Economic Development for Developing Countries is Critical
Countries around the world look for some basic goals when it comes to economic development. While many countries in Western Europe and the USA/Canada are termed as developed, most countries in Africa and many in Asia come under developing nations tag. The budgets of these countries are mostly in the red and year round they need financial assistance to cover up things.
Financial assistance is needed by many countries that are mentioned above to run the daily operations of their government. And when it comes to the well-being of their people, then there are further many aspects that they have to take care of. Economic development is one front that I would like to discuss now, as it is critical for the sustainability of any country.
Economic Development
Countries that do not have enough resources to make things work in their favor require financial and other forms of assistance. Smooth economic activity should be the goal and that is why an economic development assistance program can be key for their eventual success. The goal should be less reliance on such assistance or minimum amount but in the initial few months or years, this can be difficult to maintain.
Take the examples of countries like Rwanda or Ethiopia. Or Democratic Republic of Congo. There are enough reasons for these countries for the economic meltdown, not to mention genocide and poor infrastructure. Years of bloodshed and poor law and order situation has taken a toll on how and why these countries are facing severe economic meltdown. And for the past two or three decades, there situation has not improved.
How to Combat the Situation?
Organizations like the Alliance for Sustainable Development are always on lookout for making things easy for the companies that are facing rough seas. They look for the donation from big organizations like World Bank, the IMF and private organizations like Bill and Melinda Gates Foundation. But getting the assistance is just one aspect as they have to come up with an improved program so that this economic assistance bear fruits for them.
This assistance should be taken as a positive step by the governments of these countries so that they try to improve. Over reliance on these assistance will be a negative aspect as they will always look for assistance or loans from these organizations rather than make it work for their economy.
Final Word
Countries need to be vigilant in their approach when they are getting economic assistance. While outbreaks of diseases and pandemics like COVID-19 make it difficult for them to break out of their shells, they must prepare to improve the situation. And the role of organizations like Alliance for Sustainable Development is also critical. They need to act smart and lead from the front, ensuring that the assistance they have arranged should be used wisely.
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