Ahead of the annual meeting of the World Bank and the International Monetary Fund, scheduled to take place in Washington next week, it has been revealed that the 26 poorest countries in the world, home to about 40% of the most severely impoverished population, are now more in debt than at any time since 2006-2007. Given the current international economic conditions, these nations are increasingly vulnerable to price shocks and natural disasters, lacking any recourse from global organisations as market-related support has vanished. This report underscores the priorities of the world. Instead of addressing what should be our primary objective—lifting millions out of poverty and creating a stable economy—resources are being diverted elsewhere.
China and India have successfully lifted millions from poverty in recent decades. In stark contrast, global efforts seem focused on funding weapons and military might rather than tackling the root causes of conflict and poverty. This zero-sum game, which prioritises military spending over humanitarian solutions, poses a grave threat to global stability.
The International Monetary Fund’s goal to raise only a hundred billion dollars to address the issues facing these 26 countries illustrates how solvable this problem could be if the vast multi-billion dollar defence budgets were rationalised even slightly. Most countries on this list, from Ethiopia to Chad to the Congo, Afghanistan, and Yemen, have collectively endured the legacies of Western colonialism, followed by exploitation from neo-colonialist, corporate-controlled empires. These nations now suffer from proxy wars funded by international actors. It raises the question: should we not seek reparations from those who have created and perpetuated this situation?
The report paints a damning picture of a world prioritising imperialist warmongering, leaving the most vulnerable to fend for themselves. The future looks increasingly bleak unless we shift our focus to genuinely supporting these countries and their people.