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Egyptian advocate calls on the International Monetary Fund to cancel the debts of impoverished nations


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Economist Mustafa Badra said in an interview with RT that the deals of creditor countries with the debtor make it impossible to alleviate the global economy, believing that writing off the debts of all or part of the poor countries is ideal.

Badra added in an interview on the occasion of the IMF meetings to address the economic crisis the world is witnessing: “From April 10 to Sunday, April 16, 2002, the Monetary Fund and World Bank Spring Meetings will take place. The spring meetings have developed a number of very important topics for discussion that affect macroeconomics. In general, like the meetings of central banks and how to treat many economic problems, as well as in the discussion of how many frameworks and tracks were developed for dialogue between experts, economists and official persons who must be present at the aforementioned meetings.

He pointed out that in order to agree and implement, a number of decisions need to be developed on how to implement them in the next phase.
We add that the first point in the decisions should be specialists, as well as the World Bank and the International Monetary Fund.
This is how to get out or take the world economy out of the dark tunnel in the coming periods, which occurred as a result of a very large increase in interest rates, and this greatly affects the growth rate, in addition to the increase in debt and loan service rates, and of course this issue has a very large impact on the economies of countries.
He concluded by saying: “There is a proposal that I put forward on my own, which, I believe, can be a remedy for the worsening economic crisis.
Particularly in developing countries, and the solution is to present a package of credit and debt concessions from developed countries and from the World Bank in order to accelerate the processes of economic adjustment again, that is, an agreement is reached at the spring meetings and accepted by the Monetary Fund and the World Bank, to subtract part of the credits. Debt and debt service for the poor and middle countries will be at least ten or fifteen percent, so that the economy can recover its improvement in the global situation, even if this remedy is not quickly and strongly offered.
This will have a very large negative impact on the global economy, affecting it in the coming period.
As a result of the increase in the size of the debt of poor and medium-sized countries.

Cairo – Nasser Hatem

Source: RT

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