Africa's underdevelopment and re-evaluation of the role of the IMF

Abstract

Modern international relations are characterized by the deep integration of national economies into the global economy, influenced by developed capitalist nations like the G8 members. This study looks at how international organizations contribute to the underdevelopment of African countries and explores whether the IMF promotes interdependence or exploitation and reliance. The Ivory Coast, Senegal, Uganda, and Zimbabwe are the main subjects of this study's further analysis of the IMF's effects and prospects for the developing world. This study used secondary research methods as a source of data. The study makes the case that the IMF has played a clear role in the economic reform programs in the liberalization policies and free market economy by using a dependency framework of analysis, modernization theory, postcolonial theory, and neo-liberalism theory. The article concludes that given the exploitative influence and the reliant and disadvantageous situations of the listed African nations in the modern economic globalization process, these third-world countries' socio-economic and political futures are dismal. African nations should unite in order to have a stronger voice in the major organizations and structures of the economy, such as the Bretton Woods institutions and the World Trade Organization, which support and perpetuate economic globalization.