Bretton Woods institutions may face African backlash

Significance It was followed by a public relations campaign to encourage Nigeria to maintain its reform efforts. However, as the report acknowledges, and as is true elsewhere on the continent, World Bank and IMF-supported macroeconomic stabilisation reforms carry significant social and political costs. Impacts The World Bank’s focus on poverty alleviation may help shield it from some of the popular backlash focused on the IMF. Both the World Bank and IMF may overstate the role of domestic policies in recent economic improvements. The growing visibility of climate change may provide opportunities for the World Bank to demonstrate its relevance to ordinary people.