African Commission Calls for IMF, World Bank Dismantlement
Advocate Layla Latif said the institutions, established in 1944 when most of Africa remained under colonial rule, cannot adequately serve the continent's needs.
LILONGWE, Malawi — An African commission of inquiry called for dismantling the International Monetary Fund and World Bank, declaring the institutions perpetuate economic violence across the continent, writes Ireen Kayira.
The African People's Commission of Inquiry made the declaration Friday during a two-day international tribunal in Lilongwe that drew participants from across Africa.
Advocate Layla Latif said the institutions, established in 1944 when most of Africa remained under colonial rule, cannot adequately serve the continent's needs.
"They should not exist and we should have them completely replaced by institutions that understand the social, economic, fiscal governance and cultural concerns and the realities of the continent," Latif said.
She cited Kenya's House of Fiscal Wisdom as an alternative model, describing it as working toward interest-free credit systems.
Civil society activist Mavuto Bamusi said the IMF and World Bank have operated in Malawi for nearly 60 years while poverty persists.
"To a high extent, this has been contributed to the devaluation policies which the IMF has insisted that Malawi should undertake," Bamusi said.
He noted Malawi's currency has devalued by more than 75% over three years.
The commission's judgment found that austerity measures imposed by the institutions "constitute economic violence" and declared the global financial architecture "illegitimate, neo-colonial, irreparably violent."
The African People's Commission of Inquiry concluded that the institutions have trapped Africa in economic dependency cycles, undermining development rights and compromising sovereign governance.