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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