The African countries trapped by poverty and debts have been obligedto perform neoliberal structural adjustment by international financialcommunity (especially Bretton Woods institutions) since 1980s. Theneoliberal policies which promoted all sort of deregulations, privatizations,and opening the market exhausted developmental energies and destructedsocial equity in African nations. Moreover, the African debt problemscouldn’t be solved at all.
Faced with class polarization, aggravated debt burdens, anti-neoliberalmovement on the global dimension, and frequented financial crisis, theinternational financial institutions invented new global prescription in thename of “poverty reduction strategic paper.” Although the newdevelopmental programs spread such a gospel as national ownership,participatory democracy, and empowerment of citizen, they still imposeneoliberal structural adjustment on the poor African countries and theprinciples for the development doesn't respected. The neoliberalism,disguised as philanthropy and democracy, now enlarge its power beyondeconomic sector to socio-political spaces.