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The World Banks Role In Developing Third World Countries.

702 words - 3 pages

Research Question: Third World countries are often criticised for developing without considering the environment, as a result the destruction of natural rainforests and animal habitat is increasing at a rapid pace. Nevertheless the IMF and The World Bank continue to lend money to third world countries that use the money to finance environmentally destructive projects in a bid to develop quicker, should the World Bank and IMF be held accountable for this environmental destruction? And how much at fault are they?The World Bank and IMF have been at the forefront of many development projects for over two decades. Two decades ago Western Banks "replete with money deposits and unable to recirculate it in the western world because of recession, were all to eager to lend to third world countries at cheap interest rates and are now calling for repayment at the current higher interest rates." As a result Third World countries eager to invest money in development, borrowed from Western Banks, on the other hand the money in most cases was badly invested and failed to produce the necessary growth in order for the loan repayments to be met.Third World countries were trying to develop within the parameters of a budget, which was depleted to nothing. Many of these countries have struggled to meet their repayments, and those who have been able to are internationally criticised for environmental destruction. But the raising of interest rate repayments has forced third world countries to develop quickly, and many have taken to producing cheap goods in large quantities and distributing them to an international market filled with consumers. Even by western standards these products are often sold cheaply, the money that a producer makes is rarely distributed fairly to his workers, and the conditions under which people work, have been under much international scrutiny.The World Bank and IMF continue to invest money however in projects which are environmentally damaging. Not only are they environmentally damaging but they also ruin lives, as industry quickly runs out of resources, people run out of jobs and pollution causes health problems.Many such programs include the World Banks financing of oil, gas and mining projects. These projects are often financed in pristine frontier areas. However there are many environmental impact reports that...

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