IMF May start denying Africa countries loan request for allegations of widespread corruption
The continent of Africa is one of the most blessed continents around the world with both mineral and human resource, but with the influence of corrupt leaders who loot Africa raw material and resource, and made the continent remain underdeveloped and poor
This story is focusing on the allegations of widespread corruption and the possible reason why IMF should deny Cameroons their third loan request
The movement to actualize this has already started In Far Cameroon country on the Gulf of Guinea in Central Africa as human rights watch early on 17th June 2021 asked the International Monetary fund (IMF) to deny Cameroon three years loan request for being corrupt and
Progressively, some finding facts have revealed that the requested load if granted, released to the Government of Cameroon will be looted by the corrupt government
So human rights watch is asking the International Monetary Fund to deny its three-year loan to Cameroon, except without a guarantee that the money will not be stolen, looted amid a COVID-19 corruption scandal, on how CACOVID 19 Found was stolen unaccounted for to date
The IMF announced on May 27 that it had reached a staff-level agreement with Cameroon for a fresh loan meant “to mitigate the consequences of the pandemic,” among other objectives.
The IMF did not specify the amount of detail any concrete measures to address corruption other than saying that “effective enforcement of the anti-corruption legal framework will also be critical.”
The IMF Board is voting on its third loan to Cameroon since the start of the pandemic amid a Covid-19-related corruption scandal and violent crisis roiling the country’s English-speaking regions with a devastating impact on people’s right to health,” said Sarah Saadoun, senior business and human rights researcher at Human Rights Watch.
“When badly-needed aid is being squandered, looted or stolen, it would be irresponsible for the IMF to approve another loan without first safeguards to ensure that the money goes where it is intended.” and best used for the main reason the money was meant for, in their calling
Its unwise for IMF to continuously lending money to Africa nationals knowing too will that most of this money are being looted, the amid of the loan are not achieved and should be stopped to save the life and generation of Africa Children from inheriting mass of debt.
The IMF previously disbursed two emergency loans totaling US$382 million to Cameroon in response to the pandemic. Although the government made specific commitments to the IMF to use these funds transparently and accountably, its Covid-19 spending has been marred by secrecy and credible allegations of widespread mismanagement and corruption.
Cameroon, not just the only African country that has been alleged widespread of mismanagement and corruption of loan request
Nigeria in West Africa is another, Ethiopia, Kenya is also included, though human rights watch is still yet to replicate the same action meant to Cameroon to Nigeria, asking the International Monetary Fund to deny the country Nigeria loan request, Until then AfriNOTES will continue to keep you posted, Read more of our News here. and best stay safe, be happy in all that you do.
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