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Is The IMF Biased Against Developing Countries?
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Is the IMF Biased against Developing Countries?
There are divergence opinions regarding the role being played by the IMF in developing countries. Some people believe that the IMF does not support developing countries and mostly champion the interest of banks and creditors.
Findings
The analysis of the articles established that people have a different opinion and some people believe the IMF does not support developing countries. It is stated that the IMF has strict conditions which do not serve the interest of developing countries. Many programs started by the IMF have failed because they do not focus on the social, economic empowerment of the people. However, it is also established that the IMF programs meant to set developing countries to build their fiscal policies. The IMF is called whenever a country in trouble and it has helped some countries. Venezuela and other countries have called on the IMF, but some countries failed to meet conditions set by the IMF before it provides assistant. Moreover, defenders of the IMF believed that critics are unfair to the body and on many occasions, it has helped developing countries to strengthen their economic policies and spearhead economic growth.
Personal comment
The IMF has done wonderful work in helping developing countries to strengthen fiscal policies. People who critics the IMF are leaders who have failed to established structures and fiscal policies as adviced by the IMF. It is also likely that corrupt leaders who are only after the IMF funds but fail to implement better financial regulations. The IMF programs are not fictitious, as claimed by critics. Therefore, it would be advisable for the IMF to continue working in advising governments to reform financial management system for developing countries.
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