Advantages And Disadvantages Of The IMF And The World Bank
The world is big, and there are a lot of domains that specified people work on each one of them, as for the international financial aid, there is the World Bank and the IMF (International Financial Institutions), which are responsible about the domain, in fact, "International Financial Institutions are representatives of the United States, Great Britain, France, Russia, and 40 other countries, all of them work in post-war international financial order." According to Globalization101 (n.d.)
Considering the progress of the IMF and the World Bank since its establishment, it has done its own advantages or disadvantages to such countries, however, in the last decades we can see how the world went through a lot of events in many aspects, one of them which is finance,
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First, critics say that the conditions placed on loans are too intrusive and compromise the economic and political sovereignty of the receiving countries.
Second, critics say that the IMF imposed the policies of the Washington Consensus on countries without understanding the distinct characteristics of the countries that made those policies difficult to carry out, unnecessary, or even counterproductive.
Third, critics say that the policies were imposed all at once, rather than in an appropriate sequence.
Fourth, critics say that the IMF was not open to criticism or public oversight when working on these policies, leading to arrogance and a lack of connection to the reality on the ground in the affected countries. According to Globalization101 (n.d.)
However, that leads me to feel the negativity and positivity of the IMF, in my opinion, the IMF is important for the planet, but it should fix everything that is criticized in order to make fair and acceptable decisions by all, any criticizing should be
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