How wary should developing countries be about Foreign Aid? Explain in detail and give supporting examples?

Expert Solution

The developing countries faces numerous problem in the growth process. The main among them are Balance of payments problems and debt issues.Developing countries need support to reduces and overcome internal and external economic crisis.
Foreign aid includes material , money , loans and technological transfer from rich countries to poor and developing countries and also from international agencies like U.N.O, IBRD, IMF etc.
The main questions on the international level is that whether foreign aid benefits or not. The IMF and World Bank were criticised by several economist because of their conditinaltity of loans and aids. The developing countries should restructure their economy for availing loans from these agencies . But there are several examples of success story of foriegn aid. The funded programme of green revolution by Rockefeller and Ford foundations. The U.N provides food and health aid for countries in African union. The international aid during the time of natural disaster showed the positive impact of foriegn aid in resolving economic as well as social problems. Several agencies at global levels working to eradicate poverty, for empowering women, providing education for children and ward victims etc.

Rahul Sunny answered 1 year ago

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