Developed nations are frequently seen providing economic assistance to third-world countries. However, it does not always help reduce poverty; Therefore, it is argued that less affluent nations must be provided with an alternative form of aid which will help them in the long run. This essay discusses why developing countries can be better off from such assistance and the types of help offered.
Firstly, when developed countries give money to undeveloped countries, it will help citizens in these countries solve short-term problems, and it will not last long. When inhabitants in emerging countries receive money from donations, they use it to pay the temporary costs or issues. For instance, in 2005, the United States donated about 20 billion to some undeveloped countries, but still, it only helped people solve the problem for two months. After two months, they continued poorly.
Moreover, developed countries should invest in healthcare and education rather than loan money to other countries. When the younger generation receives a quality education and everyone has access to proper medical treatment and hospitality, it will help eliminate unemployment and prevent people from resorting to unlawful activities. So developed countries must avail in building good schools, universities, and hospitals. Moreover, they can help stabilize the government in these countries and monitor whether the political environment is conducive to growth. Although money helps feed the hungry lot, it is only a temporary solution.
However, before providing help with other aid to developing countries, developed countries should give financial assistance to developing countries because people say that money does solve most problems.
To summarize, I favors the opinion that rich countries should provide practical help to improve the economic status of developing countries. However, financial assistance can only help to a certain extent and is not the definite way to eliminate poverty.