Criticism Of The World Bank And The Imf Essay - 808 Words

According to Brettonwoods Projects â€Å"Criticism of the World Bank and the IMF encompasses a whole range of issues but they generally centre around concern about the approaches adopted by the World Bank and the IMF in formulating their policies, and the way they are governed† (http://www.brettonwoodsproject.org/2005/08/art-320869/) One may ask, are there really problem arising from the World Bank and IMF rendering services and administering relief to a nation? In the year 2013, An incident occurred which aroused the public mind against the World Bank and it’s involvement in lending funds to activities that took place in Badia East, Lagos State, Nigeria. Huffingtonpost.com, reported â€Å"The Lagos state government flattened Badia East in February 2013 to clear land in an urban renewal zone financed by the World Bank, the global lender committed to fighting poverty† (http://projects.huffingtonpost.com/worldbank-evicted-abandoned) It was a cold afternoon for the residents of Badia East, when the unexpected happened. They heard noises of officials calling and warming them to park their luggage and vacate their homes without prior information concerning the demolition and plans of the Government. Huffingtonpost.com reported, â€Å"The neighborhood’s poor residents were cast out without warning or compensation and left to fend for themselves in a crowded, dangerous city. Evictions like the one in Badia East aren’t supposed to happen in the middle of projects backed by the World Bank†Show MoreRelatedThe Imf And The World Bank Essay1297 Words   |  6 PagesGlobalization Learning Journal 2 Throughout this section of the class, the IMF and the World Bank have been studied extensively. All students have come away with different ideas about these two organizations. In the following paragraphs, I will attempt to explain my own thoughts on the IMF and the World Bank. Mainly, that their practices are insufficient for accountability and do threaten the sovereignty of certain nations. I will also attempt to explain why I think this is the case. The firstRead MoreThe World Banks Role and Contribution across the Globe728 Words   |  3 PagesThe World Bank consists of two related institutions, the International Bank for Reconstruction and Development and the International Development Association. 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