The recent bailouts in East Asia came with similar conditions attached, and economists from across the ideological spectrum have strongly criticized them for encouraging recession and layoffs and otherwise dramatically increasing the pain of the financial crises for ordinary people. What has gone too-little remarked is that similar programs have been forced on Africa for nearly 20 years with devastating results. Congress must insure that none of its actions force countries to abide by more IMF conditions in order to qualify for trade or other benefits. No encouragement should be given to the flawed policies that have impoverished sub-Saharan Africa. Debt is what subjects African countries to the mandates of the IMF and World Bank.
Debt is what diverts resources from health and education spending.
And debt is what inhibits productive investment. Any plan to benefit Africa must include comprehensive debt cancellation for sub-Saharan Africa. Africa spends four times more on debt interest payments than on health care. Acquisition and cancellation of African debt owed to U.S. banks. Its levels of relief are paltry and it requires several years adherence to structural adjustment programs.