Praise
In principle, conditionality is a tactic used not only to make sure loans are paid back, but also to ensure that they are used effectively. If there are no conditions on the loan, the country might not use the money to reduce poverty (see fungibility). This argument however, logically misses the counter-argument that there are many other conditionalities which could be imposed which would not necessarily create the burden of payment (and therefore, the subsequent lack of ongoing governmental investment) which is seen by many critics as creating a vicious circle. A corollary of this problem is that, should such a vicious circle indeed exist, its only overriding tendency is to allow for outside multinational investment to provide the service and food needs to the society, which can no longer function in a productive, cost effective manner.
Read more about this topic: Structural Adjustment
Famous quotes containing the word praise:
“We praise times past, while we times present use;
Yet due the worship which to each we give.”
—Ovid (Publius Ovidius Naso)
“I allow a Beauty to be as much to be commended for the Elegance of her Dress, as a Wit for that of his Language; yet if she has stolen the Colour of her Ribbands from another, or had Advice about her Trimmings, I shall not allow her the Praise of Dress, any more than I would call a Plagiary an Author.”
—Richard Steele (1672–1729)
“Men hear gladly of the power of blood or race. Every body likes to know that his advantages cannot be attributed to air, soil, sea, or to local wealth, as mines and quarries, nor to laws and traditions, nor to fortune, but to superior brain, as it makes the praise more personal to him.”
—Ralph Waldo Emerson (1803–1882)