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Putin says West seeks to trap Africa in debt bondage at forum
Speaking at the plenary session of the Russia-Africa Economic and Humanitarian Forum in Moscow, Vladimir Putin accused the West of trying to return African countries to debt dependence and said a fairer world is replacing the unipolar order.
Russian President Vladimir Putin said at the October 28 plenary session of the Russia-Africa Economic and Humanitarian Forum in Moscow that Western countries were trying to force African states back into debt bondage by imposing loans on onerous terms.
Putin said tariff wars and illegitimate sanctions were tools of neocolonialism. He quoted former Burkina Faso President Thomas Sankara: “Debt is neocolonialism, in which the colonizers have transformed themselves into so-called technical assistants.”
“A new awakening of the continent”
The president said a fairer world, in which the voices of the majority are heard, was replacing the unipolar order. He called the developments “a new awakening” for Africa as it strengthens its sovereignty and influence on the global stage, and noted that BRICS countries had accounted for more than 40% of global GDP over the past five years, compared with less than 30% for the G7.
Putin called for reforms to the IMF and World Bank that take the needs of developing economies into account, as well as a stronger role for African countries in those organizations.
Grain, fertilizers and energy
According to Putin, Russia supplied 13 million tons of agricultural products to Africa over nine months, while Russian fertilizers and grain are received by more than 40 countries on the continent. Russia is involved in more than 30 energy projects in Africa, and bilateral trade could exceed $50 billion in the near future. The president stressed that Russian businesses “do not engage in predatory exploitation of resources.”
Putin also announced the extension of the program of assistance to Africa until 2029 and proposed that African countries switch to national payment systems protected from unfriendly states. An action plan for 2027–2029 is expected to be adopted following the forum.
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