There is a growing concern in the global south on the unfavourable nature of the contemporary international monetary system and international debt crisis on development in the global south. This concern have been situated within the liberals and historical structuralist perspectives to the study of international political economy. While both perspective have tenaciously hold on to their postulations on the nature of present international monetary system and the causes of the debt crisis in the global south.This study examine the implications of contemporary international monetary system on debt crisis in the global south. This study is situated with the context of historical research design with data collected from various secondary sources such as journals, books and internet sources. The analysis of the study was carried out using qualitative content analysis. Moreover, one of the implications of the World Bank and IMF structural adjustment and conditionalities on the global south is that its impedes the global south efforts at developing their infrastructure, health service delivery and educational development among others. Lastly, this study recommend among other things, good leadership, good governance and sound domestic economic system are key in addressing the consequences of contemporary international monetary system and international debt crisis on development in the global south.