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What the World Bank and IMF do to help lesser developed countries

by Tony Ndakoh

Created on: December 22, 2009   Last Updated: December 23, 2009

The word 'help' literally has two meanings: 'to improve the condition of', or 'to be of service to'. When referring to 'help' given by the World Bank and IMF to developing countries, the former meaning applies. Before examining the nature of such help, it is necessary to understand why, in the first place, developing nations needed, need, or still need help.

Several terminologies have been applied to some nations of the world, especially those of Sub-Saharan Africa, Asia, the Middle East, and South America. It has, in the present age not been uncommon to hear names like Less Developed Countries (LDCs), Under-developed countries, Third World Countries, Poor countries, or more politely in some cases, Developing countries/nations.

So what brings about such sometimes provocative names for nations in one world, which apparently is guided by common principles especially on the economic and financial fronts, and to a lesser extent, political fronts?

For someone to call another less developed, underdeveloped, or poor, he/she must have attained some level of development and wealth, which, when compared to the other's is relatively very high. It therefore is no cat out of a bag to know these names have by and large emanated from the 'Western' or more commonly dubbed, 'developed/industrialized' nations.

They have not only been rude, disrespectful and provocative, but have sounded more like some nations are destined to remain 'poor', and others, 'rich'. These are all relative terms, and where the line is drawn is a subjective judgement.

Freedoms of speech, expression, and press are all important issues in our increasingly democratic world, but one does go that extra mile sometimes judging the use of these basic freedoms. Comparisons of relative wealth of nations, which have led to names like those above have been made without considering a number of basic points and cross-border differences.

Firstly, world nations have taken different historical paths to their current structures and respective forms. Not every world nation had to go through the torment of being colonised, and subsequently fighting for its liberation like those of Sub-Saharan Africa did.

This particular period in history has had a great role to play in the development of these nations. It affected not only their respective economies but also their cultures, languages, religions, and relationships with one another. Respect is due here to ALL nations of the world that trod this path.

Secondly, nations differ

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