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AFRICA – IMF AND WORLDBANK LOANS

The foreign policy of most advanced nations is driven by their domestic aspirations. They apply this
in the economic and political fronts of international relations, with mostly poor countries at the receiving end.
Over the years, arm-twisting and deceptive tactics have been applied to extract deals from mostly under-developed countries.

The world economy for a very long time has also existed in favour of the western powers.

America after World War 2 became the biggest factor in world political and economic decisions.
In alliance with Britain, France, Germany, and others, the US continues to wield enormous powers in the international system using the instrumentalities of organizations like the International Monetary Fund (IMF), World Bank and World Trade Organization (WTO).

To progressive scholars, these organizations are instruments of entrenching acute hardship in Africa, Asia and South America. The loans ditched out to poor countries eventually made them poorer.
The article "Aids and Reforms in Africa" written Shantayanan Devarajan, David R. Dollar, and Torgny Holgren is interesting. It was published by the World Bank in 2001. They said one reason aid is so persistent is that in many cases it was a foreign policy tool rather than a tool for economic development

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