The International Monetary Fund has for a long time been dictating economic and development policy to African countries. It will grant them loans – but only if they privatise their economies and allow Western corporations almost free access to their raw materials and markets.
Since the 1980s, this has been effected via so-called Structural Adjustment Programmes, sold to Africa as the panacea that would set the continent on the path to economic development. Yet it was all a lie and Africa paid a terrible price. The IMF model did the opposite, and the results were disastrous.
This week’s Facts of the Week highlights how the Fund’s policies were always designed to lock African countries into poverty.
Please share your insights and experiences in the comments.