Earlier this month, Zambia agreed to a $1.3 billion loan with the IMF that comes with stringent conditions. That development has sparked conversations elsewhere in Africa about a return to the kinds of IMF-imposed austerity programs seen in the 1980s and 1990s, and what the ramifications of those policies could be for Africans today.
The global economic situation is dire, particularly for low- and middle-income countries. Yet, when it comes to solutions, relatively little thought has gone to the role that might be played by international financial institutions and tools—like debt relief—that could support countries in their fight against inflation.
On Aug. 7, a multi-ethnic and socially diverse crowd witnessed the historic inauguration of modern Colombia’s first leftist president, Gustavo Petro, and its first Afro-Colombian and woman vice president, Francia Marquez. Petro now faces the enormous challenge of meeting their expectations and making good on his campaign promises.