Former Finance Minister Trevor Manuel has joined a coalition of leading global economists and policymakers in urging the International Monetary Fund (IMF) and the World Bank to overhaul their approach to debt held by poor countries.
“It would be a massive game changer. The problem is that too many countries face the challenge – they default. There are some countries that avoid the actual default against the banks but then default against their people. So, the issues like understanding of health, education and general social protection across the continent are the manifestations of that. It has to be a development default rather than the default on the banks, and this is growing in leaps and bounds, and it’s deeply, deeply worrying for…