What are the IMF and the World Bank for?
By jerrypandu
@jerrypandu (300)
Indonesia
April 13, 2007 7:50am CST
Is the International Monetary Fund and the World Bank doing a good job in managing the economy of the world?
This weekend the IMF's International Monetary and Financial Committee and the joint World Bank-IMF Development Committee meet in Washington. Both institutions are under pressure to reform Critics say their advice and loans often do more harm than good to developing countries. Now the World Bank president, Paul Wolfowitz, is under pressure to resign over a pay scandal concerning his close companion who worked for the Bank.
Is your country receiving help from the IMF or World Bank? Do you think it is a positive relationship? Do the institutions help rich countries more than poor countries? Should Mr Wolfowitz resign? .
what your comment please?
1 person likes this
3 responses
@rdurusan (624)
• Philippines
14 Apr 07
I.M.F.-World Bank are tools of the rich bussiness corporations to steal the money of poor nations in legal means,although it is illegal in the eyes of many.Mr.Wolfowitz should have resigned a long time ago.This Jews are promoting Zionism without any basis.
@taiguy (478)
• United States
13 Apr 07
The best actions of the IMF and World bank are grants given to countries. Without lending out money, though, these grants would not be available.
In all too many cases the money is not properly allocated, and the countries mismanage what would be a chance for economic revival. The IMF and World Bank do their best to manage these projects, but when your handling millions of dollars it can become cumbersome to keep track of the details.
In other cases the countries end up not economically growing due to the loans, and end up having to pay them back at an interest. These can be for reasons like floods, political turmoil, war, etc. Some people believe the IMF and World Bank let this happen too often, and these people will claim countries like U.S. are just trying to steal money from these countries through the money they provide to the IMF and World bank.
Then there is the case of China. China repeately will go into Africa and spend millions of dollars building dams and other infrastructure. They will them rape the resource of the land (coal, oil, minerals, diamonds, steel) in order to secure their own resources for the future. People argue that in these cases Africa will no longer have their own resources in the future, and that the infrastructure creation hurts the environment.
