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Evaluating the Goals of the World Bank: Successes and Failures
The main goals of the World Bank, as specified in its official website, are (1) to end extreme poverty by decreasing the percentage of people living on less than $1.25 a day to no more than 3% and (2) promote shared prosperity by fostering the income growth of the bottom 40% for every country (World Bank n.p.).
The organization’s program for food security that generated $925 million, with the aid of the Bill and Melinda Gates Foundation, helped eight countries in the promotion of agriculture, research, and business opportunities in agriculture among others. Able to launch Global Food Crisis Response Program that provided grants to more than 40 countries, giving them seeds to plant; successful runs of nutrition programs around the world. For example, Vitamin A doses supplication for children around the globe, free meals in school, and others. Also, the World Bank, together with the IMF, was instrumental to the liberalization of economies in the developing countries, especially those in the African continent. They are able to provide loans for developing countries to re-construct their economic systems.
Because of conditionality overloading and inefficient governance in African nations, most programs implemented by the World Bank turned the economic situations in these countries even worse than before. For example, in Zambia, the liberalization of its economic system turned the country to increase its public debts because of the increased loans from not only the World Bank but from other institutions like the IMF and WTO.
Work Cited Page
World Bank. “What We Do.” Worldbank. World Bank, 2015. Web. 29 March 2015.