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The IMF-WBG: A blight on people's economic plight amid crises
Before the pandemic, poor countries were already too ill-equipped to handle a crisis. Policies that shaped government’s roles to put premium on foreign capital investment, above all else, characterised the last four decades. These neoliberal policies have been the tools of neocolonial stranglehold. The profit motive of transnational corporations and finance drove economic processes, and destroyed social services, domestic agriculture, and industry. They limited choices for the global South to just borrowing even more money and digging themselves deeper into debt.
The International Monetary Fund (IMF) and the World Bank Group (WBG) played key roles in this history and the present direction of neoliberalism in the current crisis. This campaign primer, intended for social movements, civil society organisations, and other campaigners, discusses the track record of the IMF-WBG in relation to people’s rights. It explores the current directions of these international finance institutions (IFIs) that bolster capital’s interests in external debt and in the so-called recovery of the world economy. From the experiences of people’s movements, it also offers general lessons in how to mobilise against the IMF-WBG today.
- What is the IMF-WBG?
- What is the track record of the IMF-WBG when it comes to peoples’ rights?
- Why should people be concerned about IMF-WBG operations today?
- How can we mobilise against the IMF-WBG?