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IMF - Admission/Application Essay Example

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After the loan application, they process the loan and give it. This is however not without conditions as explained by Perkins (2011). These institutions are controlled by US and hence they set high conditions for these nations when they fail to be able to repay the extremely large loans. They treat these nations as extensions of US and hence rule them indirectly by controlling their budget and even security arrangements among other things. The people who suffer the most are the taxpayers as majority of the development money is put into the pockets of the leaders and these two financial institution know that and use it to their own advantage. What these institutions do is therefore hoodwink the third world nations with the pretense of wanting to assist them only to burden them with more loans and then rule them on behalf of their donor nations especially the US which is on the forefront of this grand ...Show more
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Summary

These are Bretton Woods Institutions that deal with giving of loans to needy nations and especially the third world countries for development projects. It was established by United Nations but is funded by rich nations such as US and Britain with US being the largest funder and…
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