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Posts Tagged ‘World Bank economic ideology

Least Developed Countries (LDC):  How are they fairing with the UN?

Least Developed Countries (LDC) is a name given in 1972 to the poorest nations, during the third conference of the UN on world commerce and development. How LDC are fairing after the many UN conference made in their name?

It is 1972, Santiago, the Capital of Chili, during President Salvador Allende. The UN consisted of 120 recognized States (currently, there are 189 States).  In that UN conference, the richest powers qualified 24 countries as LDC.

For example, a LDC is generally an insular country (no commercial sea port), has no satisfactory sanitary and hygienic facilities, high rate of illiteracy, high rate of infantile mortality, and earning less than $200 per year per individual.

At that conference, the World Bank economic ideology was supported by the US government under the “Washington Consensus”.  The guidelines under the consensus was that the International Monetary Fund (IMF) would not support State policies that refused to have open market for foreign products, or refuse to adopt loose laws permitting free flow of money, or capital managed by multinational financial companies, disposing of unregulated liberal commerce, have reduced the government involvement in social institutions and contribution to health and social security…

Tough reduction in social benefits like what current England, France, Ireland, Portugal, Spain, and Greece… are trying to make their people swallow under the banner of balancing budgets while increasing huge gifts extended to their multinational companies, and financial institutions…

It is 1981, Paris.  The first UN conference focused on the LDC that have grown from 24 to 49 poorest States. The rich powers decided to allocate 0.7% of their GNP to developing countries; 20% of that miserly aid was to be attributed to the LDC.

It was all well-intentioned promise that was not kept.

Latin America States were undergoing US pressures for avoiding social reforms and maintaining oligarchic structures…Most African States were experiencing long-lasting civil wars while multinational companies were exploiting the raw minerals at full scale.

It is 2001, Bruxelles (Belgium).  The third UN conference for the LDC.  The Washington Consensus on economic guidelines have proven to be the worst remedies for the developing countries. Emerging nations suffered financial crisis for obeying the guidelines of the IMF.  The new guidelines are oriented toward human development in education, preventive health, equitable job opportunities,

The civic organizations for sustainable development, conserving biodiversity, climatic changes…have been very dynamic and virulent in transforming the UN conferences from an economic and financial Davos focus to Porto Alegre spirit.

Still, the aid to development to the LDC never increased to 0.7% of GNP. Worse, the effective development aid was reduced to half:  Included in the budget of development to poorer nations are paying off accumulated debts and paying employees of the main institution at home base.

Since 2001, the world witnessed serious upheavals such as invasion of Iraq that lasted 9 years, the financial crisis of 2008, and the polarization of world powers between the US and China.  The US counted on for maintaining financial world stability and China being given the prerogative of world effective productions…

How are the least developed countries fairing with the successive UN conferences?

Evidences point out that central government of the powerful States have given up getting involved directly.  Only civic organizations are relied upon to cover for the impotent States activities.


adonis49

adonis49

adonis49

March 2021
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