The Olympics of International Financial Institutions' Projects

Paper Type:  Essay
Pages:  3
Wordcount:  696 Words
Date:  2022-10-10

Vietnam Scaling up Urban Upgrading Project (Project ID P159397) which is a development objective handled by the World Bank to assist in improving the framework of the nation's road systems in the major cities. It's a project targeting East Asia as well as the Pacific region it is funded by the World Bank and is an active project. I would award this project a silver medal. It would have a positive impact in improving access to infrastructure in priority urban areas and urban planning in the participating cities.

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TDC Network Expansion with Project Reference 20170310, a project aimed at increasing and improving the telecommunication developments in Denmark. It targets Europe and Central Asia region, and it's being financed by the International financial institution funded with the European Investment Bank. Because I like technology and do researchg the manner technology has brought advancements in globalization my award on this project would be a Gold medal.

The project would have an impact on improving technology infrastructure and telecommunication services. There will be a positive impact on an increase in mobile coverage, upgrade coax networks and enhanced up-to-date fiber access networks. This, in turn, would lead to improved cellular capacities for the nations and a boost in bandwidth speed.

Second Fiscal and Economic Reform Operation about project ID P155118, A project that was funded by World Bank which is a branch of the International Financial Institution set for Samoa. It's a project that is based on East Asia as well as the Pacific region. My award for this project is a bronze medal because I know the funds channelled to this project would assist the residents of Samoa. The impact of this project on the positive side is that there would be an improvement on the fiscal management in the areas of debt, procurement and revenue this, in turn, would increase Samoa's activities and resilience to the effects of climate change.

Learning Journal Unit 2

Significant changes have emerged since the establishment of the IMF and the World Bank. These international financial institutions have faced criticism for decades. This is regarding the current existence of financial catastrophes, underdevelopment, poverty as well as disparity. These firms have been both blamed for having missed their objectives.

A concern arises in the lending process of the IMF which is typically accompanied by necessities for expenditure cuts that decrease aggregate demand as well as economic growth. In most cases, the loans may tolerate administratively corrupt as well as economically unproductive administrations through the accessibility of relatively peculiar, external resources. Another concern is depicted by the fact that developing nations continue relying on public loans through the serial lending systems instead of the lending institutions offering policies that would promote economic independence. Unilateral imposition of the burden of adjustment on borrowing nations in comparison to surplus nations which are spared is posed criticism as it creates inequality. Criticisms issues stem in the convergence of both firms' policy remits. These two firms engage in structural adjustment since they don't distinguish between short-term and long-term development. This, therefore, hazes responsibilities as well as declines competition of planning and policies amongst the two financing organizations.

Governance also stems out for critics. This arises from the fact that major developing economies keep on being lowly represented relative to their portion in worldwide GDP. This governance favouritism has vital aftermaths on these two firms' efficiency. This dents their fairness, accountability and legitimacy.

I feel like these financing institutions threaten the sovereignty of other nations like in the case of IMF, the conditions and lending policies are too intrusive and compromise the economic and political sovereignty of the receiving nations. Secondly, the policies from this firm were imposed all at once instead of enacting them in an appropriate sequence.

Possible ways to address these challenges is through these two firms committing themselves in assisting a nation by selecting the best policy regarding the constraints it is being faced with. Conditionality has expounded into many policy areas. Therefore, it is expected that nations having the same economic circumstances should receive the same loans as well as conditions considering the varied range of visible economic pointers. Funds objectives must also adjust throughout the program.

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The Olympics of International Financial Institutions' Projects. (2022, Oct 10). Retrieved from https://proessays.net/essays/the-olympics-of-international-financial-institutions-projects

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