To my understanding, countless amount of people is still suffering as their economy still goes through hardship due to organisations like International Monetary Fund (IMF) and the World Bank. Even though the organisations have been vocal about their goals to reduce poverty, they continued to implement their conditions such as the Poverty Reduction Strategy Paper (PRSPs), Enhanced structural adjustment facility, Structural Adjustment Facility, Extended Credit Facility and Structural adjustment programmes.
Each programmes conditions that offer have not been a smooth process for countries that are already running on deficits. There is evidence that shows that the countries have gone worse off. For example, when Structural adjustment programmes …show more content…
They will just agree just so they’re in a better situation that they are currently in. The victim may have a clear understanding on how to exhaust their loan but not how it will run long term. Even if they forecast possibilities. For example, someone who doesn’t know how to save money wins the Lottery. They win big and because they don’t really know how to save, they either splurge or think sensibly on how to spend their winnings. It’s never in the middle either a small change is made for a better future or a big change is made now to fix all issues. Let’s say this person had splurged all their winnings and they have nothing left to survive on. The banks approached this person and loan them a substantial amount of money to fix their error. This person hasn’t learned from their mistake. They will practise the same spending habit they are custom …show more content…
This means diseases such as AIDS have increased death tolls. The people cannot afford to increase their chances of living. One of the statistics the World Bank stated was that “nearly 1 billion people still live in extreme poverty, subsisting on a daily income of less than US$1 per day” (Malani, 2007). The country continues to pay the loan and keep the policies enforced on them by the International Monetary Fund (IMF) and the World Bank while the debt keeps rising due to interest payments.
There are 25.3 million people living with AIDS in Africa (Dembele, 2005). And the majority of them have died with little help available to them. “People are literally dying of debt” (Dembele, 2005). And still, IMF and WB and all other organisations don’t see themselves as the cause of this epidemic.
In the end of the day, these organisations are designed to act like any other banks. Professional thieves and we all know how they operate and how they get richer sadly, we still use them because we think they are the only way we can rise from our financial situations. The people that created these organisations knew their purpose are and know who their clients are. Even though Africa has already paid off their loan, they are still paying the interest it has incurred since the
Each programmes conditions that offer have not been a smooth process for countries that are already running on deficits. There is evidence that shows that the countries have gone worse off. For example, when Structural adjustment programmes …show more content…
They will just agree just so they’re in a better situation that they are currently in. The victim may have a clear understanding on how to exhaust their loan but not how it will run long term. Even if they forecast possibilities. For example, someone who doesn’t know how to save money wins the Lottery. They win big and because they don’t really know how to save, they either splurge or think sensibly on how to spend their winnings. It’s never in the middle either a small change is made for a better future or a big change is made now to fix all issues. Let’s say this person had splurged all their winnings and they have nothing left to survive on. The banks approached this person and loan them a substantial amount of money to fix their error. This person hasn’t learned from their mistake. They will practise the same spending habit they are custom …show more content…
This means diseases such as AIDS have increased death tolls. The people cannot afford to increase their chances of living. One of the statistics the World Bank stated was that “nearly 1 billion people still live in extreme poverty, subsisting on a daily income of less than US$1 per day” (Malani, 2007). The country continues to pay the loan and keep the policies enforced on them by the International Monetary Fund (IMF) and the World Bank while the debt keeps rising due to interest payments.
There are 25.3 million people living with AIDS in Africa (Dembele, 2005). And the majority of them have died with little help available to them. “People are literally dying of debt” (Dembele, 2005). And still, IMF and WB and all other organisations don’t see themselves as the cause of this epidemic.
In the end of the day, these organisations are designed to act like any other banks. Professional thieves and we all know how they operate and how they get richer sadly, we still use them because we think they are the only way we can rise from our financial situations. The people that created these organisations knew their purpose are and know who their clients are. Even though Africa has already paid off their loan, they are still paying the interest it has incurred since the