrong!
i see stupidity...finance is finance....get a loan and retrurn it with interest....IMF loans have the lowest interests than all loans..plus,there are countries in 30yrs graduated from IMF loans and became 1st world countries such as Singapore,Taiwan,Hongkong,Israel,and even Germany after WW2.....with all those,being on this same planet earth,graduated with flying colours and still we Africans cant figure it out...we always blame outsiders,we always shift blame to the outside,as if we have no problems internally...the fact it,internally we problems are 80% and only 20% outside...we need to look and correct inward problems and stop complaining coz same countries here on earth figured out and graduated,it is only us!we have a big problem as a people
I agree. We know that corruption and impunity are very rampant (in Kenya) and are truly the cause of all this. But to deny the fact that colonization is still playing a role in this is being naive. No one who truly loves you can lend you money if they know you are corrupt. They would help you tackle corruption first then lend you the money.
Either way like you've said,it's up to us to change as a people. Corrupt citizens beget corrupt leaders.
@@vikik7877 bro,our internal problems accounts more than 80% and external problems of which we do not have power of account about 20%......here is the kicker,if we eliminate the 80% internally of which we have power of,then the external 20% will sort itself out.....why singapore,israel,malaysia,taiwan,etc passed the exam with flying colours and not us?they are even giving out aid in a big way...we have a problem man,we need to improve ourselves.....i will never agree with PLO and the ppl of his type on "blaming" and no work
@@vikik7877
Citizens are fans of their leaders, that's why celeb leaders get away with all their loot.
Your right, the IMF can give loans but, it’s up to the government of that country to make sure they invest the funds appropriately so it allows a profit margin that can cover the payments while improving the countries economy. Ethiopia received a loan from the IMF and was also allowed to have a home grown reform plan that gives the countries policy makers the power and the responsibility. Kenya accepted a reform plan that was given to it by the IMF just like Nigeria and that is what makes Ethiopia’s deal different and that is why when the IMF demanded Kenya raise taxes on the people
You just typed bs, you probably don't understand how this world works. Africa and most of these countries in Latin America have little to no control over their economies, the West uses every tactic in the book to sabotage progressive leaders on these continents. Thomas Sankara was actually eliminated because he worked so hard to get his country out of the Westerners sphere of influence. There is more that goes on in the "underworld" where powerful men make decisions. In Africa, they mostly sponsor puppets and 1d10ts to rule over you. Secondly, most countries don't get the full amount as a huge percentage goes back to them as consultancy fees. The IMF also applies different interest rates for different countries. Africa suffers the highest interest rates on loans contracted from the IMF. Secondly, the IMF controls how you can spend the money and they make sure you spend it in non profit generating areas such as the education and healthy sectors. They will never give money to an African country to invest in industries or mining.
Hi Dr Lumumba♥️🇺🇬🇵🇸🦾😇👋
🥺
If not NOW !!! When are we going to make a concerted EFFORT as Africans to implement these and so many sound advices that are given by PLO Lumumba. Africa WAKEUP before the damage becomes irreparable‼️
so Russia's war against Ukraine is an act of self defense, or what is he trying ti exain here?
This is why history is important. Basically, all attacks against Russia have come in through the land known as Ukraine (the name means borderlands) because the country generally has a flat terrain. These attacks include:
Polish-Lithuanian Commonwealth (1610-1612)
Sweden (1708-1709)
France (1812)
Coalition of 14 Countries - Germany England France Greece Italy Finland etc (1918)
Germany (1939-1945)
Oh, spare me the blames.
Blame the borrowers if you have blame any!
I think it's not the IMF/WB's fault. It's us the Afrikans who go and borrow recklessly. When we borrow, the debts end up being sunk costs, and if invested, we invest in acts that dont generate revenue
I realized Lumumba is stupid when he supported Russians invasion to Ukraine.
A part from great talent in speech delivery,Prof is not so smart.
Respectfully sir, can you tell me what country you come from, which has never invaded any other country?
You have spent your life by critics of others!You did not do any practical thing talk talk talk....... are You sleeping when they loot