3 simple discussion questions and 3 student responses needed ....

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SOC300Week2DiscussionQues.docx

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SOC 300: Sociology of Developing Countries

Week 2 Discussion Attachment

Part 1: "International Finance." Please respond to the following:

The IMF and World Bank are the world’s two leading lending institutions, but much of their monetary assistance disappears once it enters the banking systems of developing countries. Cite concrete evidence that supports the assertion that much assistance to developing countries is simply stolen by officials. Determine other main factors that account for the misuse of these funds.

Part 2: Please respond to at least one (1) post from your peers

Tia Gray

RE: Week 2 Discussion

In 2006 for example, developing countries owed $3.7-trillion in odious debt, servicing more than $570-billion per annum. An analysis by economist James Henry revealed that more than $1-trillion worth of loans "disappeared into corruption-ridden projects or was simply stolen outright". Out of this debt Africa owes $200 billion and uses $14 billion annually to service it, money that could be used to provide education, healthcare other basic needs for the people. The over $200 billion that African countries owe to foreign creditors represents a crippling load that undermines economic and social progress. The all Africa Churches Conference says this debt and its servicing represent "a new form of slavery, as vicious as the slave trade".

https://www.modernghana.com/news/219270/imf-and-world-bank-agents-of-poverty-or-partners.html

Another factor of misused funds is in Egypt. It starts from the top of the government downard. The military elite is said to be the worlds wealthiest. They are highly respected and are able to skim tens of millions dollars off their defense budget and are not questioned or held accountable because of their status.

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