Creative Commons: Deborah W. Foreign indebtedness has been and continues to be used as an instrument for subordinating the borrowers. Since their creation, the IMF and the WB have violated international pacts on human rights and have no qualms about supporting dictatorships. A new form of decolonization is urgently required to get out of the predicament in which the IFI and their main shareholders have entrapped the world in general. New international institutions must be established. The concept of the World as a huge bureaucracy, gradually freed from the influence of the US, is actually a far cry from reality. It financed public and private projects in Third World and East European countries.

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