The topic of international debt relief is highly controversial. Campaigns to change the economic status and bring relief to underdeveloped countries began in the 1990s. Not until the late 1990s and early into 2000 were more initiatives and coalitions developed. The past decade shows changes brought to economically challenged countries through businesses, organizations, and movie actors. For example, a few organizations and actors have created methods to help the less fortunate in underprivileged areas. These methods include food supplies, medical teams, and services for children. Movie stars spend time and effort to establish organizations to bring change. Some actors even spend their time in the underdeveloped country trying to bring change by being actively involved in the change process. Other actors use their publicity to bring the underserved countries to light. Even royalty has been involved in the process to bring recognition to the plight facing other countries and be involved in change processes. Only they would that we should remember the poor; the same which I also was forward to do (Galatians 2:10).
International debt relief are brought by initiatives that provide help with debt and poverty relief while bringing about social change that will produce positive change to the economy. While the debt relief does not solve the problem facing the country, assistance brought in begins a trickle down affect that provides liberation to the population. The aid provides some to total debt forgiveness. The reform that occurs from the aid affects communities by establishing public services and utilities such as electricity and water. The hope with providing help is that the growth of debt will slow or totally stop.
For a place to be eligible to apply for international debt relief or forgiveness, important factors need to be in place. A country must show a vast financial burden and meager financial circumstances. A country must also develop and produce a plan for economic growth and stability after balance absolution. The developed plan must show the potential for social reform in a very apparent manner. The plan must also depict a strategy for the reduction and possible total elimination of poverty for present and future generations. The applicant must then demonstrate the ability to be proactive and show a positive performance in accomplishing the goals set forth. If after a one-year period passes and the applicant have proven them self worthy, the country will then be eligible to receive partial or total debt forgiveness.
However, the controversy begins. Some experts argue that partial and total debt forgiveness helps and should occur. Other experts disagree. Good questions surface in viewing the aspects surrounding international debt relief. Government personnel and various organizations argue and question each other. People look at the economic situation and wonder who is stuck paying the balance. If loan forgiveness occurs, who pays? It becomes a Robin Hood scenario, robbing the rich to give to the poor. The argument rises that the country left paying for the unpaid balance of an economically challenged country is an industrialized country. The industrialized nation then decreases public services provided to their inhabitants and then needs to raise taxes to cover the extra expenditures.
One of the problems facing international debt relief is the corruption found at government and other official levels. Countries insist that previous governmental agents caused the current strain on the fiduciary means. Other nations claim corruption of the military serving the nation. Therefore, the argument remains. How can international debt relief provide reprieve? Various coalitions say that conditions need to be attached to the aid while other organizations say no conditions should be added. While reducing spending and deleting balances is an ideal situation, the reduction process could adversely affect the citizens of the nation. Reduction of the spending might affect what monies help to fund health, welfare, and education. Corruption in government agencies has led to cooked books with erroneous facts of the financial plight of the nation. One bad apple can spoil a whole basket. Because of the corruption found in the politics of some authoritative figures, providing help with loan forgiveness causes the need to incorporate tough preventative measures.
Coalitions dealing with the welfare of other nations see a variety of bad apples in the mix of financial hardship. Crooked administration also brings bad policies, fraudulent loans, and poor loans into the economic jumble. While corrupt government creates create havoc on the financial history, the lack of proper government and rules creates civil unrest thus leading to a continued break down of civilization. Each factor affects another and produces a weak economy, blocks progress, and produces the opportunity to continue in the path of economic dependence. With so many challenges, rallying for international debt relief is hard.
Many businesses, people, coalitions, and other agencies support the need for international debt relief. People acknowledge that support and debt forgiveness encourages and enables better management of fiduciary accounts, provides opportunities for growth, and promotes social progress. The idea to support third world development continues to rise and progress is occurring. Suggestions for development and encouraging fiduciary growth bring new challenges and opportunities. One topic in discussion and being implemented involves new import and export methods, thus hopefully creating new jobs, raising economic stability, and providing new and different goods and services to struggling places. Another means of support involves creating newer and better loans to improve the financial structure of the people. Besides financial and other economic changes, improvements are being made to improve living conditions. Improving living conditions could have a ripple effect too, thus affecting positive change.
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