As Taboos on IMF Aid Crumble, Algeria Remains an African Holdout

With countries across Africa shedding long-held taboos to seek International Monetary Fund help, Algeria is a rare holdout, Bloomberg News reported. It may need a quick recovery in oil prices or Chinese backing to stay that way. On a continent where a checkered experiences with the IMF or distaste for foreign interference has meant trepidation toward the lender, the economic havoc wreaked by the coronavirus is sparking some sudden turnarounds. The two most populous nations, Nigeria and Ethiopia, are now accepting IMF help, and even South Africa -- where the ruling African National Congress has preached self-reliance since the fall of apartheid -- is negotiating a $4.2 billion loan. Read more