by Alec Wills
The COVID-19 pandemic has thrust the world into a state of extreme uncertainty and grave socioeconomic instability. The damage has been twofold: a severe public health crisis combined with a massive contraction of the global economy. As a result, many countries have been put into a severely stressed economic position¹. Large amounts of resources are needed to craft and enforce appropriate policies, such as providing additional funding for the healthcare sector, financial relief for the unemployed and/or struggling, and vaccination procurement. The lack of wealth and resources in lower income countries might make these tasks immensely challenging. Enter the International Financial Institutions (IFIs)–specifically, the International Monetary Fund (IMF) and World Bank–whose roles are to provide loans to countries in crises and/or precarious economic positions, loans with conditionalities which the receiving government must comply with. What are the benefits and drawbacks of these transactions? Are the IFIs the saviour of the Global South? Or are their actions a Trojan Horse: a tactical maneuver designed to undermine and conquer disguised as a gift. This was the topic discussed in the “IMF/World Bank: A Modern Day Trojan Horse?” seminar for UTSC’s Global and International Health Week. Below, I offer a reflection on this presentation.
Continue reading A Summary of “IMF, World Bank and COVID-19 Relief – A Modern-Day Trojan Horse?”
