IMF & WB vis-a-vis the underdeveloped countries.

Imtiaz Bokhari Sahib has written to me again that he wants to continue discussion about the topic in the title. Some of the initial exchanges between some members were done via email but most TF subscribers should have received those exchanges. So Bokhari Sahib, this is in some more detail the point I have been making.

Some of you have seen recent discussion going on the TF mailing list re. the International Monetary Fund (IMF) and the World Bank vis a vis Third World countries. The original article’s premise was that the above two institutions were essentially blood suckers making poor countries poorer while those poor countries were faultless victims. I did not challenge the premise that those institutions (IMF &WB and their investors) care only for their profit and not for the well being of the citizens of those poor countries. The only thing I challenged is the fact that the underdeveloped countries were made out to be faultless victims.
As a result I was asked by some to read some articles that would enlighten me. At the time I refused to read those articles because I didn’t think you could acquire commonsense by reading an article and I feel commonsense is all you need to come to the conclusion I came to. Fayyaz,Nasik and Babar Sahibs actually did – and put it in writing. But over the long weekend I had a few hours to kill and to satisfy my own curiosity I decided to do my own research on the subject. I have attached links to a few articles and to be objective I have purposely chosen articles that are highly critical of the IMF and the WB but read carefully and you’ll see that those countries were not faultless. I’ll make it easier by giving you the exact location of the lines that will prove my point.
As you can see this article is highly critical of IMF & WB but scroll down to section “How do countries get into financial trouble, the Debt Crisis” and read the third line down in the second paragraph. Corrupt and inept leaders is why the countries are poor in the first place; getting loans to fill their own pockets makes things worse. And what is a bank supposed to do when a country fails to pay back? you certainly don’t expect them to say “please consider that loan as charity, we have enough money”.
This article is even more critical of IMF & WB but go to paragraph nine and read some of the lines.
Both these authors  seem to write pages and pages about how evil the banks are (and I am not even denying that) but  very casually glide over the ineptness of the poor countries’ leaders as if it was a very, very minor cause of poor countries getting poorer. I  think the leaders of those countries are AT LEAST half the problem
Shoeb

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