"The hardship that the IMF and the World Bank heap on climate-devastated communities falls in line with the legacies and realities of colonialism. The logic of their mechanisms can be traced back to the insurance system, capital markets, and financial instruments that fuelled the transatlantic slave trade.
During that time, enslaved Africans were viewed as chattel and nonhuman property, ships owned by enslavers were insured by major brokers, and slave-produced commodities received investment from colonial governments and financial corporations. These all aimed to accumulate the wealth that produced metropolitan Europe.
The World Bank and the IMF operate today as neocolonial institutions that continue the agenda of Euro-American imperial powers. They do not act to mitigate disasters but perpetuate them through debt bondage imposed on climate-devastated countries in the Caribbean and elsewhere."
https://www.aljazeera.com/opinions/2024/11/24/the-imf-and-the-world-bank-must-be-abolished-to-save-the-planet
