The Evolving and Challenging Roles of Certain International Financial Institutions in Developing Countries Under International Law with Particular Reference to Nigeria, South Korea, and Brazil

It is no secret that the developing countries and their fragile economies have been struggling all the way from the twentieth (20th) century into the twenty first (21 st) century. It is equally known that the roles of the International Financial Institutions (IFIs) have been evolving partly as a result of their internal developments, and partly as a result of external developments occurring in the international environment that they operate in. It is the realization of the foregoing, and with hopes of finding ways that the IFIs can positively impact the developing countries in their quest for sustained development, that this research is anchored. This research, therefore, aims to accomplish the following: (1) argue that the roles of the IFIs as conceived by their founding fathers were limited to Euro-American interests; and (2) in light of the developments both within these IFIs and in the international community, these roles have been greatly impacted, (3) that given the precarious nature of the economies of the developing countries, the IFIs must take due cognizance of that in formulating policies and practices that impact these economies, and (4) that failure to show sensitivity to the economies of the developing countries will result in catastrophic consequences for both the developingcountries and the international community