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.
South African President Cyril Ramaphosa is in Washington for a working visit to the U.S. at the invitation of President Joe Biden, a little over a month after the release of Washington’s “Africa Strategy” document. But Ramaphosa’s visit alone is unlikely to resolve the significant differences between Pretoria and Washington.
Zambia has agreed to a $1.3 billion loan with the International Monetary Fund that is intended to bolster the debt-laden country’s macroeconomic stability. But the agreement’s conditions are evoking fears in Zambia and elsewhere across Africa of the debt crises of the 1980s and 1990s, and are likely to be unpopular with Zambians.