main critisicsm of the WB and IMF

• Western dominance and lack of accountability

  • Criticism: Both institutions are dominated by the Global North (especially the US and EU), marginalising Global South voices.➤ Example: Voting power in IMF is based on financial contributions — the US has over 16% and can unilaterally block major decisions.
• Imposition of harmful economic policies

  • Criticism: Structural Adjustment Programmes (SAPs) have required cuts to social spending and public services in return for loans.➤ Example: In the 1980s and 1990s, countries like Ghana and Bolivia faced austerity measures that worsened poverty and inequality.
• Failure to address long-term development needs

  • Criticism: IMF focuses on short-term macroeconomic stability rather than sustainable development. The World Bank often funds large infrastructure projects without considering local impact.➤ Example: World Bank-funded dam projects have led to displacement (e.g., Narmada Dam in India).