Today’s world is divided into developed and developing countries. The developed countries are those that have achieved the process of development and developing countries are those which are in the process of development. Often, it happens so that developing nations do not have enough money in order to develop themselves. The money they would require could be for any major developmental project in that country. These developing countries ask for international aid in order to facilitate the implementation of these projects.
Organizations such as the World Bank and International Monetary Fund (IMF) are organizations that mainly give aid. Its loans are given by developed and rich countries who deposit their money into these banks from time to time. This money is what goes as international aid. There are advantages as well as disadvantages of getting international aid. International aid helps facilitate many developmental programs in developing countries. These could help in improving the country’s position in the world. International aid can contribute to fighting global poverty, hunger and help get access to medical care.
It can also provide to solve problems like refugees, terrorism, rehabilitation and many other problems. International aid when given in the form of loans can earn interest. In these ways, it has been very advantageous for both the donor and the receiving countries as the receiving countries get improved credibility in their respective financial markets. However, international aid can also be a bane. Donor countries with selfish interests will go and donate to countries especially the ones with bountiful natural resources and try to exploit them.
They would provide funds to bring a particular country to get influenced and force them to serve military interests and other interests to the interest only of the donor nation. Donor nations may do evil things like dump toxic wastes, dump e-wastes, harm their environment, destroy their local culture and many other things. Receiving countries could also misuse international aid. Money coming to feed the hungry of the receiving nation could use the money to fund illegal activities and the strengthening of their armed forces when actually they are supposed to spend the money for more important issues like hunger and combating poverty.
There are numerous advantages as well as numerous disadvantages of international aid. International aid should be given mainly in loans of whose allocation should be carefully monitored. When given in the form of loans, the countries, will strive hard to repay the loan and in the meantime, they will prosper. When international aid comes in, there is always a sign of progress. But international aid should be used very wisely and judiciously, only then can we eliminate poverty and hunger and other problems in the world.