Ethiopia economy have collapsed Allhamdu lilah

[Idilinaa]

Debt is a tool to keep African countries in a subservient position. They don't want African countries to be self-sufficient, which is one of the main reasons why the Sahel states are moving to the Brics sphere of influence, which paints a target on your back.

Somalia is in a unique position, we are debt-free, if we can develop our petroleum industry, reduce corruption, get the FMS in line, get rid of 4.5 system, over the next 20-30 years, if we invest in education and infrastructure, will be in line with the NA economies.

I shared excerpts explaining how bad debt servicing was for our economy in the mid-late 1980s.

Like i said a lot of the economic problems happened when the IMF and World Bank structural programs were introduced. His critics use this as an arguing point all the time . There was no borrowing or aid money before this and somalia was virtually self-sufficient up until that point: Read how it destroyed the economy:

The economy and everything was going fine until those foreign debt servicing agents came knocking.

They imposed harsh economic policies which sent everything in disarray. A big chunk of state employees were laid off, food crop farming was abandoned in favor of cash crop farming, and healthcare and rural development programs were also scaled down. The IMF policies reduced farm production and killed the agro-based manufacturing sector because crops had to be exported to finance debt servicing. This resulted in job loss and economic downturn. They also drastically diminished the state capabilities to serve and deliver for its people.

Somalia could have recovered from this economic sabotage quickly using oil revenue in the late 80s and 90s, if it wasn't for the foreign backed insurgencies.

The whole debt forgivness/relief etc that Somalis currently benefited from that @Midas spoke about was launched in 1996 and they started add more of them in the early-mid 2000s

But to get debt relief, they have to meet a number of criteria s to qualify for debt relief and debt reduction. You have to follow a protocol or a plan they designed. Like a draconian austerity measures which Kenya was hit with.

Why are the US and IMF imposing draconian austerity measures on Kenya? | Fadhel Kaboub

Kenya’s eruption of protests, riots and government repression is the result of decades of failed western financial prescriptions

www.theguardian.com

And furthermore their debt like with Ethiopia and Kenya, is not with just the IMF or World Bank , its also borrowing from China, France and Saudi Arabia. etc etc. Who would most likely not forgive the debt and will seize key businesses , real estates, assets and infrastructure/ports etc.

Wouldn’t this cause huge inflation for printing a lot of money?

No , read this

Why The U.S. Can Print Money With No Inflation - But Other Countries Can't

There is probably no more important concept for people to understand than this: why can the U.S. print so much money without inflation,

www.jvmlending.com