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Word Count: 2,708
When poor countries become desperate for economic help they turn to the World Bank for loans However these loans come with strings attached - the World Bank imposes certain harsh conditions on debtor countries to ensure that their loans will be repaid The Funds standard package is designed to get the economy going again but the consequences for the poor are catastrophic because the World Bank to put it loosely encourages more land to be put into exports increasing dependence on costly food imports wages to be cut reduction in state assistance to the poor and increased ease of access for foreign corporations These policies are beneficial to the rich countries but they have had such savage effects on poor Third World people that riots against the World Bank break out from time to time Far from progressing towards self-sustaining economic growth and prosperity the Third World has fallen into such levels of debt that few would now hold any hope of repayment 214 billion in 1998 Some countries now have to pay out most of their annual income just to meet interest payments on the debt On top of that the World Bank pays no attention to the environment by clear cutting unusable lands and destroying precious ecosystems and have now be deemed responsible for a dollar amount of close to a trillion dollars in continuing destruction and wasted money during their so called economic projects that are always end up doing a lot more harm then good Established at Bretton Woods in 1944 the World Bank is the most controversial international organizations in the world today This is due to the Banks policies on the least advantaged countries of the world which fall mainly in Africa and parts of Asia More specifically The World Bank with their plan to get the economy going again demands structural adjustment and conditionalities to be met before any money is authorized to be sent out Poorer
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