International Financial Institutions Breaking Down Social Contracts in the MENA

International financial institutions (IFIs) such as the World Bank and the International Monetary Fund (IMF) have played a key role in influencing socio-economic policies across the MENA region, notably through the provision of conditional loans. Embedded within a hegemonic neoliberal ideology, the policies and reforms backed by the IFIs have pushed forward an “effective” minimal state with low social spending costs. The imposed austerity measures have had detrimental social effects and resulted in deteriorating living conditions, which in turn, have contributed to eroding already fragile social contracts in the region.