IMF DOES NOT SEEK OUR BEST INTEREST – OBASANJO

Former Nigerian president Olusegun Obasanjo has warned African countries against relying on the World Bank and IMF, saying the institutions were never designed to serve Africa’s best interests. Speaking at the Intra-Africa Trade Fair in Algeria, Obasanjo urged leaders to focus on intra-African trade and regional integration as the basis for sustainable growth. “The World Bank is not for us; the IMF is not for us. Once we understand that, we will know how to deal with them,” he said. He called for more local currency trade settlements to reduce dependence on the US dollar and ease pressure on African currencies.

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