Who is the money owed to, and who controls global finance?

Countries borrow money from other countries (bilateral lending), multilateral institutions (e.g. the IMF, World Bank, African Development Bank), and private lenders (e.g. commercial banks and funds). Lenders dominate in setting the rules and definitions surrounding debt issues, especially the International Financial Institutions (IFIs), the World Bank and the IMF. 

• The World Bank

Aim: To end extreme poverty and boost shared prosperity

Activities: Gives loans for specific projects with conditions, or policy advice, to countries in the Global South.

• The IMF (International Monetary Fund)

Aim: To create global financial stability and sustainable economic growth

Activities: Gives loans to countries who are in financial trouble. IMF loans come with strict conditions.