Rafsanjani Urges African Debt Reform for Development at IMF, World Bank Meetings

Auwal Musa Rafsanjani, the Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC) in Nigeria, highlighted the issue of African countries, especially Nigeria, taking loans primarily for consumption rather than development. He called for immediate international and domestic actions to reform the global financial governance system.

Rafsanjani emphasized the need for transparency in debt monitoring, criticized the reckless borrowing practices of Nigeria, and advocated for debt cancellation where loans do not lead to tangible development outcomes. He also expressed concerns about Nigeria's overreliance on oil revenue, deteriorating infrastructure, persistent insecurity, and the need to attract investors.

Rafsanjani urged deep-seated reforms within the IMF and World Bank to address the structural injustices perpetuating poverty in Africa.