The Pros And Cons Of World Bank
The international financial institutions are the vital source of financial and technical assistance to developing countries around the world. World Bank was established in 1944, the World Bank Group is headquartered in Washington, D.C. It provides low-interest loans, zero to low-interest credits, and grants to developing countries. These support a wide array of investments in such areas as education, health, public administration, infrastructure, financial and private sector development, agriculture, and environmental and natural resource management. (World Bank website). The International Monetary Fund (IMF) was established in 1946 to developed and promote all monetary cooperation and remedy economic problems incurred during the post - war …show more content…
There has been attempt in the resolution of these issues for the stabilization of the economy through the process of debt collection. Instead of aiding with the refurbishment of economies, the degree of debt built up by countries destroys economic activity and escalate the levels of unemployment within these countries. The perfect example of world bank project that cause harm to the countries that receive the assistance is Structural Adjustment Programmes …show more content…
These policies sometimes create unemployment to the nations that receive it. Using my own country Ghana for example, one of the IMF programme has result in massive job cuts in the public sector. International monetary Fund (IMF) in 2008 advised Ghana to consider job freeze in the public sector in order to contain the wage bill or to reduce the public sector expenditure which Ghana government complied. If the government had not compiled, IMF would have refuse to grant loan or any other assistance to Ghana. Which has led to massive increase in the graduate unemployment due to the fact that the private sector can only employ about 2% of the graduate every year.
It is apparent that the roles of the international financial institutions have had disastrous affects in the developing countries. These institutions aim is to help relieve poverty in the developing countries. However, this aim had not achieved as the cause of Somalia and other countries and therefore cause more harm than good and living these state in a worse condition than before the
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