critically discuss the role played by the International Monetary Fund (IMF) and the World Bank in the economic development of African countries. what factors compelled these institutions to initiate their activites in Africa?
2006-06-06 21:01:20 · 7 answers · asked by angela_namfukwe 1 in Social Science ➔ Other - Social Science
What do I look like, your personal homework-doer? Do your own damn homework!
2006-06-13 11:27:43 · answer #1 · answered by Anonymous · 0⤊ 1⤋
There is just not enough space or time to discuss that question effectively. The answer is simple though: economic gain compels these orgs to initiate their activities in Africa. Being global orgs they are answerable to no-one and their activities are unregulated.
If they were a UK bank and sent out a loan agreement to someone on benefits with no prospect of a job, 15 children to feed and debts up to their eyeballs, the financial services regulator would have something to say.
The IMF and World bank are effectively doing the same thing to African countries and everyone just nods and lets it happen.
I'm not an anti globalist or anti capitalist, but sometimes you can really understand their stand point.
2006-06-06 21:10:23 · answer #2 · answered by nagaqueen13 3 · 0⤊ 0⤋
The IMF and World Bank were both formed in 1944 under the Bretton Woods agreement. The IMF helps countries to stabilise its currency and insists on appropriate reforms. The World Bank helps provide money for development projects. The general state of development and economic problems in Africa have led to the involvement of both organisations. The World Bank is now the World Bank Group.
2006-06-06 21:22:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
IMF /World Bank had extended a lot of finance in African Countries for development.But these did not yield much results due to political instability,lack of infrastructure,poor quality of manpower etc.These funds had been misutilised in drug traffic and corruption.
2006-06-07 00:51:07 · answer #4 · answered by leowin1948 7 · 0⤊ 0⤋
its supposed to help with social and ecomomic programs to help improve the community health and education and subsequent help to generate a more equal value in the World.
2006-06-10 03:00:51 · answer #5 · answered by maria p 3 · 0⤊ 0⤋
By lending them money,which in turn they misuse and end up in debts they cant service and start asking for debt cancellations.
2006-06-06 23:25:39 · answer #6 · answered by Bob Mukonka 4 · 0⤊ 0⤋
Whatever their roles are...the result is...
They lend them money and charge them interest thus making them more poor.
2006-06-06 21:19:11 · answer #7 · answered by Ho K 3 · 0⤊ 0⤋