Africa/Global: Twin Institutions need Reforms

The International Monetary Fund (IMF) and the World Bank recently celebrated their 60th Anniversaries. To the two institutions, writes Douglas Ngwenya in this commentary on the Afrodad website, this was a sign that they are maturing, but to the Highly Indebted Poor Countries (HIPC), it was a sign that the Bretton Woods Institutions are growing too "old, devious and irrelevant". "Their mandate to provide a mechanism for the transfer of financial resources from the rich nations to the poor nations and to promote reconstruction and development is visibly vanishing into thin air. The ageing of these institutions has been at increasing misery for the world’s poorest nations." Read the full commentary by visiting Afrodad's website.