How the International Monetary Fund Continues to Shrink the Poorer Nations: The Forty-Third Newsletter (2023)
thetricontinental.org
In October, the IMF and World Bank gathered in Morocco for their annual joint meeting – their first such summit on African soil since 1973. In the decades since, the IMF and World Bank have imposed their failed debt-austerity agenda on much of the Global South. Few people today expect the IMF and World Bank to solve global problems. That is because, across the world, from Pakistan to Sri Lanka to Suriname, people know that these institutions are the authors of pain.
  • popcap200
    10·
    1 year ago

    It took me so long to learn the IMF is a profit driven private organization, which is wild. I wish it was a UN run public organization to help uplift nations in economic trouble.

  • zerfuffle
    82·
    1 year ago

    The IMF is fucked. Anyone wondering why countries prefer dealing with China need only compare the terms given by the IMF against the terms given by China. Chinese loan terms aren’t only “reasonable”: compared to the IMF, they look like you’re robbing China blind.

    • HobbitFoot @thelemmy.clubEnglish
      1·
      1 year ago

      Kind of. The problem with Chinese terms is that they are very long term. There is also no form of technology transfer as is typical in Western contracts.

      The Chinese model has some pluses to it, but there are some minuses to it as well which don’t really show themselves immediately.

      • zerfuffle
        21·
        1 year ago

        Technology transfer and austerity. Sort of sounds contradictory, doesn’t it?

        • HobbitFoot @thelemmy.clubEnglish
          1·
          1 year ago

          And yet it is usually a condition in a lot of IMF contracts that local labor be used in the construction of local works, including being taught how to.

          In contrast, China sells turn-key systems mostly designed and built by Chinese labor save for some low skill items like earthwork.