The World Bank Group (WBG) is one of the largest multilateral development banks in the world. Its professed mission: to end poverty and promote shared prosperity in developing countries.
But social movements and civil society, especially in the global South, have questioned the WBG’s economic role for decades. They have been criticising the United States’ (US) domination of the institution. The WBG has been opposed for sinking countries in debt, for imposing conditions on said loans, for shaping economies to the benefit of big business instead of people, and even for backing military dictatorships. Seventy-nine years since its establishment, a reckoning is necessary on the WBG’s performance as a supposed development bank.
Read Ibon’s paper