World Bank and International Monetary Fund... help us Indians..
May 13, 2011 11:04pm CST
I am seeking stern conditions imposed by international institutions and foreign aid givers. Our politicians are showing no will to correct the problems the right way. There are ample wasteful expenditures which though internal matter, should not be financed from foreign funds. For example giving hefty pays to ministers, building statutes, holding rallies, burning buses, and many such things that can jeopardize recovery of funds for foreigners. Shouldn't they then impose some restrictions for any such aid? And any such conditions should be stated openly and applicable to the entire nation. People should realize that they are the losers should they behave in such manner.
30 May 11
I am on unsure ground here and so maybe this link should correct some of the inconsistencies: http://business.rediff.com/slide-show/2009/nov/03/slide-show-1-why-india-bought-imf-gold.htm as should this one: https://rainbowwarrior2005.wordpress.com/2008/11/18/world-bank-imf-loans-not-universally-welcomed/ maybe this one will also throw some more light: http://www.financialexpress.com/news/indias-10bn-loan-to-imf-will-ensure-higher-quota-voting-share/523984/ No offense intended, but India has foreign exchange reserves of over Us$200 billion, so maybe we are talking of small money loaned for projects and to states. I think it is the states that are borrowing from the IMF. Here is another link that may help. http://www.worldbank.org.in/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/INDIAEXTN/0,,contentMDK:20158985~menuPK:295589~pagePK:1497618~piPK:217854~theSitePK:295584,00.html
30 May 11
For starters I am very ignorant. You seemed to have pulled up a lot of information, my remark was more general in nature. I do feel that resources whether they belong to India, or any foreign nation are limited. We certainly cant waste them through vandalism and undesirable expenses such as large hoardings or statues that are not reusable, nor serve any purpose good for humanity. If that amount that was diverted towards such wasteful expenditure was not borrowed, perhaps it could have used to feed some hungry people, or help in some calamity. In contrast, this seems really like a crime to spend away money on such non-productive, non beneficial things, isn't it? I agree States are borrowing from IMF. And while it may be Indian States, if they fail to pay up, it would be the center that would be bleeding, so it is indirectly a burden on center. I am just seeking some sanctions...like the money will be loaned subject to condition that there will be no strikes no vandalism no statues, no hoardings made of something that cannot be used...blah blah. Political parties instigating vandalism would be forced to rethink because ultimately they too would suffer. Its time we behaved as human beings isn't it?
1 Jun 11
I am suggesting that IMF must insist that not withstanding the monies given by supporters, or others, no statues will be erected. Rallies, if any should only be through green medium...television. And the state should show drastic improvement in its law and order, effectively forcing political leaders to be responsible.
• Bhubaneswar, India
14 May 11
Dear Vandanaji The WB or the IMF work on papers and our Indian Politicians are great twisters of facts when it comes to putting up the balance sheets etc - the Scams in the recent years testify that - though they surfaced up, it was not because of the written documentations (balance sheets or account statements but more because - why did I not get my share thing). As long as they WB or the IMF dont get a representative here to overall see and expediate the expenses(finances / monies lended), there is not much possible... And our great leaders would say that this is against any law of land - why should a 3rd party be entrusted to judge us. For us, the common people... we have too many issues at hand and all of us can look up to people like Anna Hazareji but we cannot come out on roads to be one of his kind. Again, if we all became Anna Hazareji, who would listen to us as it will become a thing happening just next door. The issues you have been discussing over the last few days are really great but unfortunately, I feel that these points are good to discuss but expecting a result or changes (in Indian Scenario of at least today) seem fragile...
14 May 11
Hi sids..thanks for saying these issues are great. Now, the reason I am raising it is that when and ever any country does think of giving aid to us, they think deeply. They do have ways to express and discuss and convey their thoughts. What they are not aware about is what we need to emphasize so that they can take appropriate actions. As to world bank, and IMF I dont think it is possible for them to monitor. But they could insist that any reports of bus burning, or statue installation, or others anywhere would mean withdrawal of the funds almost immediately. Likewise, they could insist that since the nation itself is seeking help from outsiders, ministers should do their bit, by sacrificing their salaries and government servants should be denied any additional DA or whatever. That would put these negotiators of loans on wrong foot. They would be forced to maintain law and order in the country, and reduce wasteful expenditure. I guess it is idealistic way of doing things, but it is something that can be thought of, isn't it?
• United States
16 May 11
I'm not sure how the IMF and World Bank would do this. From what I hear, there's a lot of shady things that go on in the world when it comes to those two organizations. Part of the reason why there is a global economic crisis is because of these two organizations because they're made up of foreign banks. The Federal Reserve here in the US was established by private banks without the consent of Congress in 1912. You can learn more about this in the film "America Freedom to Facism" on You Tube to see how this government really operates.
29 May 11
That is actually an interesting information. I got to learn a lot from that. As to IMF and World Bank, I do feel we need some machinery that helps nations out in times of crisis. If we dont, we actually hurt ourselves. This is because people will be too hungry, thirsty, and cold, and see loved ones dying and become angry at others indifference, and start some terrorist outfits. So being compassionate to others, I feel has more benefits for us. But from nowhere can I see burning buses, installing statues and stuff like that a way to use IMF funds. It becomes necessary for citizens to be responsible if they are borrowing. It should also be necessary for politicians to spend wisely the monies that borrow. Unfortunately, there is the physical fear, which is the reason the educated and rational folks are unable to take it up. However, institutions such as IMF and World Bank can certainly insist on such things. After all, that money which eventually goes to build statues and hoardings could've gone to some hungry mouth somewhere in Rwanda or Ethiopia. Isn't it?