The International Financial Institutions That Created Problems For The Nation That Received Its Assistance
In July of 1944, United Nations Monetary and Financial Conference gathered delegates from 44 nations in Bretton Woods, New Hampshire to address the concerns of the stability of global economic markets and to give assistance after The Great Depression of 1930s and post economic reconstructions. The conference established the International Monetary Fund and World Bank which is originally known as International Bank for Reconstruction and Development.
These World Bank’s mission claims to "aims to reduce poverty in middle-income and creditworthy poorer countries by promoting sustainable development, through loans, guarantees, and non lending-including analytical and advisory-services”. Yet due lending of projects that caused environmental damages, social problems and high debt to developing countries, its existence and goals have been subject to criticism.
According to Nicolas (2011), IMF and World Bank have been “vital in ensuring that Philippine economic policies hew to the needs of foreign, especially U.S., monopoly capital. Its stabilization and structural adjustments have set changes and virtually influenced every sector of economy.”
According to the Jubilee Campaign Coalition (2013), through the course of Marcos’s dictatorship, the IMF and World Bank lent the regime $5.5 billion, with a further $3.5 billion coming from foreign governments such as the…