By Mahmud Tim Kargbo….
Stop Making Excuses for IMF and World Bank Loans.
Poor Economic Decisions by this current government—not Prudent Economic Measures—are behind the huge IMF, World Bank and other Financial Institutions Loans obtained by this current Sierra Leone Government of President Koroma. Let’s call it what it is so we can deal with it.
What our government and team of propagandist need to understand here is the borrower is always a pure slave to the lender. When the tides come, you know precisely who is defenceless because too much debt and expenses kill a government. The hard but uncomfortable truth we are still grappling with in Sierra Leone is our country continue to be in abject poverty with perpetual debt to the IMF, World Bank and other international financial institutions since independence to date because the current and previous governments are incompetent and have no idea how to manage debt, run a government and efficiently liberate their people from the economic slavery of the IMF, World Bank and other international financial organisations.
When a government is dealing with international financial Institutions like the IMF and World Bank the leader need to Trust his Gut – because the red flags are there for a reason. I can reliably tell you that leaders that are running their governments like a business do follow their guts when they enter in to a particular business with these organisations. It’s always very bad for a leader that promised his people to run his Government like a business to tell his people when he exits power that “I knew the previous owner was a nightmare and I did the deal anyway. It was a big mistake. My gut told me no and my head got caught up in the perceived numbers”. Not following your “informed gut” equates to bad decisions always.
Bringing profitable revenue for the State is the most important task of any politician that is determine to run his government like a business. And the rapid way to build up the business is to make sure a market exists to ensure that you generate constant revenue. Sierra Leoneans have seen countless failures on the part of President Koroma running his government like a business because he focus on setting up the business, the office and the equipment to get started, but he forgot the customer part. This lead us to the current bankruptcy in his government. President Koroma’s business for Sierra Leoneans deliberately failed to understand that one can scale infrastructure after you start bringing profitable revenue. And until then, his government need to sell and market to prove that their business is viable.
Why is IMF and the World Banks the go-to- lines when the economy is said to be recovering?
Why is IMF and the World Bank the go-to-lines for our government even when they say our economy is recovering and this is happening despite the fact that these institutions continue to commit acts of financial terror against our country and it’s people since independence to date? Why is it an easier excuse than plain disgust and brutal means to spread abject poverty in the lives of the already poor majority?
The label “loan to control inflation” when referred to and institution like the IMF and the World Bank that keep on committing bigoted financial violence against our country and it’s people is a dangerous cover-up. It downplays the contribution of eternal economic slavery by the IMF and World Bank to satisfy the Washington caucus and put African countries to permanent economic slavery.
Loan to control our budget deficit elicits sympathy. It becomes merely sad that with our long years in partnership and with all the resources we own as a nation our so called “development partners” are less capacitated to economically capacitate us with the required technological know how on how we can add value to our resources and increase our export to sincerely fight poverty.
The current easy excuse is not OK and we aren’t insane.
How does the saying go? “The definition of insanity is to continue to do the same thing expecting a different result.” The truth is, since independence to date, Sierra Leone keep on getting loans from the IMF and other financial institutions to salvage its budget deficit. So how do we change, stop making excuses for evil IMF and World Bank loans? How is it that the IMF, World Bank and the Government of Sierra Leone expect poverty to go away when nothing has been concretely done at a structural or institutional level to dismantle it by adding value to our raw materials and increase our export? And the World Bank, IMF and many in social positions of trust who remain in their own granaries perpetuate it, directly or indirectly.
In fact, the loans of IMF and World Bank are making life extremely difficult for the majority as poverty is today intractable in all the countries they are operating. How else do you explain getting a loan from these rogue institutions?
So leave “the loan will help control our inflation” out of it. I say the IMF will soon come up with other conditions against the already marginalised and very poor majority in Sierra Leone.
We can’t be hiding in the remains of harvested millet whilst our heads are still showing out. Covering up for President Koroma in this is like putting make-up on a malignant. It’s not only unsightly, but it’s dangerous especially as we are approaching transitional elections. We have to understand that the IMF and World Bank aren’t good institutions for our country and it’s people. We never voted for them any irresponsible financial measures they imposed on the majority and make life very difficulty for them, will seriously be counterproductive for the incumbent regime.
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