Failure of IMF and World Bank Policies in Sub-Saharan Africa

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Failure of IMF and World Bank Policies in Sub-Saharan Africa

Over the last several hundred years, Africa has been deprived of the peace that it so desperately needs. For over 400 years, Africa was subjected to the harsh trans-Atlantic slave trade. Europeans and Americans brutally uprooted millions of Africans and shipped them away. Torn away from their homes, Africans were inhumanely exploited for their labor. The slave trade had a devastating effect not only on those involved, but also on future generations to come. The exploitation of Africans continued even after slavery was abolished. A new form of slavery disguised as colonialism quickly took form as an institutionalized method of exploiting Africans. European countries quickly staked their claims to different parts of Africa. Over the course of about 90 years, Africa was subjected to colonial torture in the form of exploitation of natural resources, forced labor, terrorism, expropriation, unfair taxation, and genocide. After the end of colonialism, European nations and the U.S. developed a new method of exploiting Africa. The same countries that were victims to colonialism are now victims to debt. Commonly referred to as the ?debt trap? in the international community, the debt crisis in Africa is quickly becoming a major hindrance to the economic development of the region. The external debt in Sub-Saharan Africa is estimated to be around $230 billion. The World Bank categorizes 33 of the region?s 44 countries as heavily indebted poor countries. The IMF and World Bank have both stepped in to offer their assistance in the form of offering policy advice, structural adjustment programs, and financial assistance. However, initiatives formulated and ...

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