World Bank Opposes Palestinian Sovereignty
World Bank is an imperial tool.
by Stephen Lendman
Washington controls the World Bank. Current president Jim Yong Kim formerly was Dartmouth College president.
The World Bank and IMF were established to integrate developing nations into the Global North-dominated world economy.
They've done it in ways other than originally mandated. The IMF was created to stabilize exchange rates linked to the dollar. Its purpose was also to bridge temporary payment imbalances.
The World Bank was supposed to provide credit to war-torn developing countries. Both bodies operate exploitively. They use debt entrapment to transfer public wealth to Western bankers and other corporate predators.
They obligate indebted nations to take new loans to service old ones. Doing so assures debt entrapment. Remedies proposed don't work. Structural adjustment harshness is imposed. Neighborhood loan sharks are benign by comparison.
Both bodies are imperial tools. Debt freedom, equality, justice, and other democratic values are verboten. So is Palestinian statehood.
A new World Bank Report says Palestine isn't ready for prime time. According to economist John Nasir:
"The Palestinian Authority (PA) has made steady progress in many years towards establishing the institutions required by a future state but the economy is currently not strong enough to support such a state."
"Economic sustainability cannot be based on foreign aid so it is critical for the PA to increase trade and spur private sector growth."- Advertisement -
Nasir may or may not know economics. He knows little or nothing about international law. He knows less about right and wrong. More on that below.
He says the Palestinian Authority faces financial crisis conditions. It's debt level is $1.5 billion. It's cash shortfall is $500 million.