An “odious debt” is incurred and used for ends which, to the knowledge of the creditors, are contrary to the interests of the nation. The term was coined by Alexander Nahum Sack in 1927 in the wake of the Spanish American war, and is used to describe debts incurred by contemporary despotic regimes which ought to be legally unenforceable unless as personal debts of the regime.
World Bank & IMF in the news
New collection of critical essays by authors from MENA and Sub-Saharan Africa do a retrospective of the BWIs involvement in the region, and the legacy of BWIs-supported unjust and extractionist world economic order.
Briefing examines the shortcomings of the current SDRs allocation system and calls to reform SDRs to ensure their targeted, needs-based and equitable distribution.
This briefing explains how the IMF and World Bank have driven the financialisation of MENA states, and the pervasive negative effects this has had on the region’s societies and economies.