The Negative Impacts Of International Financial Institutions In Africa, Africa

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“We are wealthy, yet we are poor,” said Wylbur Simuusa, the Minister of Mines in Zambia, Africa (THE WHY, 2013). Africa is rich in abundance of natural resources. The governments of some regions in the country received aids from International financial institutions (IFI) – and the International Monetary Fund (IMF) and the World Bank (WB) – to increase productivity and industrial capacities to boost their economic growth faster. However, there has been a huge negative impact on the conditions of local economy and agricultural productions, natural resources, employment and the services of education and health care. This affects similarly to other developing nations who receive aids from these institutes and are affected by the structural…show more content…
IFI’s Project 1: World Bank The World Bank (WB) provides funds and technical assistance to developing countries around the world for many development projects. Their goals are set to end extreme poverty and promote shared prosperity by 2030 (The World Bank.a). The missions are set to priority for ending poverty and projected with development for economy, education, technology, infrastructure, environment, agriculture, and financial and private sector development. The organization is dedicated to provide financing, advice and research to aid economic advancement and reconstruction efforts, including the targets of Millennium Development Goals to developing nations (The World Bank.b). The Gold medal will be given to this very project because the World Bank is the biggest financial investment in the form of providing funds and professional advice to most developing nations. Except from the criticisms and the bad influence for not having fairness of assistance conditions to some poor countries, most of their sub-development projects have accomplished the most substantial growth their targeted goals – to reduce extreme poverty. However, the Silver medal would likely to be given to this fact that since the structural adjustment policies present the fees of loans have gone up, most developing countries face in debt and struggle of burdens of being unable to pay back. Besides, some projects affect local communities in
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