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World Bank lacks transparency, purpose ' Should it be closed?
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E-mailMade Popular Sep 13 2007
# Bank is facing huge losses , from bid-rigging, bribes, poor quality of goods and services and other problems in lending operations to poor countries.
# Former Bank President Paul Wolfowitz’s disgraceful ouster has marred the institution’s integrity.
# The report has exposed the ’severe strains’ between the bank and borrowers and funding partners.
#The Bank’s anti-corruption unit needs a serious overhaul amidst allegations of being incompetent and politically biased.
#The World Bank is a mere puppet in hands of US and Europe and corruption in ‘undisclosed’ projects is ruining the interest of the poorest countries.
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Paul Volcker’s exposer in no way justifies the idea to shut it down. I think, it’s an overreaction. Though, the fact that the current President, Robert Zoellick too is nothing more than US’s puppet, and the recent incidents have tarnished the image of the Bank tremendously, still I think, the Bank can play a major role in reducing, if not eradicating, poverty.
The reigns should be given in more competent hands from different countries rather then the US and EU. This will certainly reduce the biased approach of the Bank towards a selected few.
The reigns should be given in more competent hands from different countries rather then the US and EU. This will certainly reduce the biased approach of the Bank towards a selected few.
World Bank lacks transparency no doubt but who is responsible for all this? We the people or I must put it this way - the high profile people who are sitting at the authoritative position are tarnishing the name of such a huge establishment…re-defining its goal according to their self- seeking interests…hence the need of the hour is not to put up shutters rather to give a well-built management base that could fight against pervasive corruption making the actual goal achievable and setting up of an example!
I am no authority in the matter, but it is my personal view that to shut down some institution because of certain lags is not the solution. as stated above, overhauling is required which means a complete transformation of the institution.I feel that the five nations which appoint the executive directors are developed nations, being the largest shareholders. Only 19 executive directors are chosen by the other 180 countries!further these executive directors get the privilege of selecting the President. According to me, the under-developed and developing nations should be granted active participation, where they have major say in the issues.The entire set-up needs a change .
The concept of economic imperialism came in the news in the post-world war II era perhaps for the first time when the developed countries discovered a new technique to expand their influence in the countries of developing world or underdeveloped world. The origin of the World Bank Group is the result of that concept and the theory of economic imperialism was working behind the concept.
The hidden message from the developed countries was clear that… Take funds from us in the name of development and give us all the rights for taking any decision in your country. We will give you funds and you give us the markets to sale our products on high prices. The World Bank is nothing but a tool to expand the influence of rich countries to the countless poor countries in underdeveloped and developing worlds.
The five largest shareholders in World Bank are such as France, Germany, Japan, the United Kingdom and the United States. They are there to decide which country is in need of funds that depend upon the condition of the market and the purchasing power parity of the people living in that country.
The constituent parts of the Bank, the IBRD and the IDA, achieve their targets through the provision of low or no interest loans and grants to countries with little or no access to international credit markets. The Bank is said to be the market based non-profit organization that actually use the high credit rating to make up for the low interest rate of loans.
The World Bank programs have failed to uplift the income levels in many poor countries during the past decade despite of it’s countless number of anti-poverty programs launched by it across the world. It has been left tens of millions of people with stagnating and even declining living standards in various parts of the world. So, it should be closed with immediate effect as soon as possible.
The hidden message from the developed countries was clear that… Take funds from us in the name of development and give us all the rights for taking any decision in your country. We will give you funds and you give us the markets to sale our products on high prices. The World Bank is nothing but a tool to expand the influence of rich countries to the countless poor countries in underdeveloped and developing worlds.
The five largest shareholders in World Bank are such as France, Germany, Japan, the United Kingdom and the United States. They are there to decide which country is in need of funds that depend upon the condition of the market and the purchasing power parity of the people living in that country.
The constituent parts of the Bank, the IBRD and the IDA, achieve their targets through the provision of low or no interest loans and grants to countries with little or no access to international credit markets. The Bank is said to be the market based non-profit organization that actually use the high credit rating to make up for the low interest rate of loans.
The World Bank programs have failed to uplift the income levels in many poor countries during the past decade despite of it’s countless number of anti-poverty programs launched by it across the world. It has been left tens of millions of people with stagnating and even declining living standards in various parts of the world. So, it should be closed with immediate effect as soon as possible.
I definitely agree and relate to the fact that if ’World Bank’ is facing so much chaos and that too at managerial levels, then why not dissolve this institution! Its been reported that they have been incurring huge losses from bid-rigging, bribes and poor quality of goods - i am doubtful about its future programs too!
Alleged lack of transparency is not a reason good enough. Many projects in many developing, underdeveloped and even developed countries track their finances to the World Bank. Their may be a few stains on the operation of the bank, but name an international operation that has continued for so long and remained clean. As for European and US dominance and influence, it is going to exist as these regions are the financial power spots of the world.
The World Bank cannot be closed until it has a replacement, and in today’s circumstances, no replacement can be better than the existing body itself.
The World Bank cannot be closed until it has a replacement, and in today’s circumstances, no replacement can be better than the existing body itself.
What Mr. Wolfowitz has done is a grave problem and I do not think he will ever be able to manage it. He has created a perception problem that has put an institution like the World Bank where everyone sees it as not being transparent in its activities. This may not waiver a strong willed employ from his path but will certainly give an opportunity to the one’s that are always in the hunt for something of the like.
There is none denying that fact that World bank is no more than a puppet in the hands of big economic giants like the US, UK, Russia and France. Here we must not forget that theoretically World Bank aims at helping nations going through the phase of economic crisis so that they may keep pace with the fast moving global economy. However, in practice, policies adopted by it (World Bank) transude favoritism; favoritism for developed countries, but against developing countries. In the long run, these policies, weave such gauze round developing countries that they wriggle to come out form indebtedness but often fail.
Developing countries still needs a body to facilitate and help their economies. Beyond doubt, the World Bank has done commendable job in serving the needs of these developing countries. The bank has been marred in some controversies, yet we are still to conclude that this body loves to court controversies frequently and most of the cases were largely been intra-departmental in nature.
Though not acceptable at ideological plane, but it is extremely difficult to stop these sporadic controversies as no world bodies involved in financing projects can avoid some erratic irregularities. Even we have been recipient of the assistance provided by the World Bank and it cannot be ignored.
Though not acceptable at ideological plane, but it is extremely difficult to stop these sporadic controversies as no world bodies involved in financing projects can avoid some erratic irregularities. Even we have been recipient of the assistance provided by the World Bank and it cannot be ignored.
The IT age questions the accountability of every institution and why not. Corruption and recent events have given the image of an out of control international bureaucracy to the World Bank. Nevertheless, why shut it down? Rather it makes sense to make it more transparent. Why not formulate rules for the disclosure of all official documents along with more transparent participation with the developing world in all its transactions.
Will shutting the organization solve the problem? Of course not, but rather making it more accountable will do. However, world bank should be under scanning and US influence should be reined in rather than locking the organization thus stop conducting the flux of money to the underdeveloped nations, which will do nothing but add more to their woe.
We remember Paul Wolfowitz episode and Bush pardoning him in face saving attempts. Was that plausible? Need of the hour is to punish the guilty than punishing the thousands of miserable beneficiaries world over and likes of Paul Wolfowitz should firmly be dealt with under international law.
We remember Paul Wolfowitz episode and Bush pardoning him in face saving attempts. Was that plausible? Need of the hour is to punish the guilty than punishing the thousands of miserable beneficiaries world over and likes of Paul Wolfowitz should firmly be dealt with under international law.
Shutting down an institution is in my view not a solution...
World Bank may be working under a lot of influences (read U.S) but there is no doubt that the organization caters to needs of many needy...
What should be thought over is that what can be done to ensure an independent functioning of World Bank as well as other institutions likewise...
World Bank may be working under a lot of influences (read U.S) but there is no doubt that the organization caters to needs of many needy...
What should be thought over is that what can be done to ensure an independent functioning of World Bank as well as other institutions likewise...
Agreed, that the world bank has been used by the USA and the rich nations to arm twist poorer nations to change their domestic economic policies to facilitate their own vested interest.
However, as of now, the world cannot simply do without it. By the word world, I mean to say that a vast majority of the nations of the world which are still poor and needs a body to help in their development. There are examples of poor nations that have used the World Bank loans much better than others to turn around their economies into rapidly developing and in some cases booming ones. One such example is Bangladesh. In cases where World Bank fundings were misused, one can take into account the animal husbandry scam in Bihar where hundreds of millions of dollars were embezzled.
It is virtually impossible for a body as vast as the World Bank to be without any controversies especially when USA is such a major influence in its operations. Also people from the opposite ideological pole will always have problems with it. Politics has a major role to play in this.
However, poor and developing nations still need financial help in critical areas such as agriculture, education, health and sanitation, poverty alleviation, nation rebuilding after conflicts etc.
Therefore, though the WB has many shortcomings, we cannot simply ignore the fact that without it, poorer nations would be at the mercy of rich private enterprises that will have a direct say in in national policies of those countries where they invest, which of course will be for profit making only. Though not entirely clean of arm twisting policies as dictated by the rich economies, it still presents a forum for debate and addressing of grievances.
As far as the transparency factor is concerned, though desirable, it is not a ’must have’ thing. Countries like India who gained enormously from World Bank have become booming economies and by getting into the position it is now, arm twisting as done by the World Bank before is simply not possible.
However, as of now, the world cannot simply do without it. By the word world, I mean to say that a vast majority of the nations of the world which are still poor and needs a body to help in their development. There are examples of poor nations that have used the World Bank loans much better than others to turn around their economies into rapidly developing and in some cases booming ones. One such example is Bangladesh. In cases where World Bank fundings were misused, one can take into account the animal husbandry scam in Bihar where hundreds of millions of dollars were embezzled.
It is virtually impossible for a body as vast as the World Bank to be without any controversies especially when USA is such a major influence in its operations. Also people from the opposite ideological pole will always have problems with it. Politics has a major role to play in this.
However, poor and developing nations still need financial help in critical areas such as agriculture, education, health and sanitation, poverty alleviation, nation rebuilding after conflicts etc.
Therefore, though the WB has many shortcomings, we cannot simply ignore the fact that without it, poorer nations would be at the mercy of rich private enterprises that will have a direct say in in national policies of those countries where they invest, which of course will be for profit making only. Though not entirely clean of arm twisting policies as dictated by the rich economies, it still presents a forum for debate and addressing of grievances.
As far as the transparency factor is concerned, though desirable, it is not a ’must have’ thing. Countries like India who gained enormously from World Bank have become booming economies and by getting into the position it is now, arm twisting as done by the World Bank before is simply not possible.
The decision to shut down WB is a blunder the impact of which, can never be dealt with.
More than three billion people live on less than two dollars a day. Another one billion people are unable to read and write any particular language. One in twelve people worldwide is malnourished, including 160 million children under the age of 5.Every year 15 million children die of hunger.
The problem is acute in the countries like Afghanistan, Angola, Bangladesh, Bhutan, Ethiopia, Gambia, Guinea, Myanmar and Nepal. The list goes on. These countries desperately need financial support. Who will provide them?
More than three billion people live on less than two dollars a day. Another one billion people are unable to read and write any particular language. One in twelve people worldwide is malnourished, including 160 million children under the age of 5.Every year 15 million children die of hunger.
The problem is acute in the countries like Afghanistan, Angola, Bangladesh, Bhutan, Ethiopia, Gambia, Guinea, Myanmar and Nepal. The list goes on. These countries desperately need financial support. Who will provide them?
Considering the grosses that have transpired in the World Bank in the recent past, it is irrefutable that its conception of what is good and how it may be achieved is far from what needs to be done.
But it is equally incontestable that the World Bank may do (rather doin) a lot of good to help the governments of underprivileged and needy states. And, we cannot just close each and every organization with few slips, as it wouldn’t take the world anywhere but end up with shutting down all the world bodies, the last straw for deprived and neglected populace.
Therefore, rather than closing the big body, making some desirable changes and bringing transparency in its workings will always be a better option. Isn’t it?
But it is equally incontestable that the World Bank may do (rather doin) a lot of good to help the governments of underprivileged and needy states. And, we cannot just close each and every organization with few slips, as it wouldn’t take the world anywhere but end up with shutting down all the world bodies, the last straw for deprived and neglected populace.
Therefore, rather than closing the big body, making some desirable changes and bringing transparency in its workings will always be a better option. Isn’t it?
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As far as the menacing issue of corruption is concerned, this dirty word is omnipresent in every society and in every political system. The only alternative is more transparency in dealings