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Letter To The World Bank Ks3 Yr 9 Geography Assessment Marked 6a

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Letter to the World Bank Dear World Bank. I am writing to express my opinion on the ever pressing issue of third world debt. In this letter I will attempt to express my thoughts on: how the problem of third world debt came about and what effects it is having on the HIPCs (heavily indebted poor countries), what countries are doing to get out of it and what my overall opinion is. Five countries which are in a bad financial state at the moment are: Mali, Sierra Leone, Afghanistan, the Central African Republic and Niger. The problem of third world debt has come from MEDCs (more economically developed counties) leanding money to LEDCs (less economically developed countries) to help them develop and build new industries in the hope that with the money the LEDCs make from their new exports and industries the MEDCs can be paid back. ...read more.


Now for every $1 the developing world receives in grants $13 is paid in debt repayments. This debt is now taking its toll on the countries sending them into further poverty and a lower standard of life. For example look at the graphs below.. it shows a definite link between the life expectancy and the rising total external debt of the Congo Republic. The debt which these countries posses is having a crippling effect on their growth and development economically and socially. However the debt is only set to get worse. If countries can't keep up their payments interest will continue to build and the countries will be forced to borrow from other countries to pay off that interest giving them more debt. Also if governments are not stable (as is the case in lots of third world countries) civil unrest and political dissatisfaction will distract the country from wealth creation. ...read more.


Instead of the money, the banks receive tax deductions. UNICEF then collects the debt repayments in local currency and then spends this money on programmes to help the children inside that country. Cancelling third world debt is just writing off all the debt owed, it is the theory that many governments are currently considering using. However this gives the HIPCs no incentive to change as they might fee that there is always a "get out of jail free card" option available to them. In conclusion I think that debt in poorer countries needs to be solved rapidly, otherwise the longer they stay in debt the harder it will be to get out. That would make development almost impossible and developed countries will have to continue to fund them. I believe that rescheduling the debt is the best option to solving third world debt as the countries are allowed to pay back the debt when they are ready so it does not halt their development but still pay the lenders back. Yours Sincerely Fred Warren ...read more.

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