MICs are defined by the World Bank as having: “1. Similar incomes (by definition between $3,036 and 9,385 per capita); 2. Better Policies (but not consistently so); 3. Better institutions (but not all); 4. Better access to external finance (but only 22 out of 69 were investment grade and another 20 had volatile access); 5. Alternatives to the Bank for funds and advice; a test of the Bank’s value added.” From WB Conference on Effectiveness of Policies and Reforms: 4/10/2004
It is time for the IMF and World Bank to understand their own responsibility and decolonise their approach.
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