The International Monetary Fund (IMF) has strongly supported a call by the African Development Bank Group (www.AfDB.org) urging countries in Africa to stop borrowing loans backed by their natural resources.
The IMF Managing Director Kristalina Georgieva met Thursday with the African Development Bank Group President, Akinwumi Adesina, in Abidjan, Cote D’Ivoire. It is the first time an IMF head has visited the bank’s headquarters since its establishment in 1964.
Welcoming Ms Georgieva, Mr Adesina said, “The natural resource-backed loans are non-transparent, expensive and make debt resolution difficult.” He warned that if the trend continues, “it will be a disaster for Africa.”
