Essay on International Monetary Fund ( Imf ) / World Bank

Essay on International Monetary Fund ( Imf ) / World Bank

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International Monetary Fund (IMF)/World Bank

IMF is collectively called the International Financial Institutions (IFIs) and has three main activities which are surveillance, financial assistance and technical assistance. This a 187 member-countries organisation that was formed just after world war 2 in late July 1944 at Bretton Woods in Hampshire with the aim of stabilizing global economic markets (international currency market and contraction of international trade) and resuscitating economies of different countries that had been affected by world wide depression that was caused by world war 2. The main aim was to avoid another world war again because instability in the global market was the root cause of these world wars. As a way of delivering its core values, the IMF/World Bank sponsors projects in different member countries to stabilize their economies. One of these projects is described below:

THE LESOTHO HIGHLANDS WATER PROJECT(LHWP)

The LHWP is the Africa`s largest infrastructure project that involves 5 dams with 1 dam complete and the other one is under way. This covers miles of tunnels through the Lesotho mountains, and include a small hydro power component. The project delivers Lesotho`s water to Gauteng Province, South Africa`s industrial heartland and site of metropolitan Johannesburg. The are suburbs of the country`s wealthiest citizens which are situated in there due to plush lawns and availability of water for constructing swimming pools at homes steads http://www.whirledbank.org/environment/dams.html.

Negatives

The poor from South Africa`s townships, who suffer from inequity dating to apartheid will not be able to afford the expensive water from the project.
The Lesotho rural highlands communities ...


... middle of paper ...


...vering their promises and shown fairness in the distribution of the attributes of their projects both to the poor and the rich (the IMF projects should not create extremes of wealth-were the rich get richer while the poor gets poor),
showing concern to the social aspects of the people who are the victims of their projects development. These people should be assisted to be better in their standards of living and not watch them succumbing in poverty.
adjusting or restructuring its policies so that the policies fit all nations.
showing environment concerns of different nations whilst proposing and developing their projects.

REFERENCES

Lisotho Highlands Water Project(LHWP) retrieved from http://www.whirledbank.org/environment/dams.html

IMFor World Bank retrieved from http://my.uopeople.edu/pluginfile.php/118202/mod_book/chapter/88423/glob101imfandwb.pdf

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