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IFIs: major barrier to change in aid system
Author: Ahmed Swapan Mahmud
Date of Publication: 2008-11-24
THE World Bank, International Monetary Fund, Asian Development Bank and other donor agencies have, for the past few decades, provided Bangladesh with loans and grants in the name of such lofty objectives as ‘poverty reduction’ and ‘international development’. However, these loans inevitably come tied with conditions which hinder the country’s economic growth and poverty reduction. The detrimental effects these conditions have had on Bangladesh are immeasurable, putting the country under increasing pressure to abide by the prescriptions imposed by the donors.
As advocates of corporate globalisation, international financial institutions and their allies work for international capitalism, exerting a heavy influence on global trade policies that mainly promote trade liberalisation and public sector privatisation. Many of the least developed countries have become a place of experimentation for trade liberalisation at the hands of international financial institutions that pressure the governments into liberalising trade policies. This causes serious devastation in public service sectors including heath, education, water, agriculture and food.
Link to Publication: http://www.newagebd.com/2008/nov/19/oped.html
Other publications by Ahmed Swapan Mahmud