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The role of the world bank and imf
The role of the world bank and imf
The role of the world bank and imf
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The role of World Bank in the international political economy and its impact on the poverty.
Zartashia Jahangir (15192)
Muneeba Tariq (15389)
Summyia Tanveer (15647)
Khadija Bibi (15213)
Vision (World Bank Mission Statement):
"The World Bank Group, passion and professionalism for lasting results with is to fight poverty - from the production of resources to help themselves and to their environment, the ability to share knowledge construction, and private sector partners to build publican.”
Introduction:
IMF, World Bank and WTO in the global economy has been the central pillar, and called them "the architect of the global economy." In fact the IMF and the World Bank Bretton Woods conference established in 1944. The World Bank's official goal is the reduction of poverty.
IBRD- Industrial Bank for Reconstruction & Development.
IDA-International Development Association.
IFC- International Finance Corporation.
MIGA-Multilateral Investment Guarantee Agency.
ICSID-International Centre for Settlement of Disputes.
The World Bank roads, power plants , schools, dams , bridges , ports and other " infrastructure " projects as governments to finance long -term loans makes . Countries “structural adjustment programs “(SAPs) have agreed to accept the World Bank will extend loans only. SAPs democratic debtor countries by people who are not decided upon. The former colonial world is forced down the throats of people. To pay off the debt, the World Bank demand government’s public assets and companies (privatization), and health care, education, childcare, and cutting spending on social services like pensions by selling off state funds.
U.S. and other developed capitalist countries, policies workers both directly and indire...
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...ased on poverty reduction, the country's financial and economic situation, with detailed analysis of a cross section of local groups by combining a World Bank strategy unique to the country in question. If the government’s priorities and identify targets for poverty reduction and the World Bank’s aid efforts correspondingly Aligns this.
Forty- five countries " aid for the world's poorest countries ", in which the distribution of loans to poor countries, the World Bank's International Development Association ( IDA ) is a U.S. $ 25.1 billion in promised aid . Rich countries, occasional illnesses, including their support for their projects , funds and IDA recipient of criticism , although Robert B. Zoë lick , World Bank president , was announced on 15 December 2007 loans when they said though that IDA money " poorest developing countries that rely on the basic grant ."
The Structural Adjustment Programs (SAPs) are economic policies imposed on countries that borrow loans from the World Bank (referred to as “the Bank”) and the International Monetary Fund (referred to as “the Fund” or IMF). Originating from the right-wing neo-liberalism ideology of the Bank and the Fund (which are the International Financial Institutions or “IFIs”), the SAPs were created to establish a free market economic system in the borrowing (developing) countries, which lead to privatization within those countries. The Bank and the Fund tell the critics that the SAPs help ensure that the money lent will be spent in accordance with the overall goals of the loan and help in re...
Poverty is not just an issue reserved for third world countries. Instead, poverty is a multifaceted issue that even the most developed nations must battle
The Council of Economic Advisors. (2014). The War on Poverty 50 Years Later: A Progress
The World Bank Group. "Understanding and Responding to Poverty." PovertyNet. 16 March 2001. Online: http://www.worldbank.org/poverty/mission/up3.htm.
Poverty is such an important issue to address, not only for those suffering directly from it, but because high levels of poverty decrease GDP, damaging the economy, thus creating an endless, viscious cycle. “Not only is the reduction of poverty important for those affected, but it also has an impact on welfare spending,
United Nations Development Programme. Poverty Reduction and UNDP. New York: United Nations Development Programme, Jan. 2013. PDF.
...Lower Public Debt, Structural Reforms Critical, says IMF’, IMF Country Report. International Monetary Fund, Washington, D.C. No. 11/181.
The IMF was not designed to be an aid agency but its role in economic
“Surviving Progress” explains that these exponential rates of development have been kickstarted by encouraging nations who were struggling economically to take out massive loans that they would not be able to pay off due to high-interest rates. An example of this can be seen in the “Structural Adjustment Programs” (SAP), which are loans that were given out by the World Bank and International Monetary Fund (IMF) and required nations to follow economic policies in order to have past debts forgiven. These loans required countries to pay
...y agendas in that they attempt to help countries in need and promote economic stability and development. However, their one size fits all policies can sometimes harm the countries they are trying to help, especially for developing countries. Their neoliberal policies often create problems in the soft sectors including education, health, and housing. This problem could be credited to the institutions, especially the IMF, which are largely comprised of macro-economists who specialize in short-term macro-economic stabilization, when developing countries need fundamental reform for the long term (Murtaza 2). These institutions should also take into account the unique circumstances of each individual country they work with in order to create policies that cater to the specific interests of each country and prevent as many negative consequences for the people as possible.
...esh”. Working Paper No 143. Research Program on: Good Governance and Poverty Alleviation by OECD Development Center.
The Globalization of Poverty: Impacts of IMF and World Bank Reforms, Michel Chossudovsky, (Penang: Third World Network, 1997)
...r debt relief under the Highly Indebted Poor Country Initiative, reducing the payment burden on the Government by USD 6 Billion. The Government has worked diligently to establish the Vision 2030 plan and the Fifth National Development Plan which will guide economic development in the coming years.10
International aid furthers economic laziness among the poor nations, making them stay longer in poverty when they could work ways easily out o...
Starting from the year 1990, the international community has set up plans to eliminate poverty in the world by the year 2015 with a set of specific goals to be achieved by that date. These goals were set up according to the studies done beforehand, that showed where and what the major poverty areas and problems in the world were. These studies explained that although the poverty problem was extensive, there were several factors of which the crisis was mainly constituted.