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BURKINA FASO FISCAL RESPONSIBILITY Black Culture Diary: Ibrahim Traoré Paid Off $4.79 Billion National Debt Without Western Financial Aid! PLAY YOUTUBE VIDEO Original article: https://www.youtube.com/watch?v=0L3HMluhQNA Peter Burgess COMMENTARY I do not know what sort of a reputation 'The Black Culture Diary' has ... but the story written here appeals to me. During my career mainly in the 1980s and 1990s, I did a lot of assignments in Africa, and it has been very disappointing to see many of these countries degrade under appallingly bad political ... and military ... leadership. The policies of the 'rich' 'North' have not been helpful. Nor has academic teaching regarding the role of 'colonialism' which has portrayed the role of 'colonialism' as 'pure evil'. While it is true that some of national behavior in the past has been awful, this is not true of all national behavior. And looking at the state of much of national leadership around the world at the present time (December 2024), it seems that a large number of countries are in the hands of really bad national leaders! It is really good to see this positive story from Burkina Faso. Peter Burgess
Ibrahim Traoré Paid Off $4.79 Billion National Debt Without Western Financial Aid! Black Culture Diary Dec 11, 2024 349K subscribers ...1,091,779 views ... 29K likes #africanews #blackhistory #africanhistory In 2024, when Dr. Apollinaire Kyamé Tambèla, Prime Minister of Burkina Faso, announced the repayment of $4.79 billion in domestic debt, the world stood still. No IMF bailout, no World Bank loans, no handouts from Western nations. It was an act of financial defiance; a bold declaration that Burkina Faso was no longer playing by the rules of the international financial system. They didn’t fall for the narrative that Africa’s poorest nations are doomed to rely on foreign aid and loans. Instead, they turned to their people and markets. In a region often defined by its dependence on Western financial support, Burkina Faso rewrote the script. But how did this small, landlocked country; often written off as a financial basket case; manage to pull off such a monumental feat? How did Burkina Faso pay off nearly $5 billion in debt, all while navigating a volatile political and security landscape? The answer lies in a series of calculated, strategic moves that turned domestic debt into an economic lifeline. Join this channel to get access to perks: / @blackculturediary Sources: https://tradingeconomics.com/burkina-... https://www.citiesalliance.org/newsro... https://www.state.gov/reports/2024-in... https://investmentpolicy.unctad.org/i... https://africancapitalmarketsnews.com... https://www.umoatitres.org/en/burkina... . https://ndcpartnership.org/knowledge-... https://www.aa.com.tr/en/africa/sanct... https://reliefweb.int/report/burkina-... https://peoplesdispatch.org/2023/08/0... https://the.akdn/en/where-we-work/wes... https://www.globaljustice.org.uk/dang... https://issafrica.org/iss-today/burki... Please, like, comment, subscribe, and ring the bell! EVERYTHING helps us grow!. Subscribe Here: #blackhistory #africanhistory #africanews Transcript 0:00 what if we told you one of Africa's poorest Nations just paid off a whopping $44.79 billion in debt without a dime from the West sounds impossible right it's Burkina Faso flipping the script and saying we don't need you West this little known country is showing the world how to break free from the chains of Western financial aid so here's the real question why are we still worshiping the idea that Africa can't stand on its own two feet the West says Africa is dependent too dependent but Bina Faso is proving them all wrong they just paid their national debt without relying on anyone else imagine that a country that's often written off as one of the poorest in Africa taking control of its financial future and doing it all on its own but how let's find [Music] out in 2024 when Dr apollinaire kiame 1:01 tamella prime minister of Burkina Faso announced the repayment of $4.79 billion in domestic debt the world Stood Still no IMF bailout no world bank loans no handouts from Western Nations it was an act of financial Defiance a bold declaration that Burkina Faso was no longer playing by the rules of the International Financial system they didn't fall for the narrative that Africa's poorest nations are doomed to rely on foreign aid and Loans instead they turned to their people and markets in a region often defined by its dependence on Western financial support Burkina Faso rewrote the script but how did this small landlocked country often written off as a financial Basket Case managed to pull off such a Monumental feat how did Burkina Faso pay off nearly $5 billion in debt all while navigating a volatile political and security landscape the answer lies in a series of 2:00 calculated strategic moves that turned domestic debt into an economic Lifeline the first key strategy that allowed Burkina Faso to pay off its debt was a complete shift in the way it approached financing instead of relying on foreign loans or aid from Western institutions Burkina Faso turned inward the government issued bonds to local investors businesses Banks and individuals within the country who had been growing increasingly confident in the country's leadership and economic process ects at first glance it might seem counterintuitive for a country facing economic challenges including security threats from Insurgent groups to encourage domestic borrowing but Burkina faso's leadership recognized that a growing sense of national pride and unity combined with an evolving Financial infrastructure created The Perfect Storm for tapping into local markets by issuing government bonds on the local market Burkina Faso created a channel through which domestic investors could directly fund the the country's 3:00 debt repayment this strategy was rooted in trust Burkina faso's leadership cultivated a sense of confidence in their ability to manage the country's financial future as the government promoted fiscal discipline and a commitment to infrastructure development local investors were more willing to lend to their Nation Burkina Faso was no longer dependent on foreign markets or International Banks but instead relied on the financial strength of its people this move helped shift the national mindset from a Reliance on foreign an aid to a belief in Homegrown Solutions the results were staggering investor confidence soared and Burkina Faso managed to tap into to an untapped domestic resource local Capital by focusing on this strategy Burkina Faso showed that local debt can be a powerful tool for self-sufficiency that's why dialogue like the one today is very important in terms of a common understanding of governance 4:00 the attitude of adult supervision has to be left in the past one of the most impressive aspects of Burkina faso's debt repayment strategy was the government's ability to maintain investor confidence despite the country's turbulent political and security environment the threat of terrorism and the ongoing conflict in the Sahel region had put significant strain on the country yet Burkina faso's leadership navigated these challenges with skill maintaining a stable Financial cial environment that allowed them to continue issuing bonds and raising funds domestically in a country where instability often leads to economic flight where investors typically flee in fear of conflict Burkina Faso did the opposite the government took steps to ensure that its bond market remained attractive to investors the Prime Minister and his team emphasized transparency clear fiscal management and a commitment to reducing the national debt they proved to investors that even amid the crisis Burkina f had the resilience and 5:00 determination to weather the storm here's a reminder to please like and share the video and subscribe to our channel to watch more videos on Black Culture history civilization and identity let's continue now another factor that helped build investor confidence was the country's strategic use of its natural resources with mining being one of Burkina faso's main economic drivers the government was able to leverage the revenues from its gold industry to back up its domestic IC debt this gave investors an additional layer of security knowing that the government had valuable resources that could be tapped into if necessary in the face of external pressures Burkina Faso made a choice that few other African nations would consider they took control of their financial future and communicated their resilience to investors instead of bowing to the West's demands for political change or fiscal austerity they chose to rely on their financial ecosystem and it work worked while the 6:01 government was issuing bonds the broader burin aay Financial system played an important role in ensuring that these Bonds were purchased and that funds flowed back into the country binaso took active steps to mobilize local Savings Banks Pension funds and businesses were encouraged to invest in government bonds which provided a safe and profitable return while also supporting national debt repayment the private sector also played a crucial role with growing stab ility and a positive outlook on the government's Financial strategy local businesses began to invest in the nation's infrastructure projects and domestic bonds by working closely with the private sector Burkina Faso was able to channel private Capital into projects that benefited both the businesses and the broader economy this public private partnership helped create a sense of shared responsibility for the country's economic success at the same time Burkina faso's financial sector took steps to deepen its Market New Financial 7:02 products like Bond options were introduced to attract a broader range of investors this helped to ensure that the bonds issued by the government were accessible to a diverse group of investors from major Banks to smallscale local businesses as a result more money flowed into the country's debt repayment efforts enabling borina Faso to stay on track to pay off its obligations without relying on the west paying off a $4.79 billion debt doesn't just require managing the books it requires creating conditions for sustainable long-term economic growth Bina Faso understood this and made strategic decisions to use the funds raised from domestic debt not only to pay off current debt but also to fund long-term projects that would enhance the country's economic resilience the government focused on improving infrastructure especially in key sectors such as Transportation energy and Mining by reinvesting in the country's physical and economic 8:00 infrastructure Burkina Faso was building a foundation for future growth this infrastructure development was not only crucial for internal economic growth but also to enhance the country's attractiveness to foreign investors those looking for a stable growing economy in West Africa by focusing on these long-term projects Bina Faso demonstrated that paying off debt wasn't just about clearing past obligations it was about investing in a future where the country could stand on its own without needing to rely on foreign lenders this Forward Thinking approach allowed Bina Faso to move from merely surviving to thriving the national debt wasn't just paid off it was the Catalyst for new economic opportunities Burkina faso's success is more than a financial achievement it's a bold statement about Africa's future by paying off its domestic debt through strategic moves and local investment the country has proven that it doesn't need the West to thrive this isn't just a financial success story it's a story of econom ecomic Independence Burkina Faso took a 9:02 chance on its people its markets and its resources instead of leaning on International institutions or begging for Aid the government relied on its domestic strength they used local Capital built investor confidence and reinvested in the country's long-term growth and in doing so they set a new precedent for Africa's economic future Burkina Faso is challenging the status quo they've shown the world that African nations have the tools resources and resilience to overcome the Reliance on foreign debt now the question remains if borina Faso can do it why aren't other African nations following suit but here's the question that everyone's asking did Burkina Faso get any help from the West during its time of need the reality might shock you instead of the typical support you'd expect in a crisis the West led by the European Union and various Western Powers turned its back on Bina fossil so instead of 10:00 offering Assistance or collaboration they chose to freeze all Aid and impose sanctions after the military coups That Shook the country in 2022 the major St here n EOS plans fresh sanctions on Bina Faso Mali un talks fail imagine this Burkina Faso already amid internal turmoil fighting against insurgencies dealing with security issues and struggling to rebuild after a political shift look to its supposed Western partners for support what they got in return was not solidarity but punishment the European Union along with other Western Nations suspended financial aid including vital development funds this was their way of forcing Burkina Faso into submission of trying to persuade the country to follow Western political and economic directives the message was crystal clear if you don't play by our rules we'll make you pay 11:00 the sanctions part of a broader strategy to exert control weren't just a slap on the wrist they were designed to destabilize the country further the West hoped to pressure borina faso's leaders to step down and abandon their military-led government which had risen to power after ousting the previous civilian leadership in a coup essentially the West's strategy was to make the country suffer hoping that the people would turn against the government and demand a return to the status quo which meant bowing to Western demands for political and economic reforms but what happened next turned the tables Bina Faso didn't collapse in chaos or beg for assistance instead the government did something unprecedented they decided to chart their course the country's leadership led by President Ibrahim TR faced immense pressure but refused to bend to Western pressures they didn't ask for forgiveness and they didn't gravel for foreign aid they took matters into their own hands this wasn't wasn't a rash decision made in 12:00 desperation it was a calculated bold move Burkina Faso made a choice that many African countries dare not they decided they didn't need the West to survive instead of relying on International financial institutions like the IMF or World Bank Burkina Faso turned to its people the country decided to lean on domestic resources its people its local markets and its Financial systems this was a powerful and revolutionary act especially considering the political and security chaos surrounding the country it's not easy to reject International Aid particularly when many African nations are often told they can't survive without it but Burkina faso's leadership made a critical decision they would not continue to be part of the narrative that Africa is helpless they understood that the West had often seen African nations as Perpetual Beggars unable to stand on their own without foreign assistance Burkina Faso decided to change The Narrative 13:00 entirely examples of right or wrong conduct can be found everywhere we must avoid the temptation to reduce Africa to the lowest common denominator with blanket judgments and generalizations the decision to reject Western Aid and sanctions marked a pivotal turning point for Burkina Faso rather than folding under International pressure the country chose to embrace A New Path one of self-reliance no more dependence on the west handouts no more waiting for international donors to decide Africa's fate Burkina faso's leadership pivoted to a strategy that was Radical in its Simplicity they turned to local markets for support rallying businesses Banks and individual investors to back the government's efforts this decision wasn't made on a whim the government knew that if they were to succeed they needed to build build trust and confidence at home this 14:01 was the real challenge convincing the Birkin a bay people and local investors that they could raise funds internally and rely on themselves what was even more remarkable about this strategy was the fact that it worked despite the prevailing security concerns the West had counted on the notion that in times of conflict economies crumble and Nations collapse they thought Burkina Faso would be begging for their help within months but the opposite happened local markets and businesses despite the security threats rallied behind the government's Vision even with the pressure of foreign sanctions Burkina Faso managed to raise significant capital from local investors thus avoiding the typical Reliance on Western creditors or foreign investors the result Burkina Faso was able to continue its development projects pay off debt and stabilize its economy without any assistance from Western financial institutions or governments berkin faso's success wasn't 15:00 just about surviving without Western Aid it was about thriving on its terms the West had underestimated one key factor the power of African self-determination Burkina faso's leadership showed that African nations have the power to make their own decisions and manage their finances without bowing to foreign powers they demonstrated that Africa does not need to be beholden to Western countries or financial institutions for survival instead of seeing African nations as helpless or dependent the West should recognize the potential of African nations to drive their economic growth Burkina Faso has proven that with the right leadership political will and local resource mobilization African countries can make bold moves that lead to True economic sovereignty it's a stark contrast to the typical narrative that has been pushed for years one where Africa is painted as always needing help always struggling to meet basic needs and always is dependent on the west for everything but Burkina 16:02 Faso by taking a stand against Western pressure has completely shattered this stereotype they've shown that when African nations take control of their economies and resources they can Achieve Financial independence without the need for Western Aid this success isn't just a win for Burkina Faso it's a message to the rest of Africa you don't need to ask for permission to thrive the question now becomes why are so many other African African countries still holding on to Western Aid as if it's their Lifeline why do many African nations continue to perpetuate The Narrative of dependency waiting for Western powers to provide a handout the truth may be uncomfortable for many but the answer is clear it's a cycle that benefits the West more than it benefits Africa for years the West has created a system that allows it to extract vast amounts of wealth from Africa all while keeping African nations dependent on foreign loans and Aid The Narrative of Africa as 17:01 a continent in need is not a coincidence it's a strategy Western financial institutions and governments have long profited from Africa's dependency from debt repayments to the profits made by multinational corporations the West continues to profit off Africa's resources both directly and indirectly but Burkina Faso has shown that this cycle doesn't have to continue the country has shown the world that Africa can take control of its future without relying on foreign aid yet many African nations still cling to the idea that Western Aid is the only solution to their problems why the truth might shock you but the real question is will more African nations take Burkina faso's lead and reject foreign aid will they break free from the cycle of dependency and finally build economies that work for their people rather than for the West's interests Burkina faso's success isn't a fluke it's a blueprint for financial sovereignty the truth is that other 18:00 African countries can follow suit yes it's hard yes it's risky but the reality is that Africa has the resources the talent and the potential to fund its development the key is focusing on local solutions by building local markets tapping into domestic debt and fostering investor confidence African nations can start to reduce their dependence on the west but the real challenge here is mindset many African Nations still believe that they must rely on Western countries for survival but as Burkina Faso has shown this isn't true countries like Nigeria South Africa and others with economic power can break free from the cycle of foreign debt and start funding their development the question is why hasn't it happened yet why are African leaders still bowing to Western pressure and asking for financial assistance that only perpetuates the cycle of dependency the solution is clear turn inward invest in the people 19:01 the markets and the resources you already have it's time for Africa to stop relying on handouts and start building a self-sufficient future so will the rest of Africa continue to play by the West's rules or will they step up and break free from the cycle of dependency let us know in the comments section will Africa finally take action do you want to watch more videos like this one if so subscribe to our Channel and press press the Bell icon next to it we have decided to bring videos on something nobody talks about the Black Culture civilization history and evidence about how glorious blacks have been thanks for watching and until the next video stay tuned

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