Developed countries provide financial assistance to developing countries, but it does not solve poverty problem of developing countries. Should they offer different type of assistance rather than a financial one? I certainly agree with the above premise.
Developing countries like India face a multitude of problems including religious outrage, financial instability, corruption, dowry exchange during marriage, honor killing, female foeticide
and others to name a few. Simply borrowing money from developed countries or international organisations(such as IMF) won't solve all the problems, infact it would place the country under huge debt and instead of solving the problem for which the loan was sanctioned to the country it would start to focus on the repayment of the loan. The country in it's own sense would be justified for doing so because if they fail to return the money they would have to take an additional loan to cover that thus creating a vicious debt cycle which is arduous to break.
Problem specific help or exchane programs should be provided by these developed countries, for example recently U. S. A required a certain type of chemical required for munufacture of covid-19 vaccine and provided that chemical in exorbitant quantity as to help a friendly nation.
We can also take globalisation into consideration e. g, australia is a country which is isolated from the rest of the world and in earlier 2000's the technology sector from a development and security point of view there was really weak which impacted it's economy and livelihood of people. Gradually with increase in globalisation and help of other countries the technology sector grew many folds improving the problem of a stagnant technology sector.
In conclusion, financial assistance could be of help sometimes for poor nations but if developed nations try to target the root cause of problems faced by lower segment nations it would actually better for them in the long run.
Developed
countries
provide
financial
assistance to developing
countries
,
but
it does not solve poverty
problem
of developing
countries
. Should they offer
different
type of assistance
rather
than a
financial
one? I
certainly
agree
with the above premise.
Developing
countries
like India face a multitude of
problems
including religious outrage,
financial
instability, corruption, dowry exchange during marriage, honor killing, female
foeticide
and
others to name a few.
Simply
borrowing money from
developed
countries
or international
organisations
(such as IMF) won't solve all the
problems
,
infact
it would place the
country
under huge debt and
instead
of solving the
problem
for which the loan
was sanctioned
to the
country
it would
start
to focus on the repayment of the loan. The
country
in
it's
own
sense would
be justified
for doing
so
because
if they fail to return the money they would
have to
take an additional loan to cover that
thus
creating a vicious debt cycle which is arduous to break.
Problem specific
help
or
exchane
programs should
be provided
by these
developed
countries
,
for example
recently U. S. A required a certain type of chemical required for
munufacture
of
covid-19
vaccine and provided that chemical in exorbitant quantity as to
help
a friendly nation.
We can
also
take
globalisation
into consideration e. g,
australia
is a
country
which
is isolated
from the rest of the world and in earlier
2000's
the technology sector from a development and security point of view there was
really
weak which impacted
it's
economy and livelihood of
people
.
Gradually
with increase in
globalisation
and
help
of other
countries
the technology sector grew
many
folds improving the
problem
of a stagnant technology sector.
In conclusion
,
financial
assistance could be of
help
sometimes
for poor nations
but
if
developed
nations try to target the root cause of
problems
faced by lower segment nations it would actually better for them in the long run.