The international community should reduce or eliminate the debts of the world’s poorest countries. To what extent do you agree or disagree?
When impoverished countries are suffering due to lack of resources, many have started suggesting that the world should come together to pardon loans or mitigate the dues. I partially concur with this proposal and shall explain my stand in this essay.
Those supporting this idea propose this will allow destitute nations to invest the money saved into providing basic and advanced facilities to their citizens: food and shelter, healthcare, education, a healthy infrastructure that can create abundant employment opportunities. This will allow citizens of these countries lead a better and heathy lifestyle, where in they will have access to world class amenities and employment, and elite nations will be able to use the cheap labour, raw materials and facilities like transportation, allowing both the parties to draw benefits.
On top of that, this will resolve several universal problems facing global society that of illegal migrations, global crime: high-seas piracy, drug trade, and so on, and diseases, especially the infectious ones like Ebola and Covid, that generally emanate from economically weaker regions, turning the world into a better place to live.
However, some are skeptical of this policy and express their concerns that this is might prove to be counterproductive. The beneficiaries could become used to such relaxations and stop investing their efforts in developing themselves, and this might fan corruption, as has happened in some African and South Asian regions, wherein local regimes have abandoned creating plans for future, and rich and influential have resorted to siphoning off benefits, leaving the destitute high and dry.
In hindsight, this kind of relief, even though can bring benefits, it should be used discreetly because every poverty- stricken county might not qualify for this relaxation, by virtue of taking this facility for granted.
