The IMF and World Bank are controlled by their shareholders, right? It's a shareholders democracy, so to speak. And all their shareholders are the rich governments of the United States and Western Europe. The US has a veto power in both institutions. These structural adjustment programs that global south countries implemented during the 1980s and 1990s were policy packages. In exchange for accessing financial resources they had to implement these brutal, hard-line neoliberal policies.

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