Food security has declined dramatically in all Third World regions, but in Africa in particular. Growing dependence on food imports, which is the lot of sub-Saharan Africa, places these countries in an extremely vulnerable position. They simply do not have the foreign exchange to import enough food, given the fall in export prices and the need to repay debt. Basic conditionalities of the IMF-World Bank include drastic cuts in social expenditures, especially in health and education. According to the UN Economic Commission for Africa, expenditures on health in IMF-World Bank programmed countries declined by 50 percent during the 1980s, and spending on education declined by 25 percent.
Similar trends are evident in all other Southern regions.
IMF-World Bank programs come with other requirements. Governments are generally forced to remove subsidies to the poor on basic foodstuffs and services such as rice and maize, water and electricity. Removal of price controls domestically leads to sudden increases in the prices of commodities used by the poor. Big increases in interest rates cause bankruptcies in domestically owned small businesses and further unemployment. Removal almost overnight of trade restrictions throws domestic industries into disarray and liquidation and compounds unemployment.