Why does the Third World hate IMF and World Bank?

Leading industrial nations are putting pressure on the International Monetary Fund (IMF) and World Bank to reform.

Last updated: July 11, 2003 | 01:00

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TOWARDS CHANGE

Recommendations - Transform structural adjustment policies, with special emphasis on addressing the risks to poor people inherent in liberalisation of trade, financial and investment regimes and privatisation measures; Conduct impact assessments. Impact assessments could provide an "early warning system to ensure that loan operations (or country-wide strategies) with potentially adverse social and environmental consequences are changed or discontinued; - Adopt sound operational policies to guide the design and implementation of IMF and World Bank operations. Compliance with sound operational policies is a key to achieving desired social and environmental results. - Disclose secret documents. When the terms and conditions for IMF and World Bank engagement in a country are kept secret, popular participation is impeded and the quality of loan operations is jeopardised.

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