Band 8+: Rich countries often give money to poorer countries, but it does not solve poverty. Therefore, developed countries should give other types of help to the poor countries rather than financial aid. To what extent do you agree or disagree?

I wholeheartedly concur with this viewpoint. To illustrate, China, a prominent global superpower, often extends loans for development to other countries such as Sri Lanka. These loans typically entail high rates of interest, rendering the borrowing countries unable to repay them. Consequently, as a form of collateral for their debt, China has taken over certain parcels of land. This real-world example aptly demonstrates the inadequacy of financial assistance from wealthy nations, as it can lead to the loss of territorial sovereignty for the recipient countries. Instead of providing monetary aid to impoverished nations, affluent countries could opt to enhance the import of goods from these countries. This approach can significantly augment the Gross Domestic Product (GDP) of the recipient nations. Subsequently, the heightened demand for goods may spark a surge in manufacturing activities, thereby generating substantial employment opportunities within the country. Moreover, affluent nations could consider reducing import taxes for goods originating from poorer nations. Notably, in many contemporary societies, a significant portion of national revenue is allocated to military expenditure and defense mechanisms. If affluent countries were to extend assistance in these areas to poorer nations, the latter would have additional financial resources to allocate towards healthcare and education initiatives, consequently uplifting their literacy rates. Enhanced literacy rates are known to be conducive to the overall development of a nation. A prime exemplar of this phenomenon is India’s trajectory. Hence, I ardently believe that providing financial loans to impoverished nations is not a viable solution to alleviate their poverty; rather, it may serve as a means for wealthy nations to exert control over economically deprived countries. Should affluent nations genuinely aspire to help alleviate poverty in their global counterparts, alternative avenues must be explored.