Imf And World Bank Responsible For Economic Genocde

1053 words - 5 pages

IMF and World Bank responsible for economic genocide. Ahmed Raza

This article talks about how global organizations such as the IMF and the World Bank, which were created to bring people and countries out of poverty have in contrast have made the situation for those nations and their people worse. The article firstly gives a brief description about what the IMF and the World Bank are and what their role initial role was and how it has changed over time. Then we are given a insight on the long term goals of these organizations for example the 2015 MDG’s.

However it then talks about the negative impact of these organizations on developing nations, firstly it mentions how the process of ...view middle of the document...

This is relevant and verifiable because greed does run in humans. The amount of money received by hungry politicians from organizations such as the IMF goes in the pockets of the politicians, and leaves the people in massive debt. The example in the article that stands out is of Indonesia where the IMF’s neo liberal reforms caused bankruptcy to large sectors of the markets and entrepreneurs within Indonesia. However after that the IMF and the World Bank instructed the Indonesian government to convert all their private debt owed to private banking institutions into public debt. Which takes the burden of all the private enterprises and puts it on the shoulders of the public, one might be skeptic enough to ask why the IMF and the World Bank suggested this in the first place?

Even though the author bombards us with continuous negative “facts” about the IMF and the World Bank, are all these claims of his reliable? Personally I agree with the author’s claim that the IMF and World Bank are responsible for economic genocide. Non-governmental organizations and individuals about their free market reform policies, which are harmful to the economy, globally criticize the World Bank (1). An example of a nation facing the wrath of their devastating reforms is Serbia “Nine years ago, neoliberal political forces took power in Serbia, promising a radical transformation of the economy. Today, deep into that transformation, Serbia is foundering from its effects exacerbated by the worldwide economic downturn. Industrial production has fallen 15 percent compared to the average of last year while unemployment remains high” (2). This example compliments with the claims made by the writer about how the policies of the World Bank and the IMF are destroying economies, raising unemployment and creating debt for countries.

There are numerous examples of this statement in practical life. One that happened very recently is in Iceland. The IMF stated that: Iceland has successfully completed its Fund-supported programme. Key objectives have been met: public finances are on a sustainable path, the exchange rate has stabilized, and the financial sector has been restructured. Strong policy...

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