It is widely known that economically stronger country's financial supports for developing one dont help to solve poverty. There should be more several optimal solution to handle this situation than financial aid. From my viewpoint, I certainly agree with this idea.
Financial aid can be a double-edged knife for the poor countries, it is undeniable that a large fraction of money can instanly solve some short-term problems such as food shortage or scarce finance, but its disadvantage certainly outweighed the advantage. One of the potential problem is that financial assistance for low income nations can lead to numerous undesirable problem in less-developed nations in terms of social and econmical aspects. Giving money for the poor government lacking of accountability can lead to the corruption which weaken the civil societies by restricting the citizenship and increasing the burden of the goverment. As a consequence, both foreign and dosmetic investments become less attractive that cant gain any economical significant efficiency as respected. What's more, financial supports for low income nations can create the excessive dependence on the wealthy countries in terms of economical and political aspects. These countries recieving the assistance package show poor performance in economic when compared with their counterparts who dont take the support.
Other underlying issues of financial aid is that it cant solve the root of poverty. It could be more effective solution in funding on creating an adequate education which is a primary reasons why a huge number of less-developed nations's citizen gets stuck on a vicious cycle of poverty. Due to their lack of ability of reading and writing, many people have to habourly work in poor and dangerous condition workplaces for a low wage so they have to borrow money to cover their basic life demands. Thus, when people have a chance for an adequate education, it boost their possibility of acquiring a good jobs with higher salaries so they can improve their life's standard and eventually get out of poverty.
In conclude, the challenges facing less-developed nations have immensely grew in recent years, namely pandemic, economic shock or food shortage. Economically stronger country should take responsibility with international organizations in raising fund for supporting low income nations in terms of economic and social aspects. Financial aid can consider as a quick solution but cant handle the root of poverty, therefore, there should be more practical policy to help the poor countries than giving money.
Financial aid can be a double-edged knife for the poor countries, it is undeniable that a large fraction of money can instanly solve some short-term problems such as food shortage or scarce finance, but its disadvantage certainly outweighed the advantage. One of the potential problem is that financial assistance for low income nations can lead to numerous undesirable problem in less-developed nations in terms of social and econmical aspects. Giving money for the poor government lacking of accountability can lead to the corruption which weaken the civil societies by restricting the citizenship and increasing the burden of the goverment. As a consequence, both foreign and dosmetic investments become less attractive that cant gain any economical significant efficiency as respected. What's more, financial supports for low income nations can create the excessive dependence on the wealthy countries in terms of economical and political aspects. These countries recieving the assistance package show poor performance in economic when compared with their counterparts who dont take the support.
Other underlying issues of financial aid is that it cant solve the root of poverty. It could be more effective solution in funding on creating an adequate education which is a primary reasons why a huge number of less-developed nations's citizen gets stuck on a vicious cycle of poverty. Due to their lack of ability of reading and writing, many people have to habourly work in poor and dangerous condition workplaces for a low wage so they have to borrow money to cover their basic life demands. Thus, when people have a chance for an adequate education, it boost their possibility of acquiring a good jobs with higher salaries so they can improve their life's standard and eventually get out of poverty.
In conclude, the challenges facing less-developed nations have immensely grew in recent years, namely pandemic, economic shock or food shortage. Economically stronger country should take responsibility with international organizations in raising fund for supporting low income nations in terms of economic and social aspects. Financial aid can consider as a quick solution but cant handle the root of poverty, therefore, there should be more practical policy to help the poor countries than giving money.