The international community should reduce or eliminate the debts of the world’s poorest countries. To what extent do you agree or disagree?

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. 

The international community should reduce or eliminate the debts of the world’s poorest countries. To what extent do you agree or disagree?

The international community should reduce or eliminate the debts of the world’s poorest countries. To what extent do you agree or disagree? 

Some believe that financial assistance provided to underdeveloped nations should be waived off by developed countries. I completely concur with this proposal and shall be elucidating my stand in upcoming paragraphs.   

Developing nations are incapable of providing necessities to their inhabitants, and the conditions are exacerbated when they have to repay the money loaned to them, pushing them into a perennial cycle of repayments and taking bridging credit to meet the installment deadlines. However, If their financial burden is alleviated, they will have enough to provide their citizens with basic facilities, such as food, shelter and health; and develop infrastructure like education, employment venues, transportation. This is likely to bring the natives of the destitute societies closer to acceptable living standards that afford all the facilities, as well as earnings to afford a comfortable life. 

Moreover, this would prove to be highly advantageous for affluent regions as they would be in a position to harness cheap labor, infrastructure and resources of the beneficiary nations, developed after investing the money saved from debt repayment. Similarly, businesses of donor countries will be able to create new markets for their goods and services. For instance, several regions in Asia, Africa and Latin America have emerged as promising markets for mobile phones like  Apple; cars like BMW; and electronic appliances such as General Electric, helping large organizations of elite nations to flourish globally. Above all, this will help mitigate the pressing problem of influx of illegal refugees into prosperous countries from extremely destitute nations.

Overall, it can be safely asserted that this step will have a positive influence on the global economy. Where the impoverished nations will enjoy better standards of living, the benefactors will yield rich returns in the form of cheap resources and stemming certain challenges. 

The international community should reduce or eliminate the debts of the world’s poorest countries. To what extent do you agree or disagree?

The international community should reduce or eliminate the debts of the world’s poorest countries. To what extent do you agree or disagree?

Elite countries should step forward and help developing countries by easing up their financial obligations. This proposal is beneficial and humane can help the world prosper faster. I agree with this idea and believe that such measures should be adopted to alleviate the misfortunes of poverty-stricken societies.

 

By taking monetary aid from the communities, poor countries, which are trapped in a vicious circle, will be able to stand on their feet once again. These nations can utilize this amount to ameliorate the life of their citizens by rendering efficient and advanced facilities. Moreover, with these funds, these countries will be able to improve the infrastructure and create numerous opportunities in almost every realm. With this perspective, reducing the financial liability will aid in the progress of the underdeveloped countries.

 

On top of that, this may also help in mitigating the global crisis caused by the exodus of people, of deprived societies, seeking shelter in rich countries as refugees to escape poverty in their homelands. Such movements impose an immense -pressure on the local economies of the elite nations, but the governments  seem  helpless due to absence of opportunities in economically weaker nations, who in turn  are cowed down by huge repayment burdens. If the loans extended were pardoned, the poor nations would be able to create better opportunities for their natives,  preventing the latter from seeking refuge in other parts of the world.   

 

To reiterate, I completely concur with this proposal since pardoning loans seems to be the only way in the current scenario, which can aid in upheaval of those living in deprivation in various parts of the world. This will have a long lasting impact on the global society. 

In order to mitigate the troubles and financial liabilities of indigent countries around the world, the international organisations should take effective and immediate initiatives for improving the standard of living of the population.  

The international community should reduce or eliminate the debts of the world’s poorest countries. To what extent do you agree or disagree?

The international community should reduce or eliminate the debts of the world’s poorest countries. To what extent do you agree or disagree?

 

Pressing Debts of Poor Countries 

In an era when bi lateral and multilateral cooperation is achieving new heights at the global level, many economists have started suggesting that to bring the international community more closer, rich nations should work in the direction of bringing down or writing off the debts altogether, whereas there are several who feel that this would be inappropriate.

 

It is firmly believed that the maladies, like hunger and poor living conditions, etc. being faced by humanity stem from lack of financial resources. The issue takes a monumental dimension when it comes to countries that face severe shortage of money. As per many established experts, although the countries in possession of abundant financial resources do actually put in serious efforts to help poor nations by extending aid and bridging loans, all the assistance goes in vain; as the poor nations are not able to bear the burden of paying back pending loans. The position of the poor countries is further worsened by existing poverty and low productivity.

Furthermore, the poor nations, which are already reeling under the burden of pending arrears further slide down, in terms of performance, on the economic, political and human resource front. These nations are trapped in a vicious circle; and the inhabitants of such nations are not able to reap any advantage from advancement and progress. This aspect severely hampers the prospects of even development on various fronts at the global level.

However, many experts claim that this reducing or writing off arrears would do more damage to nations stricken with poverty because such a move would make the political establishments of those countries complacent; make them dependent on such sops in future; and give rise to corruption, exacerbating the miseries of such regions. 

In conclusion, reducing or writing off debts might prove to be counterproductive for poor nations. Thus, such proposal should be enforced discreetly, after assessment of various essential aspects.