In the 1980s-90s, the IMF imposed structural adjustment programs on 40+ African and Latin American nations, requiring deep cuts to social spending, privatization of profitable state enterprises, elimination of subsidies, and removal of trade protections. Results: local industries collapsed, food dependency increased, inequality worsened, and the promised growth never materialized. Mexico was the first in 1982 -- by the 1990s, most of Sub-Saharan Africa was under SAPs. Economists point to 'few, if any, examples of substantial economic growth' among the least developed countries under SAPs.
IMF structural adjustment programs bankrupted local industries and gutted social services across 40+ African nations
“The IMF doesn't rescue developing nations -- it imposes conditions that destroy their economies, force privatization of public assets at fire-sale prices, and create permanent dependency on Western financial institutions.”
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