Essay on The World Bank And International Monetary Fund

Essay on The World Bank And International Monetary Fund

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Introduction
The following paragraphs will describe a project that was funded by the World Bank or International Monetary Fund (IMF) that created problems for the nation that received its assistance. They will also answer questions from my perspective as to if I feel that the negative impact could have been avoided and if I think that the World Bank and the IMF is able to provide financial assistance in a consistently objective, unbiased and responsible manner.
World Commissions on Dams Projects
The World Bank and International Monetary Fund are a conglomerate of banks that control most of the financing throughout the world and in the global front. They provide financing resources for projects all around the world. Many of the projects go through various government agencies and municipalities which seek financing under the osmosis that the planned project is for economic development. Below is a description of Dam project which was funded through the World Bank and IMF which had negative impact on the community that it was supposed to benefit.
Dia, C. (2002, April 17). “Each year, in April and October, large protests are held in Washington, D.C. against the World Bank (WB) and the International Monetary Fund (IMF). These institutions are tools used by the system and the rich countries in order to impose the same structural adjustment policies that have impoverished the world and the effects of these policies are now plaguing the people of Argentina”. Dia, C. (2002, April 17). In Ciepac. Retrieved September 9, 2016, from http://www.ciepac.org/bulletins/ingles/ing286.htm (286). According to the World Commissions on Dams (WCD), the World Bank is a prior...


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...m interest). However, I feel that even as large as they are they should be able to implement screening and monitoring processes to make sure that they are not funding projects that negatively the impact those communities. While I think they could be done if they did as stated above, I also think it would not be an easy task.
Conclusion
The World Bank and IMF are the most powerful financial institutions in the world. They are instrumental in providing funding for a wide range of projects that are supposed to provide economic development. However, many of the projects have negative impact on the communities. In my opinion these banks have a moral obligation to ensure that the assistance that they provide to these agencies and governments do truly promote economic development with more positive outcomes for the communities. I believe they can if they really wanted to.

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