Excellent discussion! The U.S. sanctioning countries during the global pandemic says all you need to know about the U.S.! BRICS+ has great potential to lift countries out of debt and poverty.
Encourage thrift and small savings sabdnd better natural resources Utilisation. Neither do we want it solve our problems but bank upon IMF? Do we ever come to the conclusion is approaching IMF is the problem? Vicious cycles sustain to notbperish?
@@reptalien688 the idea is to not rely on IMF and intratrade within BRICS to avoid USD dependece. If that will actually work for smaller countries is the question
Great discussion by Political Economist Grieve Chelwa. However, I disagree with the swapping of African raw materials for infrastructure construction because it will still generate little revenue. Before the swap, African countries should first increase the value of their raw materials such as crops and minerals by processing these raw materials domestically as this wil create two fundamental gains: first it will increase value that will generate more revenue; second it will create jobs which will inturn increase personal income, generate income tax revenue, and reduce poverty.
Is that actually so? (Serious question) I assume many material still require import so in an international globalised world its unlikely a country had all it needs on his own. And looking at the continent its not like all are getting along well right?
The idea is that the materials can be bought from Brics nations. While not as good in some fields, China has most equipment in house. Some of it world leading for a while now. Like port equipment.
Who are the decision makers when it comes to IMF loans and Black Rock loans? is it possible to shop around for financing with better terms or is it basically like a thief in the night with impunity? It just happens and no way to stop it like an act of god or something?
And all these traps could be fought against, in the case of Africa, when we unite. Therefore, our Problems lies with the negligence activities of our Puppet Leaders.
humans are mostly people of religions with various gods. it dont matter what god as long as you have a god within any of the given religions. many are always trying to create new gods. thats just humans. and it all needs money. without money we have no living. we would only exist. wait for religions to settle out of court their varied differences and see monetary flows smooth once again.
Let Zambia form a commission to Audit the Debts borrowed. Let the lenders show the projects carried out with those loans, audit the projects for value like Equator in South America have done. Debts according to UN Qatar accord must be manageable, if not then they don't exist!
DumbMobcracy likes IMF because of the good idea because DumbMobcarcy is full of idialogist. Idialogist do not care the result of good idea turn out to be disaster.
Eritrea is doing just fine without ANY IMF or World Bank debt. If they can do it, why can't others? Zambia has more resources, arable land and people than Eritrea. Why not learn from them?
@@UnitedAfrica-uw9ct Well you know Africans, if I had referred to the other ones people would say they are not African and are therefore not comparable. It's not a matter of being "African" it's about the "national resolve" to move the needle in a direction that improves the lives of the masses. However, thank you for providing those examples.
@@oceejekwam6829 I understand the problem with African Leaders is that they think they can have an easy route to development and prosperity , well there's none , For Example can you explain to me why these African countries have failed to form their own Investment Bank in which members of the African Union will be the shareholders and they can use this Bank for drawing development funds at a small interest rate.
@@UnitedAfrica-uw9ct Er, we don't think that way. We would rather embezzle the profits from commodities when the prices are favourable rather than utilise it wisely and prudently. I only know of the Alliance of Sahelian States who have had the good sense to announce it. African leaders are relying on "guilt tripping" the West into creating Dubai for them. They should have learned by now this notion isn't going to work.
The author has done a lot of thinking. Good thinking too. But it seems he is also trapped in the usual blame game. It is time Africa leaves the habit of blaming others for its own problems. Those problems do not go away because others are not going to solve your problems. The condition of life on the planet earth is that every life unit has to struggle to make ends meet. In this everyone has a responsibility to provide for oneself. Then human and many other forms of life have learnt to cooperate and compete. We have to abide by that too. But first of all we have to work hard and creatively work to break the yoke of poverty ourselves. Yes we have to cooperate with the rest of the world. Yes we have to compete. Yes there are stronger and larger powers and economies with which we have to compete and cooperate. But still we have to rely on ourselves. Whth that type of mindset it is possible to tackle the issue of development. Take the example of those countries and regions and learn how they did it. Leave the blame game once and for all
AFRICA: You are not the first country to find yourselves in this bind. Ten years ago Jamaica was one of the three debt laden contries in the entire world. Today the island is now a low debt country and the financial times described the achievement as the closest you will see to an economic miracle. Why dont you just call them? They will tell you how to get out of it.
Grand Total of WB lending 2022 under David Malpass: $8bn! All countries, Globally! LOL. However, WB off the books, $23Bn to Ukraine! Plus IMF $115Bn to Ukraine. Plus US $120Bn to Ukraine. Get the picture?
Only difference is , it holds the world reserve currency . as it prints paper currency to infinity , foreign nationals uses it to service their dollar denominated transactions . That is why usa wants to maintain its hegemony
Corruption is the big elephant in the room. Africa, India and South America in particulate, have extremely corrupt governments. And secondly, these countries need to stop misallocating budgets on non-essential items, that do not contribute to economic growth. Economic growth is the single most important puzzle to developing Africa, South America and India.
This way they will stay poor forever. You need debt for spending big. Just the conditions need to change or someone allow you to pay in domestic currency. Like the BRICS approach. If that works for Sambia I am not so sure though. Who will want Kwacha?
@rli8594 spending big= wasting big, governments are not efficient allocators of capital. A lot of the so-called investments government engages in can efficiently be provided by the private sector
@@mugithti privatisation is what brrought us todays mess. Private sectors needs profit. The state can go into debt. It could spend big to get big results. That being said, not every investment is automatically a good one
"The I.M.F is a financial instrument of the U.S. military."
- Prof. Michael Hudson
Excellent discussion! The U.S. sanctioning countries during the global pandemic says all you need to know about the U.S.! BRICS+ has great potential to lift countries out of debt and poverty.
Encourage thrift and small savings sabdnd better natural resources Utilisation.
Neither do we want it solve our problems but bank upon IMF?
Do we ever come to the conclusion is approaching IMF is the problem? Vicious cycles sustain to notbperish?
How can BRICS help out if a country has huge debts of IMF
@@reptalien688 the idea is to not rely on IMF and intratrade within BRICS to avoid USD dependece. If that will actually work for smaller countries is the question
Great discussion by Political Economist Grieve Chelwa. However, I disagree with the swapping of African raw materials for infrastructure construction because it will still generate little revenue. Before the swap, African countries should first increase the value of their raw materials such as crops and minerals by processing these raw materials domestically as this wil create two fundamental gains: first it will increase value that will generate more revenue; second it will create jobs which will inturn increase personal income, generate income tax revenue, and reduce poverty.
Not a fair exchange !
Excellent explanation & solutions presented are also good. I hope your channel grows quickly and more people can learn this stuff.
End the IMF!
CORRUPTION is number 1 problem
Africa doesn’t need any of these banks! Create your own bank and finance it yourself you’ve got all the resources you need.
Is that actually so? (Serious question)
I assume many material still require import so in an international globalised world its unlikely a country had all it needs on his own. And looking at the continent its not like all are getting along well right?
The idea is that the materials can be bought from Brics nations.
While not as good in some fields, China has most equipment in house. Some of it world leading for a while now. Like port equipment.
Wow, it's impossible to press the like button.
Sad for my country
Happening now in Kenya
Results after borrowing from IMF = I M FUCKED.
Who are the decision makers when it comes to IMF loans and Black Rock loans? is it possible to shop around for financing with better terms or is it basically like a thief in the night with impunity? It just happens and no way to stop it like an act of god or something?
Christine Lagarde types! Lackeys of the system. Google her name and quote "use me as you will".
Why not have rooftop solar with huawei?
And all these traps could be fought against, in the case of Africa, when we unite.
Therefore, our Problems lies with the negligence activities of our Puppet Leaders.
✊👍
Maybe the East and South should consider new economic models that do not require western carbon copied economies and governance.
humans are mostly people of religions with various gods. it dont matter what god as long as you have a god within any of the given religions. many are always trying to create new gods. thats just humans. and it all needs money. without money we have no living. we would only exist. wait for religions to settle out of court their varied differences and see monetary flows smooth once again.
Let Zambia form a commission to Audit the Debts borrowed. Let the lenders show the projects carried out with those loans, audit the projects for value like Equator in South America have done. Debts according to UN Qatar accord must be manageable, if not then they don't exist!
DumbMobcracy likes IMF because of the good idea because DumbMobcarcy is full of idialogist. Idialogist do not care the result of good idea turn out to be disaster.
Eritrea is doing just fine without ANY IMF or World Bank debt. If they can do it, why can't others? Zambia has more resources, arable land and people than Eritrea. Why not learn from them?
Iran , North Korea , Venezuela.....Cuba
@@UnitedAfrica-uw9ct Well you know Africans, if I had referred to the other ones people would say they are not African and are therefore not comparable. It's not a matter of being "African" it's about the "national resolve" to move the needle in a direction that improves the lives of the masses.
However, thank you for providing those examples.
@@oceejekwam6829 I understand the problem with African Leaders is that they think they can have an easy route to development and prosperity , well there's none , For Example can you explain to me why these African countries have failed to form their own Investment Bank in which members of the African Union will be the shareholders and they can use this Bank for drawing development funds at a small interest rate.
@@UnitedAfrica-uw9ct Er, we don't think that way. We would rather embezzle the profits from commodities when the prices are favourable rather than utilise it wisely and prudently.
I only know of the Alliance of Sahelian States who have had the good sense to announce it.
African leaders are relying on "guilt tripping" the West into creating Dubai for them. They should have learned by now this notion isn't going to work.
I suggest just tell the IMF "no" we aren't paying because the solution that IMF wanted failed thus not returning the funds.
The author has done a lot of thinking. Good thinking too. But it seems he is also trapped in the usual blame game. It is time Africa leaves the habit of blaming others for its own problems. Those problems do not go away because others are not going to solve your problems. The condition of life on the planet earth is that every life unit has to struggle to make ends meet. In this everyone has a responsibility to provide for oneself. Then human and many other forms of life have learnt to cooperate and compete. We have to abide by that too. But first of all we have to work hard and creatively work to break the yoke of poverty ourselves. Yes we have to cooperate with the rest of the world. Yes we have to compete. Yes there are stronger and larger powers and economies with which we have to compete and cooperate. But still we have to rely on ourselves. Whth that type of mindset it is possible to tackle the issue of development. Take the example of those countries and regions and learn how they did it. Leave the blame game once and for all
AFRICA: You are not the first country to find yourselves in this bind. Ten years ago Jamaica was one of the three debt laden contries in the entire world. Today the island is now a low debt country and the financial times described the achievement as the closest you will see to an economic miracle. Why dont you just call them? They will tell you how to get out of it.
Most countries in the Global South are coerced into taking IMF and World Bank loans.
All about ownership. The rich will pay for what they did to poor people in Hell if there is
Grand Total of WB lending 2022 under David Malpass: $8bn! All countries, Globally! LOL. However, WB off the books, $23Bn to Ukraine! Plus IMF $115Bn to Ukraine. Plus US $120Bn to Ukraine. Get the picture?
You did not mention ,local CORRUPTION, why ???
USA is itself is badly in debt?
Only difference is , it holds the world reserve currency . as it prints paper currency to infinity , foreign nationals uses it to service their dollar denominated transactions . That is why usa wants to maintain its hegemony
Corruption is the big elephant in the room. Africa, India and South America in particulate, have extremely corrupt governments. And secondly, these countries need to stop misallocating budgets on non-essential items, that do not contribute to economic growth. Economic growth is the single most important puzzle to developing Africa, South America and India.
Thanks to Modi, india is not in that anymore atleast politically. It’s still high in the bureaucracy and judiciary
They don't want to hear this, they want to hear how it's all someone else's fault!
IMF owes AFRICA ALOT OF MONEY. IT IS ABSOLUTELY NOT THE other way round
Russia and China are showing the world a better way.
Put the blame on China as they always did. IMF, world bank and adb escape.
Balance your budget, live within your means and you won't need the IMF
Exactly, no one needs the imf, they force themselves into countries with US military and coup d etats, you know that Rabbi
This way they will stay poor forever. You need debt for spending big. Just the conditions need to change or someone allow you to pay in domestic currency. Like the BRICS approach. If that works for Sambia I am not so sure though. Who will want Kwacha?
@rli8594 spending big= wasting big, governments are not efficient allocators of capital. A lot of the so-called investments government engages in can efficiently be provided by the private sector
@@mugithti privatisation is what brrought us todays mess. Private sectors needs profit. The state can go into debt. It could spend big to get big results. That being said, not every investment is automatically a good one
how to get out of it is not to get it in the first place
Our daddy pudding will save us. He gives money and weapons for free.
Brics currency stronger than US dollar!
Kenya's nightmare right now