What are the IMF and World Bank, and why do they need to be reformed?
The International Monetary Fund (IMF) and World Bank are two of the global institutions that oversee global financial flows. The World Bank is supposed to support developing countries by providing grants and loans. Unfortunately both World Bank and IMF decisions have often harmed poor countries instead – especially through economic conditions (see Part 1). The combined vote of Sub-Saharan African countries in these institutions is less than 5% – compared to the USA and Europe who between them command 50% of the votes.
