The President of Burkina Faso has rejected IMF loans saying “Africa doesn’t need the World Bank, IMF, Europe, or America. We have what it takes to grow our economy without loans and refuse to be financial slaves.”

One of the key reasons cited for rejecting the IMF’s assistance is the belief that such aid could perpetuate economic dependency and limit the country’s control over its financial decisions. There is also a sentiment that accepting the aid could keep the country ensnared in a cycle of debt.