CRITISIM ABOUT IMF AND WORLD BANK
There are also criticisms against the World Bank and IMF
governance structures which are dominated by industrialised countries. Decisions are made
and policies implemented by leading industrialised countries—the G7—because they
represent the largest donors without much consultation with poor and developing countries.
(Project, 2005)
From all the criticism the most important one for the essay is that they don’t consider
countries’ individual circumstances that can lead to borrowers banckrupcy or cause huge debt
for the country. Also when a country is in debt the organization gives new loans what leads to
even bigger debt so it’s quite hard to crawl out of that vicious circle. Also the issue of working
together with the private sector that gives corporations the chance to gain profit and power
over the borrower or the needy country.
Ecuador
Ecuador is a small country in Latin American with the population of 14.6 million people
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