The International Monetary Fund (IMF) and the World Bank have been criticised since their inception.
Although these two institutions emerged from the Bretton Woods Conference in 1944 to support the global monetary and economic system, today, almost 80 years after their founding, we still live in a world riddled with crises, debt, inequality and poverty, as well as natural disasters and their enormous humanitarian and economic consequences, which are exacerbating pain and instability around the world.
Both institutions have a role in this.
The two institutions are closely linked in their origins, coordination, and implementation; almost every country in the world is a member of both.
The work of the IMF and the World Bank began with the hopes of their founders to prevent a repeat of the Great Depression in the 1930s by expanding the horizons of economic cooperation and helping countries with balance of payments problems.
With the transformations unfolding in the global economy, the focus of these institutions has shifted to developing countries.
Since the 1980s, the policies of the IMF and the World Bank have been dominated by the principles of new liberalism, represented by the free market, privatisation and trade liberalisation.
These policies were imposed on developing countries through structural adjustment programmes, which required borrowing countries to meet certain conditions.
The reputation of the two institutions has wholly changed. It is constantly subject to harsh criticism due to the imposition of one-size-fits-all lending programmes that have had a devastating impact on people's living standards, human rights, and the environment.