Paper: No Credit Due: World Bank and IMF in Africa

“No Credit Due: World Bank and IMF in Africa” seeks to explain the policy-based lending progamme of the World Bank and the significance of its engagement with developing economies. The paper is divided into two parts. The first deals with the history and economics of international development policy vis-à-vis developing economies. It starts by explaining the World Bank’s origins and objectives, and then addresses the origins, objectives, and outcomes of its initial project-based lending programme. The second parts analyses the political economy of the intervention of the World Bank and International Monetary Fund in the third world in general and Africa in particular. The paper further argues that the World Bank’s earlier poverty alleviation project failed to achieve its stated objectives, and worsened rather than resolved problems in third world countries in which these projects were undertaken.

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