The World Bank and the International Monetary Fund in Africa

Half a century ago, decolonization swept like a wave across sub-Saharan Africa, raising hopes and expectations of the future for Africa’s peoples. ¹ Today, the mood is much more sombre. Recent years have seen significant improvements in many African countries, but often these consist largely of recovery from earlier disasters. During five decades in which Asia and Latin America made major advances, most African countries were beset by repeated setbacks and disappointments. Although the proportion of Africans living in poverty has declined, the absolute number is higher today than at any time in history.