Sponsoring Poverty: World Bank & IMF Structural Adjustment Programs

Many years after independence, many African countries had accumulated large amounts of debt that often exceeded their Gross Domestic Product (GDP). By 1990, the total debt carried by African countries was about $135 billion. Most of what countries were borrowing during this time was used to service other loans borrowed in the previous decade. Many African countries could no longer directly borrow from banks so the World Bank and IMF created loan programs that often came with very harsh conditions. These loans were packaged as Structural Adjustment Programs. Learn more http://www.globalblackhistory.....com/2018/04/sponsori