International Monetary Fund (IMF) and World Bank (WB)

The International Monetary Fund (IMF) and World Bank (WB) are international organizations that were created primarily to be of assistance for the growth and development of Third World Countries by providing financial assistance and facilitating development programs. However, the IMF and WB have failed to meet their role to the developing countries. Instead of making things easier, the loans and programs the IMF and WB have made lead to a debt crisis. In order to pay the amortization and accumulated interest from the debts to the IMF and WB, the developing countries use a significant amount of their export earnings or are forced to decrease their imports or seek more external borrowing. This critical situation greatly hinders the developing countries to accomplish their growth and development plans.…