ANC and EFF critical of World Bank’s efforts in developing countries
The bank admits its past mistakes, but in its report about the ‘legacy of exclusion in SA’, cites the country’s low investment, high unemployment and crime
The ANC joined forces with the EFF in parliament on Tuesday in criticising the track record of the World Bank in developing countries. The critique came after a presentation to parliament’s finance committee by World Bank senior economist Marek Hanusch on the bank’s report on SA called "An Incomplete Transition — Overcoming the Legacy of Exclusion in SA". EFF chief whip Floyd Shivambu said the World Bank’s structural adjustment programmes had contributed to inequality so it could not meaningfully contribute to a debate on how to lessen poverty and inequality in SA. He said it would be foolhardy to even consider what the bank had to say and that instead it should explain its failures, which had exacerbated poverty. One of the bank’s proposals is for the private sector to have a greater role in policymaking but Shivambu pointed out that whenever there was a shift in policy, the private sector almost always argued for retaining the status quo. Committee chair Yunus Carrim (ANC) said a ...
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