The point being made that the IMF and the World Bank lend ‘critical support’ to countries around the globe is well noted. However, the real issues go beyond ‘lending support’ to countries. More pertinent issues are the associated costs, the outcome and impact on the society, of that support.
Different countries have implemented IMF-prescribed reforms with varied outcomes over time and space. It is easy to point to ‘success’ stories around the world…. Vietnam, Malaysia, Indonesia, South Korea etc. but it is difficult to ignore the disastrous consequences of SAP in Nigeria and indeed in several other countries….
Market-based reforms also almost always inflict excruciating pains on citizens, worsen poverty, unemployment and living standards. The recent withdrawal of subsidy payments has exacerbated Nigeria’s inflationary trends and has consequently lowered real wages, reduced citizens’ buying power and pushed millions into poverty.
I am also a realist. State interventionist policies or meddlesomeness in the economy have led Nigeria to where we are today: a struggling nation with a fragile economy and widespread poverty. State intervention has been neither judicious nor responsible.
Source: News Formal (newsformal.com)
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