What is it about?
This chapter discusses the legality of the right to development under international human rights law. The relationship between equitable development and sustainable development is also discussed. This enables a context within which to traverse the undemocratic governance practices by the IMF and the World Bank, and how these practices pose a challenge to equitable development in the Global South. The chapter thereafter juxtaposes the undemocratic government practices by the international economic institutions with the obligations of international organisations. The discussion on the possibility of democratic governance at the IMF and the World Bank for equitable development in the Global South concludes the chapter.
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Why is it important?
This book chapter is a pioneering discussion on how the International Covenant on the Right to Development will shape the global balance of power. This is in view of the undemocratic governance practices at the IMF and the World Bank, which affect development financing for developing countries. It is envisaged that once the Convenant becomes a binding international instrument, the governance dynamics at these international economic institutions will change, for the benefit of the developing world.
Perspectives
This chapter provides new gravitas to the need to reform governance at these international economic institutions in view of the International Covenant on the Right to Development, which prescribes that every human being is entitled to a dignified livelihood regardless of their geographical residence.
Daniel M. Walyemera
University of South Africa
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This page is a summary of: Development Financing in the Global South: an Analysis of Governance at the IMF and the World Bank, July 2025, De Gruyter,
DOI: 10.1163/9789004734357_009.
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