How relevant is the World Bank?

The World Bank is coming under criticism because of what some see as its shortcoming in fostering the desired development in poor countries. but it seems that its job is principally to grant loans based on criteria in favor of economic and social projects. The World Bank shouldn’t be the sole to blame for projects failing to see the light of the day.

The real development works are the responsibility of the governments that get loans from it. Many have failed to reach their development targets due to mismanagement and corruption. But many governments misuse loans from it because of mismanagement and corruption. Its loans should be linked to governments records on achievements in economic policies aimed at narrowing the gaps between the rich and the poor. Many loans remain just a burden on state budget for years, just aggravating the economic situations which they are meant to mend

The World Bank remains influenced by politics. This also can contribute to its double standards regarding the loans it offers, some seen as preferential others as more exigent. Radical reform is needed.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: