I'm convinced that the unifying problem all these small economies are facing is that they use garbage for money. The IMF/World Bank policies are all aimed at keeping the governments of these countries from undermining their currencies so investors have predictability. I say that, try as they might, it can't happen. If Canada can't keep it's currency hard, Mexico, Mozambique or Morocco have no fucking chance. South Africa has tremendous intrinsic value, wealth and potential for a vibrant internal economy and they have one of the worst currencies in the world. Look at Argentina. Doesnt' their problem amount to a doomed effort to keep their currency pegged?
It can't be done when your bourgeois elite constantly leak accumulated local currency into the major currencies and your most important industries do their most important banking with outside banks. The domestic-currency-denominated credit structure of third-world countries is simply doomed.
I don't think the eggheads at the IMF/WB tell these countries to undergo these belt-tightenings because of an evil intent. I think they see at least the currency problem correctly but they won't admit that it can't be cured by their prescriptions. Either these countries have to close the borders to currency leakage and hope for credit autarky (very tough) or they simply have to stop trying to print their own money and use euros or dollars 9yen if the Japanese get their act together).
If serious people in the first world (Canada e.g.) are considering switching to a dominant global currency then who are these puny countries to think they can fight the beast?
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