The IMF has both positive and negative effect on Africa and its development and economies. The positive effect of the IMF on the African countries is that it grants them loans for major projects that are supposed to improve the conditions for development of these countries. On the other hand, the loans granted by the IMF often have interest rates that are high and are not adjusted at a level at which the African nations will be able to return it. This results in a big problem as these countries gradually go in larger and larger debt, which eventually will lead to losing lot of their natural resources in order to pay themselves off.
The international monetary fund (IMF) has been of great financial assistance to Africa. They provide Africa with fund for economic, health and infrastructural development.
The IMF have assisted African in formulating sound economic policies that contribute to reducing poverty.
The IMF has carried out a lot of financial intervention in Africa.
For instance, interest the year 2020, the IMF spent a total of 13 billion dollars to assist African countries in combating the Corona virus.
Some of the funds were disbursed to cushion the economic effect of the virus and serve as financial stimulus to African nations especially in sub-saharan Africa.
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