Why do some people resent the World Bank and IMF?

Answer 1

what annabelle said is correct, and id just add a cpl of things

first, there is really nothing worldly or intl about either org.. except that they operate on this planet in different countries. it is basically controlled by the US and a cpl other powerful countries.

and the stated goal of each org is that they are there to help improve the economies of third world countries, but they dont. in fact they hurt them. they give them money to start industries like textile companies, that only provide cheaper goods to developed countries furthering the gap between each.

there is an example of a country in africa that provides cloth to clothing companies, but the people making the cloth could never even imagine being able to buy just one.

it would be like employing a homeless person and only paying them with food.. at the end of the day they would be just as homeless, you'd be better off, and if you decide not to employ them the next day they are back to being hungry

Answer 2

The world bank was established as way of countries fixing the financial messes that they are in. Basically in exchange for recieving funds to fix the value of the currency , they have complete control over your countries economy. Its basically modern day colonialism, they can possess any property for private development , and through private corporations stablize the country, however its at the cost of mostly the people who occupy that country. Traditionally it is an American that runs the world bank and the IMF is run by an European. Jamaica took out a loan from both the world bank and the IMF to fix the dwindling economy. As a result, the prime minister can not set his own interest rates whatsoever, as a matter of fact Jamacians have no say in there own economy or how the tourist areas are even built.
Step outside the tourist areas in and most of the time you will see the majority of jamacian people live in shanty towns, or below the poverty line.
The world bank and IMF are basically a modern day Colonialism. The native people pay the biggest price of all when a country recieves a loan from the WB or the IMF. The banks are basically a door for private industry and it usually takes decades just to pay off the loan for whatever amount.

Answer 3

World Bank and IMF dictates the financial programs of countries like the imposition of higher taxes on the people if greatly indebted to them.

Answer 4

For the same reason that people resent ALL banks. Bankers are parasites and interest is the tax you pay to them for everthing that is so hyper-inflated that you could never purchase it without a loan (15k for a subcompact car!!!). Bankers hold everyone who owes them in thrall. Who do you think holds all of the loans that have made up the dollars necessary for our huge deficit? That's right-the banks-now that's power! And every time the banks screw up, like in the Savings and Loan debacle, the taxpayers have to foot the bill to bail them out. The same thing is about to happen with all of the subprime housing loans and we're going to get soaked for that too.

Answer 5

Maybe because they try to dictate the pace for economic recovery by asking the borrower-country to implement some income-generating schemes like increased taxes or value-added tax on products and services. And maybe,too, of the high interests of their loans.

Answer 6

Because they are simply tools for American foreign policy.

Answer 7

Thanks for the answers!