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Ethiopia’s Currency Quandary Places IMF Deal on ‘Knife’s Edge’
(www.bloomberg.com)
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this post was submitted on 15 Jan 2024
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Just as Ethiopia joins BRICS, the IMF and World Bank comes a-knocking with new demands.
It's absolutely disgusting how the IMF and World Bank (which, nominally, are institutions designed to help uplift developing countries) refuse to join China in taking haircuts on debt and instead keep countries seeking perpetually more debt.
The Bretton Woods institutions were designed to assist the USA in its post-war project of global imperial hegemony. They were never meant to assist developing countries, quite the opposite, they were meant to assist the US and to a lesser extent western Europe to more efficiently extract resources and value from resource rich countries.