In its latest reviews of African policies in September 2019, as a prelude to its general meetings scheduled in a few weeks in Washington, the International Monetary Fund has constantly urged its interlocutors to increase pressure taxation, the payment of the internal debt, the reduction of the standard of living of the State and the application of the "truth of the prices".

The vocabulary and the acronyms have changed but the message is the same: subsidies on basic foodstuffs and fuel must be eliminated, including for countries such as Côte d'Ivoire and Senegal, linked to the fund by the Instrument Coordination of Economic Policies (ICPE), a mechanism set up in 2017 including technical assistance but without disbursement, or those such as Congo and Gabon, engaged by the Extended Credit Facility (ECF).

The only difference with the original SAP is the need to remind States to put in place social safety nets. But how to achieve this given the injunction to control the debt and reduce public spending? Deadly duality.

This is the message given in particular to the last “auscultated” countries. Thus, while declaring on September 23, 2019, at the end of her two-week mission that Senegal is an extremely dynamic country, with significant potential, which has emergence within reach", Corinne Deléchat, the head of mission of the International Monetary Fund (IMF) for this country, nevertheless asked Dakar to tighten the belt. The abolition or merger of 16 parastatal agencies falls within this framework alongside the dry regimes promoted to civil servants even in their telephone credits.

It remains to be seen whether these policies from the 10 commandments of the Washington Consensus are relevant. "What credibility should we give to the IMF's 'new' instruments if we know that its experts know nothing about industrial development and the structural changes that African economies need? asks economist Pape Demba Thiam, a former member of the World Bank, specialist in industrialization and development of value chains?

The IMF's current stiffness is reminiscent of the famous structural adjustment programs (SAP) which led to the collapse of the health and education structures of many African countries in the 1990s or even, and we speaks little under our skies, the recent bankruptcy of Argentina.

Argentina Syndrome

The interruption of water, electricity and transport subsidies has affected the purchasing power of Argentines. Far from encouraging growth, the IMF program has dampened domestic consumption and slowed the economy.

As a result, Argentina, which dismissed its finance minister, saw its currency, the peso, lose 20% of its value since August 11 and its stock market plunged by 30%, asked the IMF to reschedule its debt of 57 billion. dollars granted to the current liberal regime in exchange for an austerity cure. A bad signal for the market. Standard and Poor's immediately placed the country's signature in speculative category.

In any case, President Mauricio Macri, a very good student of the IMF, is obliged to note it: between his arrival in 2015 and August 2019, his country's external debt increased from 50% to 89%. . Inflation reaches 50% and the poverty rate is estimated at 30%. Many observers believe that the failure of the liberal Mauricio Macri places his rival, Alberto Fernandez, in an ideal position for the presidential elections on 27th October next.

The magnitude of the Argentine case should at least open up wide-ranging consultations on the commitments made by African states to the IMF.

Christine Lagarde, who gave up her chair as Managing Director of the IMF to the Bulgarian Kristalina Georgieva, reputed to be more liberal, leaves with many questions about the relevance of the austerity policies she has applied in many countries including the CEMAC zone. As for the new director, failing to change doctrine, she must at least change glasses and accept that emergence is a matter of purchasing power.