All-African People’s Revolutionary Party (GC)
Dr. Cosmas Musumali - The Official Website of Dr. Cosmas Musumali
All-African People’s Revolutionary Party (GC)
The fifty-four sovereign African states are vastly different from each other, with distinct languages, histories, social and economic challenges, and possibilities. However, they are united by a political project that has been institutionalised through the African Union and its legal and organisational frameworks and by a neocolonial sovereign debt crisis.
Many countries across the Global South, particularly those in Africa, are currently in the throes of fiscal crises – largely the result of a perfect storm of global events. The COVID-19 pandemic triggered a global economic recession, which in turn impacted national economies. The ongoing conflict in Ukraine has disrupted vital global supply chains for food, fertilisers, and energy, thereby increasing many countries’ import bills and straining their budgets. The fiscal crisis is fundamentally a result of an
Many poor countries are turning to the IMF as a credible source for finance in the present moment, largely egged on by claims that the IMF has reformed from its bad old ways and no longer demands crashing austerity as a conditionality. (‘Factsheet: IMF Conditionality’, International Monetary Fund, 22 February 2021, https://www.imf.org/en/About/Factsheets/Sheets/2016/08/02/21/28/IMF-Conditionality.) Back in 2016, IMF economists published a mea culpa in which they (sort of) confessed the sins of the past and
All-African People’s Revolutionary Party (GC)
Dr. Cosmas Musumali - The Official Website of Dr. Cosmas Musumali
All-African People’s Revolutionary Party (GC)