Africa Is Dreading a Return to IMF-Imposed Austerity

In Kenya, a protest over inflation. Kenya recently agreed to an IMF bailout deal
Kenyans protest against inflation and the cost of living, especially higher prices of basic foodstuffs, Nairobi, Kenya, July 7, 2022 (AP photo by Brian Inganga).

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.

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