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Word Count: 3,475
Debt repayments divert money away from basic life-saving health care in the worlds poorest countries The UN estimates that if funds were diverted back into health and education from debt repayment the lives of seven million children a year could be saved That is 134000 children a week In todays global village one cannot ignore the other eighty percent of the world that lives in poverty The World Bank and the International Monetary Fund IMF are two organizations that have been put in place to help third world countries get out of debt but instead have further hurt the country The World Bank and IMF instead of helping developing nations have been helping their contributors The organizations have damaged a nations economy privatized many government run programs reduced funding to social programs and have put in place many harmful Structural Adjustment Plans SAPs The World Bank and The IMF have also contributed to the destruction of the environment in developing nations They introduced harmful chemicals that are used to get larger yields in crops have forced countries to produce cash crops to repay debts have funded large dams that disrupt life and encouraged the use of fossil fuel The World Bank and the IMF have a negative impact on both the development and the environment of the nations that they are allegedly trying to give aid to The World Bank was formed in 1944 and is made up of five closely related branches The International Bank for Reconstruction and Development IBRD The IBRD provides loans and advice on development to middle income countries and creditworthy poorer countries IBRD sells bonds to richer countries to help provide money for the country in need The International Development Association IDA is part of the Banks poverty reduction mission It focuses in on poorer countries of the world The International Finance Corporation IFC finances private sectors and government businesses The Multilateral Investment Guarantee Agency
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