we heard that you have decided to resign from the position three years prior to your official retirement. i am sure you have valid reasons for the decision taken.
we have heard about the 'global - poverty alleviation project' you implemented during your period of the administration.
Are you happy with the results you so far achieved through the project?
i believe that it is no easy to fight against poverty alone.
According to most of the individuals believe in order to fight against poverty or defeat poverty, you need money. knowledge is insufficient. even to invest knowledge in something, in the current society you need capital, the money. even though you have a job, slightly or fairly paying a good salary. it is no easy because no person is a person totally or somewhat alienated by the local or global society they live. every person , every global citizen is inter connected with every single thing exist in this world, not only technologically but also 'dollarly. no person can escape from the results that increasing dollar rate establishes in the economic world we live.
Have you ever thought about that the loans and credits you offer for the countries of this region and in other regions, mainly for the poor countries or the loans and credits that we obtain from you somewhat helping or encouraging sustainability of poverty. due to same reason the countries were not able to totally combat poverty from their countries?
sir, i believe that you cannot measure 'success of the bank' just counting the total number of loans issue for the countries requested loans, the profit earn from the loans you have offered them, the number of development projects implemented by the bank unless if you really planning to achieve objectives,human such as 'poverty alleviation' level of burdens of credit/loans of the developing or poor countries.
Development is essential and no government can stop develop their countries materially or immaterially or spiritually. for every project the governments plan and implement they need either rupees, pounds, dollars yen rufias etc.
As i explained above, due to the nature of the increasing dollar rate, for us for instance, will have to earn very many rupees to buy a single dollar. and you may offer us billions or trillions of dollars as loans for developing countries and to pay back the loans taken we need to earn very many, uncountable number of rupees or Nigerian notes etc.
luckily now we have no war to spend our money. still we are trying to move out of the pre and post war economic and social traumas as a country. and i know some poor countries still have to face the challenge of wars. Unless the governments of those poor countries who has to spend tons and tons of money on buying weapons etc. obtain loans from the financial institutes such as WB, ADB etc they cannot afford to buy those alone.
Can Afghanistan for instance easily escape from poverty as quickly as they expect even though the involved parties decided to stop fighting respecting maintaining peace and harmony of the entire world?
As you very well know for some of the countries it is no easy to payback the loans you offer as quickly as you expect. and what will happen to the amount taken, until we are paying back the loan. The total amount that we will have to pay due to the interests and nature of the bank procedures and rules and conditions increases rapidly and unbelievably therefore, we will have to pay a lot more than we have taken from.
What are the ways that a government pays back a loan taken by them from any financial institute?
From the money that a state earns, if you can think of any money that a government earns that has nothing to do with public money.
From the taxes we pay. (every singular local or a global citizen is a tax payer. we pay taxes direct and indirect ways.)
i am sure you know that how a price of a product creates, how a production authorities calculate or decide a price rate of a product.
Based on the currencies they spend on raw materials, importing or locally purchasing etc. + tax etc. yes sometimes the decisions with regard to rates of food items, gas for instance are taken by the governments. Though producers or manufactures in need of covering or earning back what they spent on manufacturing said or any other products, what the customer expect from any government is ease of mind, an affordable rate.
can a manufacture or cultivator follow a coping strategy without thinking of earning good profit? what is the point doing business if they cannot earn a good profit, they too sometimes have loans to payback.
what are the solutions a government can think of other than reducing taxes, direct or indirect. but if they do so, how can they pay back the loans they have taken? how can they pay the salaries of every single fully government or partially government worker?
The experts needs to think of a better mechanism than the mechanisms that are in practice, footpath believes.
i am sure by now you have studied the frequency, pattern of paying back the money taken by the poor or developing countries?
we cannot stop development you cannot officially or ethically stop providing loans for the countries that requests loans. if they fulfill your requirements you have cannot withhold money allocated for the South Asia or for the other regions without issuing, according to your visions and missions.
If you stop providing loans for these countries you will have to close the Bank/entity and the countries that owns most shares or some shares will have to think of another alternatives to earn money that they earn through providing loans for us.
No, i am not degrading the help and support you have been offering since the establishment of the bank.
but kindly note that even a credit level of a single family units depend on loans and credits INCREASES monthly or annually, a lot more higher than what they earn, according to the criteria i know and the knowledge i have. And the significant fact here is that the economic experts or the other experts cannot rate such families as the families belong to rich or middle class, they definitly belong to the poor category.
Similarly if a credit level of a country higher than the profit they earn , you cannot categorize such countries as rich or middle class, even though they are rich in very many other things and i am here strictly talking about the credit and the money factor.
kindly note that it is we, the citizens of a country, who pay the loans taken by any government. we will have to bear the burden. every local citizen of any developing or other country will have to bear the burden.
kindly think of a mechanism to ease the burden we carry on not only on our shoulders but also in our hearts and minds and brains and consider reality of offering loans etc.
Perhaps you or the chairman to be selected / appointed can think of a better human friendly interest mechanism or a paying back mechanism, if the WB is still hoping to carry on the poverty alleviation project any further until they full fill their target or the objective, free from any other direct or indirect gains.
further footpath likes to justify what it tries to explain;
As you very well know that every development project implement by any government of any region , specifically poor country is not a project that helps them or the citizens earn profit directly or instantly.
Though through some of the projects they implement citizens gain indirect or direct gains material and immaterial, and sometimes the time taking to gain a profit is very longer than you or we expect. until you come to the phase of completion of a development project you earn nothing but spending . taking longer years sometimes to enhance the lives of the citizens, morally and economically.
sometimes the during the waiting period, the governments the citizens mainly will have to use coping mechanisms. sometimes they take a little, little or big, big loans from state or private banks, credit societies etc., mortgage their properties, pawn their jewelries etc.
can a family move out of the circle of earning and paying back a lot more than what they earn monthly or annually easily?
A family will have to then pay their house loans, daily or monthly need loans, spend what ever remaining in their wallets or almarahs for the educational needs of the children, organize the wedding of their child etc. other than coping what can be done? world together must think.
coping is good but depending on the mechanism they choose you weigh the advantages of the coping mechanisms used. but i believe coping methods are not always as smooth as you think they are or family income friendly.
footpath insists again, that unless you follow a more human friendly interest earning method and a paying back mechanism or a loan issuing mechanism than the methods that you are using right now, you won't be able to combat poverty totally from the world economic /development map.
Thank you for reading.
wish you a peaceful life ahead!
