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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:The Rich Shall Inherit the Earth: Towards an Analysis of the Role and Impact of IMF Structural Adjustment Programmes in Sub-Saharan Africa
Author:Mlambo, Alois S.ISNI
Notes:biblio. refs., ills.
Geographic terms:Subsaharan Africa
economic policy
Politics and Government
Economics and Trade
Development and Technology
international relations
Economics, Commerce
Structural adjustment programmes
developing countries
Economic and social development
International Monetary Fund
External link:https://journals.co.za/doi/abs/10.10520/AJA03790622_404
Abstract:This article analyses the role and impact of IMF structural adjustment programmes (SAP) in sub-Saharan Africa and argues that the programmes are mis-targeted, ineffectual and harmful to these countries. It contends that IMF programmes in sub-Saharan Africa have resulted in reduced incomes, increased poverty, deteriorating social conditions, reduced growth potential and the deepening of dependency. Moreover, IMF austerity regimes worsen the conditions of the poor through, inter alia, growing unemployment, declining incomes, escalating prices for basic commodities and declining access to medical and educational facilities. The laissez-faire ideology which the IMF promotes benefits the industrialized countries at the expense of the societies and economies of developing nations. The study recommends that ruling elites re-think their development strategies in order to reduce balance-of-payments problems, minimize external borrowing, use available resources responsibly and thus avoid the need for IMF-type adjustment programmes. Notes, ref., sum.