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Submitted by Yunus Lubega Butanaziba on
WORLD BANK AND UNDERDEVELOPMENT IN THE THIRD WORLD (UGANDA) 1. Missing the Solution As usual, the Bank Boss (Zoellick) has clearly and rightly stated the problem. But it is not surprising because, the founding fathers of the Bretton Woods institutions clearly know the problem they created for the Third Word since 1944. Zoellick has missed the solution again as they did in 1995. Africa's multilateral finance from the World Bank was initiated in 1946 with 120,000,000 pounds sterling on interest lending (I= PxTxR), which has since exploited any little resources in Africa. The funds were allocated to the former British Colonies and similar amount of funds were allotted to the former French colonies. This coupled with their implementation of war to access minerals, capital flights on granted loans, has ruined and still ruins the Third Word . The East Asia and Middle East example is not any better to justify the erroneous modernization of the World Bank. Also, it cannot be used to show that they have scored success in south East-Asian nations. These states grossly suffer from interest lending of the World Bank. Besides , the companies that operate in East Asia and the Middle East belong to Western states who go there for cheap labor. Apart from the communication infrastructures (roads, etc), which is in favor of Western companies, the World Bank interest lending style has damaged those states too. There was no African scholar who attended the proceedings of the World Bank at Woodrow Wilson Center for International Scholars (April 4, 2010), if one was there we doubt his expertise in international political economy. There was no African scholar who attended the Bretton Woods Meetings/ Conferences July 1-22, 1944 which led to the formation of the World Bank and IMF. This time we request that we manufacture the solution together. Let us all be responsible of the decision we make. 2. Way-forward (a) I think I can help, and I would like to invite the World Bank President to meet us in Uganda to discuss the problem and the way forward a viable Bretton Woods group of institutions. (b) We shall have an opportunity to state our case, and thereafter submit our recommendation to reform the failed Bretton Woods institutions (World Bank/ International Bank for Reconstruction and Development and the IMF). Their failure has since 1945 translated to failure of the third world states. Most Grateful. Yunus Lubega Butanaziba (PhD) RESEARCHER