He says Bretton Woods institutions are an obstacle to Africa’s economic development. 1. It explains very well how the economy of both Zambia and Zimbabwe suffered under the guidance of the IMF and World Bank. The World Bank and the IMF never forgive and because of the huge debts developing countries owe the World Bank, they (the World Bank, the International Monetary Fund or IMF, the World Trade Organization or WTO, the United States of America [a major partner of the World Bank], etc.) Although institutions like IMF and the world bank started off trying to improve the economy of 'less developing countries', some of the countries it has loaned money to have ended up worse off. The World Bank Group. Yet , Western countries who are now championing the cause of human rights and ‘good governance’ chose to remain silent about these subjects,” Chakaodza writes. A number of intellectuals in developing countries have argued that the World Bank is deeply implicated in contemporary modes of donor and NGO-driven imperialism and that its intellectual contribution functions, primarily, to seek to blame the poor for their condition. Developing countries face many challenges and it’s only prudent that the World Bank advocates for shared knowledge and research. Rajan, R. G. (2008). Chakaodza’s argument is more pertinent today than ever before. In the book, Chakaodza bluntly talks about how developed countries continue to milk developing countries that are mostly found in Africa. While the World Bank represents 184 countries, it … In Africa, those who suffer the most are the poor who comprise students, women, children and peasants. Through Structural Adjustment Programmes (SAPs), such Western-controlled institutions are more concerned with the economic factor rather than the social impact. He says Bretton Woods institutions are an obstacle to Africa’s economic development. The Bretton Woods institutions are cited as the Western-controlled institutions formed to exploit Africans. The International Monetary Fund (IMF) bills itself as an organization of 184 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty. Chakaodza’s book also analyses reasons for Africa remaining under the yoke of debt from the Bretton Woods institutions. Zimbabwe’s external debt soared, so did unemployment. Feldstein, M. (1998). h��[�oI��WJ�/�VL��!�����n ,f`v[��zk�����E>*���mfw�tn��Y������H���D紶�4 Dr Niaz Murtaza September 17, 2012 6367 0 obj <>stream CTRL + SPACE for auto-complete. the Negative Impacts of the IMF and the World Bank on Developing Countries References Conclusion Buira, A. Africa remains at the periphery, while its resources are used to develop Western countries. endstream endobj 6302 0 obj <>/Metadata 217 0 R/OCProperties<>/OCGs[6334 0 R]>>/Outlines 316 0 R/Pages 6285 0 R/StructTreeRoot 375 0 R/Type/Catalog>> endobj 6303 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC/ImageI]/Properties<>>>/XObject<>>>/Rotate 0/StructParents 0/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 6304 0 obj <>stream Historical context of IMF and World Bank critiques. These rich countries are partial towards the issues faced by poor countries. The future of the IMF and the There is also the World Bank live that offers one on one discussion with participants from every corner of the world. The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. When the Economic Structural Adjustment Programme (ESAP) was introduced in Zimbabwe in 1990, it was clearly an IMF and World Bank-sponsored programme and instead of boosting the country’s economy, it led to social differentiation between traders, industrialists, private entrepreneurs and the ruling elite while the poor suffered . While the World Bank represents 184 countries, it is run by a small number of economically powerful countries. In his argument, the writer brings to the fore that such institutions do not consider the human factor. Comecon countries, and SAF-ESAF offering 3-5 year programmes to low-income countries, chiefly in Africa. In order for these loans to be paid off, governments were … %%EOF Our results show that aid modalities matter. the Negative Impacts of the IMF and the World Bank on Developing Countries References Conclusion Buira, A. Founded in 1944, the World Bank Group (WBG, or Bank) and the International Monetary Fund (IMF, or Fund) are twin intergovernmental institutions that are influential in shaping the structure of the world’s development and financial order. With its major focus on the case studies in Zambia and Zimbabwe, the book reveals the input of the International Monetary Fund (IMF) and World Bank (WB) in crippling the two countries’ economies. Structural Adjustment in Zambia and Zimbabwe Reconstructive or Destructive? This happens through conferences and forums that are hosted or sponsored by the World Bank. Based on this premise, the World Bank has tried throughout the last 69 years to help countries to borrow their way into development. At one stage, the IMF was regarded as “rich countries’ club”. The IMF is often depicted as a heartless moneylender which forces poor countries to adopt bad policies and takes its ‘pound of flesh’ back while the countries sink further into poverty. h�bbd```b``1 ��G@$�Z)�D���� ��D��Hn?�u Ln���� "�@$"شc`�1�\��5�Vo&���v`s�v1=���m��$I�����W R���ﱘ���ABl2�&�3��� � �n� An analysis of IMF conditionality. The cases of Zambia and Zimbabwe show that World Bank and IMF programmes continue to benefit the rich, multi-lateral corporations, industrialists and the ruling elite among others. 6333 0 obj <>/Filter/FlateDecode/ID[<1D77594A546BAC4C8F0D8A9DCCEEFFC7>]/Index[6301 67]/Info 6300 0 R/Length 141/Prev 572056/Root 6302 0 R/Size 6368/Type/XRef/W[1 3 1]>>stream In the book, Chakaodza bluntly talks about how developed countries continue to milk developing countries that are mostly found in Africa. �;��(=�N���]�N Q�i�T;C�&�7�R �u�SR�������ˏ�{OW�����z�]m�����i5{q�d����Ê�oV��z����uw���f��r۽|tr��u�����{����toכ����>��ESG����7�>x0{I�=�X}\]n����������V�����|}9{y�������F������G���[��㿁����E��bv,璯��V���8� ��=Z\�_Ή~�����w�����yG��^-/?��U�[�(,�g��W���7(u�r4[�{��3�������]=�X��úѠ�g@�eS��-��.��"�����Ó�?zv�����Z��Ξ�7���#n��������N�Ύ����jvv�����^�W?�m��l�ܮf����S������s��o��Zc��={O�����������v������O+��O����D���n�U��g��V[p�߫��������_�74M��}e���b��3��������o���� Published by Third World Publishing House (1993) Rajan, R. G. (2008). 0 ESAP aimed to open up the economy and to reduce Government expenditure, but consumers could not afford the high prices of basic commodities. This may largely be caused by the fact that these institutions will only lend money to a country if they agree to accept "structural adjustment programs". As originally envisaged, the International Monetary Fund (IMF) had three functions. %PDF-1.6 %���� (2009). ferent types of World Bank and IMF programs also has a different impact on democratization in recipient coun-tries. “It is arguable as to whether the IMF is committed to a self- sustained growth and prosperity in developing countries as some policies do not serve to endear themselves to the masses of Third World people who see their living standards deteriorate,” writes Chakaodza. K���!������.J�v�����l@�6����lr � � As a result, conditions imposed by the IMF and WB on loans force poor countries into unplanned trade liberalisations with limited considerations on poor people. In many cases, the living conditions of hundreds of millions of people in the World have been degraded as a result of the debt based policies forced on them by the World Bank and the IMF with the complicity of their own governments | 3 |. Some of the conditionalities include decontrolling of prices, devaluation of currencies, removal of subsidies and reduction in public expenditure, privatisation, good governance, wage restrains and the issue of human rights.
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