Malema warns African Nations against World Bank, IMF debt trap

South African opposition leader, Julius Malema, has cautioned the continent against loans from Brentwood institutions, World Bank, IMF and others, warning that such loans can undermine Africa.

Malema spoke on Sunday in Enugu as a keynote speaker during the opening ceremony of the Nigeria Bar Association (NBA) annual general conference.

According to the outspoken South African, such loans, which he described as “a debt trap,” can mortgage the future of the continent, stating that the debt trap of Africa to our foreign colonizers must be stopped.

He advocated for a process of regulating these loans that our leaders commit future generations to, because they will not be there when the colonizers come to collect the debts, adding that already

South Africa’s parliament is making a move to checkmate loans from these institutions. 

Malema’s comments followed growing concerns over rising debts by African Nations, including Nigeria, Ethiopia, and others.