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Ridley's Statement

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Africa is a very large continent with over 50 countries and the second most populous continent, but it also is the poorest continent in the world and so Matt Ridley claimed “Africa needs to be rich rather than green”. There is many reasons why he said that, either from all the natural resources that Africa could trade with or the corrupt government that could be replaced and solve all their problems. This essay will show whether Matt Ridleys Statement would also apply to developing economies and I will describe the role of The World Bank and The International Monetary Fund on developing countries.

Countries around the globe have been trading their natural resources in exchange for other resources or money. Africa has been known for their …show more content…

“The IMF’s and The World Bank structural adjustment policies (SAP) ensures the repayment of the loan by asking them to reduce spending on education and health”(www.globalexchange.org). The international Monetary Fund and The World Bank were first created to help developing countries get an economic advantage, but has now become a “pot of gold” for rich countries to reach in and grab all the money they need. Rich countries such as United States and United Kingdom are controlling the IMF and The World Bank because of their high GDP, these countries have an immeasurable “debt” that cannot be repaid, and they are still getting credits from the World Bank. “The IMF and The World Bank often advise countries to attract foreign investors by weakening their labor laws and by doing so they have to reduce wages and take some workers out of their …show more content…

It has been argued by many that the world doesn’t need the IMF or The World Bank, but others claim the opposite because some people might not see the “bigger picture” of what the IMF is really trying to do. IMF can be beneficial in some different ways for example “The IMF assists member nations in numerous different capacities, If a country has a balance of payments deficit, the IMF can step in to fill the gap and IMF’s most significant role is its capability to provide credits to member nations in need of a bailout, IMF can attach conditions to these loans, including prescribed economic policies with which borrowing countries must

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