Reality & Society: What is The World Bank??

Argentina was forced to remove all barriers to foreign trade and enter the global marketplace this resulted in the collapse of many local Argentine companies, as economically Argentina was not ready. Argentina was forced to request further loans to feeds its population which actually led to nation wide looting in 2001. In December 2001 on the verge of economic meltdown Argentina defaulted on its $93 billion debt.The World Bank in 1976 introduced a Transmigration program (Transmigration V) in Indonesia. This project was funded after the establishment of the Bank’s OESA (environmental) office in 1971. Transmigration V was the largest resettlement program ever attempted and designed ultimately to transfer, over a period of twenty years, 65 million of Indonesians 165 million inhabitants from the overcrowded islands of Java, Bali, Madura, and Lombok. The WB objectives were: relief of the economic and social problems of the inner islands, reduction of unemployment on Java, relocation of manpower to the outer islands, the strengthening of national unity through ethnic integration, and improvement of the living standard of the poor. The project was a resounding failure it failed as the new settlements went out of control; a local population fought with the migrators and the tropical forest was devastated (destroying the lives of indigenous peoples). Many of the settlements were established in inhospitable sites. The Funding continued through 1987, despite the problems noted and despite the Bank’s published stipulations (1982) concerning the treatment of groups to be resettled. https://www.thelionstares.com/post/reality-society-what-is-the-world-bank