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The I.M.F. in Africa: Unnecessary and Undesirable Western Restraints on Development

The International Monetary Fund has established itself as the most important economic actor among the many international agencies of our day. Indeed, the most powerful market-economy governments and banks now look to it for leadership in assessing and resolving the key difficulties of world finance. But the I.M.F. has yet to resolve the major problem that it faces as an institution and that its most influential members refuse to recognise as they try to fashion a world economic order: dominated politically, legally, and institutionally by the market élite, the Fund has yet to make the cultural and political leap necessary to understand and work with, rather than against, the majority of its members who are in the Third World. Until the I.M.F. does so, it will continue to be harshly criticised and distrusted by the less-developed countries (L.D.C.s), and it will never achieve either its economic and political potential as a major international agency, or its supposed goal of ordered world economic prosperity.