CHINA Leave World Bank: End of Western Financial Institutions?

The World Bank has faced significant criticism from the Global South due to its lending practices and the conditions attached to its financial aid. These criticisms stem from several major issues, beginning with the imposition of structural adjustment programs (SAPs) during the 1980s and 1990s. These programs, often implemented in African nations, required drastic cuts in public spending, privatization of state assets, and economic liberalization. While intended to stabilize economies and promote growth, these measures frequently resulted in increased poverty, reduced access to essential services, and social unrest.