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Bretton Woods institutions may face African backlash

Thursday, October 31, 2024

Significance

It was followed by a public relations campaign to encourage Nigeria to maintain its reform efforts. However, as the report acknowledges, and as is true elsewhere on the continent, World Bank and IMF-supported macroeconomic stabilisation reforms carry significant social and political costs.

Impacts

  • The World Bank’s focus on poverty alleviation may help shield it from some of the popular backlash focused on the IMF.
  • Both the World Bank and IMF may overstate the role of domestic policies in recent economic improvements.
  • The growing visibility of climate change may provide opportunities for the World Bank to demonstrate its relevance to ordinary people.

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