IMF and WB are programmed to promote harmful indebtedness of UDCs, not to alleviate poverty. Their loans are extremely harmful and enslaving.
Poverty alleviation: Not in the IMF and World Bank DNA, By Ahmed Aminu-Ramatu YusufRe: AMCON Vs Arik case: Lest we forget the facts of the matter, By Godwin AidelojeQuestioning the numbers: Another look at the NBS data on kidnapping, By Oluwole Ojewale & Tosin OsasonaDespite UNICEF’s endorsement, Nigeria’s only open defecation-free state struggles with human faecesPoverty alleviation: Not in the IMF and World Bank DNA, By Ahmed Aminu-Ramatu YusufRe: AMCON Vs Arik case: Lest we forget the...
IMF and WB definitions, besides, greatly ignore our value systems. The Yoruba, for instance, see the poor as those earning a living through unskilled work, like gathering and selling firewood; while the Igbo see the poor as one who owns no land.Support journalism driven by facts, created by Nigerians for Nigerians. Our thorough, researched reporting relies on the support of readers like you.
These owners of IMF and WB have forcefully changed governments through the instigation of military coups, social disturbances, economic sabotages, civil wars, and assassination of leaders who dared to seek independent paths of economic and financial development in UDCs. They imposed economic blockade on Cuba, and sanctioned countries like Zimbabwe and Venezuela for daring to chart a national and people-oriented path of development.
Thirdly, IMF and WB are programmed to promote harmful indebtedness of UDCs, not to alleviate poverty. Their loans are extremely harmful and enslaving, as they dictate how the loans are to be spent. They usually insist that the loans must be used exclusively to hire consultants, and purchase materials from the creditors’ countries. Even these are to be transported using companies registered in the creditors’ nations.
Fourthly, when the loans are issued, the UDCs are given other sets of conditionalities to implement. Conditionalities which breed, nourish, grow, stabilise, and develop poverty. Devaluation of national currencies cheapen labour, undervalue export commodities, trigger inflation, degrade working peoples’ incomes, reduce their consumption, spark mass exodus to the West, and create more extreme poverty.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gambari Urges Tinubu to Adjust IMF, World Bank PoliciesProf Ibrahim Gambari, former Chief of Staff to ex-President Buhari, has advised President Tinubu to revise policies adopted from the IMF and World Bank, citing their negative impact on Nigerians. He warned that the current cost of living crisis could lead to unrest if not addressed promptly.
Read more »
IMF, World Bank and their Russian roulette with Nigeria, By Umar Farouk BalaThese policies, which the IMF and World Bank often recommend, have proven counterproductive in many developing countries.
Read more »
Access Bank Named Financially Inclusive Bank of the Year at IFICAccess Bank won Financially Inclusive Bank of the Year at the 2nd International Financial Inclusion Conference, recognizing its efforts in expanding financial access for unbanked communities in Nigeria.
Read more »
Zenith Bank Plc Recognized as 'Bank of the Year, Nigeria' in 2024 AwardsZenith Bank Plc has earned the prestigious 'Bank of the Year, Nigeria' award from The Banker's Bank of the Year Awards 2024, highlighting the bank's robust management, strategic business model, and dedication to sustainability and ESG practices.
Read more »
Zenith Bank Plc Named 'Bank of the Year, Nigeria' in The Banker’s 2024 AwardsZenith Bank Plc has received the prestigious 'Bank of the Year, Nigeria' award in The Banker Magazine's Bank of the Year Awards 2024. The accolade recognizes the bank's robust management, strategic business model, and commitment to sustainability and ESG practices.
Read more »
Access Bank to acquire 100% stake in South Africa's Bidvest BankAccess Holdings says its banking subsidiary, Access Bank Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of a 100 percent equity stake in Bidvest Bank Limited.
Read more »