World Economic Reforms

There is no denying the fact that embryonic countries constantly demonstrate a predisposition to bring in the policy pronouncement of highly developed countries in their delicate resources despite the shifting of overall socio-economic procedure virtually. In bonafide world state of affairs aspects that next to influence the strategy decisions of budding countries are found fictional in progressive countries. It is evident that reserve constraints and technical non-progressive phenomena are two focal setting that formulate the budding countries reliant upon the advanced countries. The highly developed countries make available financial assistance for the economic development of the progressive countries through remarkable polygonal and two-pronged donor agencies, which are authoritatively termed as ‘Progressive media.’

The ‘progressive media’ all the way through their lending tricks play a vital role in the policy-making method of progressive countries. The intact process is now more evident in an interestingly univocal world order that materialize after the collapse of communism as a governing and economic system in the 1980s. The international financial agencies more than ever the World Bank and International Monetary Fund as policy shift pursued a free-market-based world order where the progressive countries were urged, cajoled and hard-pressed to initiate market economy through structural modification reforms.

As a result, over the last one-decade progressive countries have made changes in their state oriented development strategy mostly in line with the policy advice of the Progressive Medias.
Progressive Medias tend to justify their role in policy decisions of recipient countries that aids are given from the taxpayers’ money of the advanced countries that preserve the right to know whether money is being utilized in proper ways. Despite continued financial assistance by the Progressive Medias a vast majority of world population in the recipient countries live under the poverty line and unable to meet their basic needs. Increasingly Progressive medias are becoming concerned with the aid effectiveness and often attribute the underdevelopment of third world countries to their inappropriate internal policies. Although the failure of IMF’s policy advice in managing the financial crisis in East Asia has given rise counter argument that the economic crisis afflicting the progressive countries was fundamentally global in nature

The World Bank in its policy research report, “Assessing Aid, What works, What doesn’t, and Why” has laid emphasis on the internal policies of the recipient countries as important factors to make aid effective. In different international forums including the Aid Consortium Meeting that held under the auspices of the World Bank, the Progressive medias review the policy issues of the recipient countries with top priority; and before making any aid commitment want to make it sure that appropriate policy environment is prevailing in the recipient countries.

Among the Progressive medias the World Bank is the most important whose confessional financial assistance has allowed it enormous access in the policy making process of progressive countries which we can see with particular reference to Bangladesh.

Kh. Atiar Rahman is a distinguished author and a poet. He has many publication in national and international media.

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