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Word Count: 484
The International Monetary Fund IMF and World Bank WB are international organizations that were created primarily to be of assistance for the growth and development of Third World Countries by providing financial assistance and facilitating development programs However the IMF and WB have failed to meet their role to the developing countries Instead of making things easier the loans and programs the IMF and WB have made lead to a debt crisis In order to pay the amortization and accumulated interest from the debts to the IMF and WB the developing countries use a significant amount of their export earnings or are forced to decrease their imports or seek more external borrowing This critical situation greatly hinders the developing countries to accomplish their growth and development plans The documentary showed three different instances on how the IMF and WB had created more damage than assistance to the developing countries The first example was in Ghana where in the IMF granted them a loan with the condition that there will be major economic changes and the removal of government subsidies This resulted to lower levels of living for the people of Ghana because they could no longer afford their basic needs since the government subsidies they used to benefit from were used to pay off their debts The next case was in Brazil who owes the WB the most amount of money Brazil is a country with enormous resources but they do not have the proper economic policies The WB has allowed Brazil to loan from them even if they know that the country will most probably not be able to put the money into proper use The last scenario was in the Philippines who would rather not pay off their debts so that the money that is suppose to pay it off would be used for reducing poverty and government services In conclusion the burdens of the developing countries ought to be shared by all
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