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