Although on the surface the World Bank and IMF claim that their policies are designed to improve the economies and therefore the lives of the people living in those countries. However the reality is much different, unfortunately there are many ways in which the IMF and World Bank has failed the nations it has tried to help.
One of the main reasons for this is a failure to recognize the uniqueness of issues affecting each nation and offering a standard solution for all their problems. However today economists recognize the failure of these institutions as they existed in the 80’s and 90’s and even officials within these banks admit the need for flexibility and customization. One of the constant complaints against the World Banks has been that the projects that it has invested in have actually made life harder for the locals, by causing displacement and environmental pollution. The problem with the IMF is considered to be that the policies it implements on nations when for example it comes to solve their balance of payment problems offer only short term solutions and fail to address the real issue.
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