A World Bank executive is assessing the situation. It is quite a surprise. For now, it is unclear whether this is a mere formality or a genuine evaluation, as a proper, full-scale audit remains a distant dream. In nearly half a century of cooperation with traditional donors, this is a first. It is a step forward, even if one wonders what might be hidden up their sleeves.
We celebrate every time donors disburse astronomical sums, yet the reality is that since 2019, living conditions have not improved, poverty has not receded, and projects have had no impact on the economy. The trade balance remains in deficit, customs revenues are far below African minimums, tax revenues remain symbolic, and both unemployment and inflation rates are galloping. Despite everything, growth forecasts remain positive. Go figure.
The Minister of Economy and Finance stated that the disbursement rate for international subsidies barely reaches 30%, and two billion dollars in projects have not been executed. Yet, even if the funds are not used, interest must still be paid.
The IMF, for its part, plans to disburse 183 million dollars if Madagascar honors its commitments. The two donors act differently: the World Bank releases funds for various projects without worrying about results, while the IMF grants funds under conditions and with a solemn commitment to meet targets. In both cases, development is trending toward negative infinity.
In Africa, things are changing. Burkina Faso, under the leadership of Ibrahim Traoré since 2022, has turned its back on donors, relying on its own strength as President Ratsiraka once envisioned. This has paid off, as the change is palpable in both visual infrastructure and state financial management.
However, Gabonese President Brice Clotaire Oligui Nguema, who succeeded Ali Bongo Odimba in 2023, is taking an even stronger stance. He is protesting against his country’s credit rating by donors while projects remain unfinished, such as a 32 km road and water supply systems in Libreville. “These are debts I did not contract and which were imposed on me,” he declared firmly.
Projects have never brought development to Africa for the simple reason that they are not productive or only enrich the donors, while the borrowers crumble under the weight of debt. It takes leaders with iron fists, grit, and courage to put an end to this situation. That requires immense political bravery.
Captured & Published at: 2026-07-30 05:39:10 (Madagascar Local Time EAT)
Original Source: https://www.lexpress.mg/2026/07/main-de-fer.html