Decentering the IMF: A Critical Analysis of FfD4 Proposals for Africa’s Debt Governance
The Elements Paper and the Zero Draft present an opportunity for meaningful debt governance reforms, yet their reaffirmation of the IMF’s central role perpetuates the marginalisation of Africa in financial decision-making. This blog has made calls for a transformative approach that decouples debt governance from the Bretton Woods institutions and centres it within the United Nations. A truly inclusive and equitable debt architecture requires decentering the IMF, establishing an independent Global Debt Authority hosted within the UN, and reforming debt sustainability assessments to reflect the needs and priorities of Africa. Without these changes, African debt-dependent economies will continue to face unjust financial constraints, limiting their capacity to achieve sustainable development goals.