International debt has long been a persistent problem in most third world countries. Although many believe that the best way to tackle this is to eliminate or reduce the amount of foreign loan for those nations, others are of the opinion that this will create a world trauma where the poorer depend overly on the assistance of the wealthier. I tend to lean towards the former, and I will leave some reasons supporting my view in the following essay.
There are certain benefits of giving financial aid to countries in poverty. Firstly, it symbolizes the image of humanity, solidarity and compassion among nations. Since we are the same species, it is the human originality in one of us that matters. It would go against moral ethics if we let the poor go poorer and the rich go richer. Therefore, giving financial support not only helps reduce the money burden on those countries’ shoulders but also opens doors to potential cooperation in the future between two world countries with each other. Besides, sending foreign or even non refundable aid to these countries provides a better opportunity for them to re-establish the economy. For example, the farmers from some poorest countries in Africa or the sub-Saharan region have to live on cash crops for centuries, which is their only way to increase export earnings and get money to pay their debts. By offering humanitarian aid, countries that used to live in extreme poverty can now start to look forward to a life without famine or food and water scarcity. This is because they now can turn to a more long term economy, where their money will be invested in different fields such as tourism, natural resources, agriculture or even urbanization. These together will contribute to transform the society into a better one and also bridge the gap between the rich and the poor.
However, some people argue that offering too much support will result in an excessive reliance of supported territories on donor ones. I agree with this view but I suggest there is a better approach to this issue. It is that transnational organizations should impose certain restrictions making sure that these supported countries will carry out comprehensive economic reforms. This will act as a roadmap to overall poverty reduction and robust economic growth.
To conclude, it seems to me that it is the role of the international community to give support to those poorest countries to get over debts and focus on the development of the whole society. However, I strongly recommend that there are certain constraints and policies attached just in case the process is done wrongly. By striking a balance between these aspects, we will be able to create a world of happy, strong, economically dependent countries where no children will have to live in hunger, disease and fear of colossal debts.