Monetary Fund And The World Bank

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nternational Monetary Fund and The World Bank, though has a good purpose of their existence, they have come under lots of criticisms as to how they use the leverage of being in a position of helping poor countries to either recover from economic collapse or give them debt relief and economic boost from loans they give out to them to impose policies and condition that those poor countries has to implement. These loan conditions and policies structured by these international financial power institutions are geared towards moving resources from the poor countries to the rich western countries. The end result is creating a situation where the poor countries sunk into more economic suicidal condition in which they have to still depend on more loans or aids to survive and they would have to comply with any condition attached to the help, due to the urgent need of support. As history goes, the International Monetary Fund and its fraternal institution, The World Bank were created in 1944 after the second world war to rebuild Europe and its surrounding poor western countries. As stated “The Bank 's first loans were extended during the late 1940s to finance the reconstruction of the war-ravaged economies of Western Europe”(Driscoll, 1996). But these funds were later extended to other poor countries who may need help with a boost in economy. This is what later became of the world bank 's responsibility towards lending helping hand to poor countries. The IMF website state that “The
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