South African opposition leader Julius Malema has warned African nations against taking loans from the World Bank, the International Monetary Fund (IMF), and others.
Malema gave the warning on Sunday at the Nigeria Bar Association (NBA) Annual General Meeting in Enugu, where he addressed attendees as a keynote speaker.
He called such loans “death traps” and added that they could mortgage the future of the continent.
“The debt trap of Africa to our foreign colonisers must be stopped, and that begins by regulating these loans that our leaders commit future generations to, because they will not be there when the colonisers come to collect,” Malema stated.
He further disclosed that the South African parliament is making a move to checkmate loans from such institutions.
“The Public Finance Management Amendment Bill will, in South Africa, deal with a problem facing the whole continent, and that is the unregulated borrowing of money by our governments from the World Bank and the International Monetary Fund (IMF).
“This bill, which we have introduced as the EFF, will require that the National Treasury in South Africa first seek approval from Parliament to source foreign loans and establish transparency regarding such loans and their conditionalities,” Malema added.
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