Zambia- condemned to debt: how the IMF and World Bank have undermined development

The report finds that:

• the economic influence wielded by the IMF and World Bank and the dogmatic free market approach to economic policy of these two powerful institutions, contributed to Zambia’s economic decline. Other influences included external economic shocks and internal mismanagement and corruption
• privatisation, trade liberalisation and agricultural liberalisation were rushed through in the space of a few years with little or no account taken of their potential impacts
• 1990s, neoliberal economic reforms were pursued to one of the greatest extents in Africa; yet, apart from those countries suffering conflict, Zambia was the worst performing economy on the continent
• intervention of the IFIs takes power away from the government, parliament and the people, and gives it to unaccountable officials and industrialised nation ministers
• despite claims on the side of the IFIs, Zambia’s PRSP process did not involve meaningful engagement with civil society on key economic policy issues
• IMF and World Bank conditions have been unfair by imposing unilateral trade liberalisation through the back door.

The report urges a cancellation of Zambia’s debt, as well as to fundamentally rethink the role of the IMF and World Bank.