The West pushing Africa back into debt abyss – Putin

Russian President Vladimir Putin criticized Western nations at the third Russia-Africa Summit, accusing them of leveraging debt, economic sanctions and trade restrictions to control Africa's economic decisions. Speaking at the two-day summit in Moscow on October 28-29, Putin warned that harsh financing conditions could hinder Africa's development by forcing resources towards debt repayment instead of growth.

He emphasized the need for African countries to maintain greater control over their economic policies and natural resources, asserting that Western countries were imposing unfavorable financial terms that amounted to "robbery." Putin stressed the importance of increased intra-African trade, highlighting that manufacturing value addition remains below 2%, while only 15% of Africa's $1.5 trillion annual trade involves transactions between African countries.

He attributed this trend to Western interference and advocated for greater industrial cooperation within Africa. The Russian leader also highlighted the African Continental Free Trade Area (AfCFTA) as a key mechanism for boosting regional commerce and reducing dependence on external markets. Furthermore, Putin called for expanded collaboration in agriculture, technology, and energy, and stressed the importance of African countries having a stronger voice in international financial institutions like the IMF and World Bank to better reflect their interests.