The International Monetary Fund (IMF) is supporting African countries' calls for reform in the global financial architecture, emphasizing the need for radical changes to address modern challenges. Institutions like the IMF, created 80 years ago, are seen as inadequate for the current financial distress. The African and Inter-American development banks are involved in a $20 billion IMF reserve asset donor drive to address the crisis of sovereign debts that have escalated globally.
"Unmanageable debts have been a recurring feature of the modern global economy, but the current wave may well be the worst so far. Overall, government debt worldwide is four times what it was in 2000," writes @PatcohenNYT. The world needs to deal with the crisis of sovereign…
African, Inter-American development banks on $20 bln IMF reserve asset donor drive https://t.co/eRDPzLQlJM https://t.co/gKT4wQyER8
"Mechanisms and institutions, including the International Monetary Fund, that were created 80 years ago to deal with countries in financial distress are simply not up to the task anymore." https://t.co/JuqZveZkN2
If the international community is to have a chance of addressing twenty-first-century challenges effectively and equitably, the global economic and financial architecture that was created eight decades ago must be radically reformed. Eight priorities sta… https://t.co/QBITgmWG2S
The IMF supports African countries’ calls for reform in global financial architecture https://t.co/TZRpuSqxCp https://t.co/pgXtkPtXSX