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The World Bank And Imf

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As a result of the inadequacies of the World Bank and IMF, Uganda today appears to be no better off today then as they were in the year(s) prior to acquiring the assistance in debt relief in 1998. According to Ana Eiras; “Despite such a monstrous display of resources, according to the index of economic freedom, the Bank’s money has done nothing to improve the economic freedom in recipient countries”. Erias goes on to make it clear that many of the country’s who have received assistance have seen no change or economic improvement and are just as poor as they were many years ago. There is a distinct ineffectiveness on the part of the World Bank and IMF to effectively utilize their plethora of economic intelligence, strategic relationships, and technical and industrial knowledge to help a country to an improved economic state. Uganda received as much as $650 million in US dollars for the purposes of debt relief back in 1998. The relief was to provide assistance in several ways to include an educational program, “the purchase and cancellation by HIPC Trust Fund of outstanding IDA credits” “the payment of debt service by HIPC Trust Fund”, “savings on IDA charges associated with these instruments”, (Press Release 1998). In short the World Bank was to cover as much as half of Uganda’s annual debt. They were awarded this because they had met the “requirements”, and Uganda was said to have “the strongest performing economies in Africa”. (Press Release 1998) What was

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