INTERNATIONAL FINANCIAL INSTITUTIONS AND THEIR IMPACT ON DEVELOPING COUNTRIES
DOI:
https://doi.org/10.55640/Keywords:
international financial institutions, developing countries, international monetary fund, world bank, economic development, structural adjustment programs, foreign aid, global finance, debt relief, conditional lending, technical assistance, poverty reduction.Abstract
This article examines the role and impact of International Financial Institutions (IFIs) on the economic development of developing countries. It provides an overview of major IFIs, including the International Monetary Fund (IMF), the World Bank, and various regional development banks, highlighting their functions in providing financial aid, technical assistance, and policy advice. The article outlines the positive contributions of IFIs—such as access to capital, infrastructure development, and poverty reduction—while also addressing key criticisms, including issues of debt dependency, conditionality, and social impacts. The article concludes by discussing recent reforms within IFIs and the emergence of new development banks, calling for a more inclusive and context-sensitive approach to international development finance.
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