World Bank Funds

At the G-20 Summit recently in London, global leaders resolved to mop up about $3 trillion to bail out our world economy among other resolutions. There is no doubt that this was well intended, however it is, caution must be applied to ensure that this laudable step is not rubbished by any nation or body; that way, a true global economic bailout can be actualized.

If the custodian of this plush fund must make any mistakes in its disbursement or apply any unctuous sharing formula then, we must be ready to pay an excruciating prize of negligence in the near future. This may sound like some kind of hullabaloo, but at the last drop of every din an indication of what happened is noted by a careful observer.

It is true that the World Bank and the International monetary Funds offer assistance to developing nations with motive, most times a good one and other times questionable. And that is when the carrot – stick approach is applied. In order to offer some nations a loaf of bread for succor and just before complete digestion is taken place, a purgative is equally given to the famished nation to empty the system. Thus, in the end, the hungry nation is left a completely malnourished nation.

If the bailout truly meant anything to the World Bank, then every cent dolled out must be well intended. She owes it a duty to make a meaning out of those contributions of the donors. The furor over this unsuspecting gimmick often applied by the financial regulatory body came from no ordinary person, but the number 4 man in Nigeria – Honorable Dimeji Bankole, Speaker of the House of Representative in Nigeria …in one Nigeria’s local newspapers, the Guardian Newspaper – April 28, 2009.

It will be unfortunate for anybody to imagine that what is good for nation/continent A isn’t good for another nation/continent. The reality of our time calls for sincerity of purpose, equity and fair treatment. Events of our time no longer recognize race, color, language, religion or class, rather when they strike it does touch all people of the world. And for this reason, we must learn to help one and another, a treat everyone fairly, and as equals.

With all due respect, one would implore the World Bank to have a change of heart and attitude in the handling of financial matters globally. Whatever assistance she chooses to offer any nation or continent must meet the true needs of the people. She must avoid the political ploy of most of our politicians, who often claim to know what is mostly needed by a people, only to divert such assistance when they eventually come, thus abusing the very essence of the aid.

Unfortunately, the supposed beneficiaries are made to pay for such financial embezzlement and indebtedness in the end. We can’t help but learn from the bitter lessons the current global economic recession has thought us.