Saturday, August 05, 2006

World for the rich,by the rich and to the rich!!

The head quarters for the world bank
And I am back after quite a long gap. This time I won't give any of my viewpoints or I will not vent my anger over the common happenings. Let's have that on some other day. This time I would presume myself as a pro columnist. ( Least.. I would try to mimick the greats like Ijaz Ahamed,Sidharth Varadarajan and other ) And I will try a work on the world bank.
This world bank has been in our ears and news for quite some time and the puzzling nature that surrounds the bank has been quite acclimatised to all of us. What's this? and what it has been made up of? The simple answer is, this is a bank of a conglomerate of nations with fundings from the wealthy ones ostensibly created to fight poverty, illitrecy, hunger and common good for the developing country and it is well binded to stronger and richer nations(read, the united nations..)
And the bank has two affliated entities, 1.International Bank for Reconstruction and Development (IBRD) 2. the International Development Association (IDA)
Under the aegis of the world bank these two institutions, almost have same role with the IBRD designated towards the middle income group countries (say India) and the IDA towards the poorest. ( that would be Somalia). With all these, where the hell the money comes from? The main fund is with the selling of AAA rated bonds and the repayments for the loans made by IBRD and the contributions from the 40 members in the 184 strong group. With all this said, there might be some faintest of a hitch in some awakened mind. With the United states playing a key role and Paul Wolfowitz in line the slogan "working for a world free of poverty" does really sounds hollow!!