World Bank Tackles Corruption: Hurts Poor in Process
In class we have discussed the pros and cons of globalization. One subject on the pro side are the large multinational organizations. These organizations make the flow of goods and capital across international boundaries possible. One such organization is called the World Bank. The primary function of the World Bank is to make loans to poor countries so that they can build more modern economic foundations, such as highways or power plants. After becoming familiar with this organization in the book, I stumbled upon an article with World Bank in the title and decided to see what they were up to. I was appalled. The World Bank has been enacting a tough policy of withdrawing loans to nations deemed to be corrupt. This policy may sound fine in theory; however most of the corrupt countries are also the poorest in the world. Certain countries have come to realize this injustice and are now bullying the World Bank into lessening their restrictions. Great Britain said it will hold back 95 million from the bank in protest because they believe it “unfairly hurts the poorest people in developing nations.” Other World Bank member states such as India and South Africa have also criticized the strong anti-corruption drive."If we are to reach the poor, we must find ways of providing support for development in challenging environments," South African Finance Minister Trevor Manuel told the World Bank's Development Committee. In response to this criticism, the World Bank has softened their stance on the issue.
"We cannot abandon the poor because their governments or institutions are weak," said Paul Wolfowitz, World Bank boss, in an address to the World Bank's Development Committee. "That would mean they would be penalized twice." After reading this article, it is my hope that the World Bank finds another way to stop corruption. Not by targeting the people who need it most.
posted by Anonymous @ 9/18/2006 08:14:00 PM
0 Comments:
Post a Comment
<< Home