Lending Institutions Human Capital and Health Care Essay

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Lending Institutions, Health Care and Human Capital

Explore whether or not funding from international lending institutions like the World Bank and the IMF are helping or hindering the social, economic, or political development of the country that you have selected. Support your response with examples.

For a long time now, developing nations have been reliant on the aid provided by foreign entities and global lending institutions to foster the growth and development of their economies and improve the standard of living of their citizens. International lending institutions, for instance World Bank and International Monetary Fund (IMF) play significant roles in the economic, social, and political development of developing nations through the provision of monetary help and support. Furthermore, these institutions provide essential support to developing nations, such as India, for their general development. India is one of the fast developing nations in the world and these lending institutions have played a fundamental role in this regard. For instance, the World Bank has established the Partnering Strategy for India, which essentially is a program that is designed to set up the foundations for the attainment of faster, sustainable as well as more inclusive growth (The World Bank, 2018). This particular established project will aid in supporting the growth of India as a nation through the provision of pivotal financing, consultative services as well as information. In addition, the IMF acknowledges the necessity for India to accomplish economic growth. A fitting instance of this can be perceived in the sense that the lending institution suggested augmented financial sector supervision, reforms in the taxation system, improved monitoring of financial institutions such as banks, and increasing the short-term interest rates so as to aid the growth of India’s economy (IMF, 2018). It is also important to note that so as to generate economic reform and change, these international lending institutions are also aiding developing counties through the re-establishment of market economies in developed nations such as the United States.

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Taking this into consideration, it can be claimed that international lending institutions have a pivotal role to play in the economic, social and political growth and development of developing nations.

Discuss, with examples, at least four (4) substantive ways in which a healthy population strengthens the economy of the country that you have selected.

Investment in healthcare is not only a necessary, but also a pivotal priority for most nations. Health performance and economic performance are correlated. Nations that have healthy populations easily become wealthy. The impacts of health on development are apparent. Nations with frail health and education conditions find it tougher to accomplish sustained growth. Without a doubt, economic evidence substantiates that a 10 percent enhancement in life expectancy at birth is linked with a rise in economic growth of some 0.3-0.4 percentage points a year (Frenk, 2004). The following are substantive ways in which a healthy population strengthens the economy of India:

1. Diminished expenditure on preventable diseases

When the nation has healthy citizen, it is comprehensible that a significant amount of federal funding that was initially placed aside for fighting illnesses and vaccination of individuals and children against preventable illnesses in India such as polio can be eradicated. In this regard, such funding can be invested in different productive initiatives that will provide national growth with respect to both capital and resources. For instance, in India, the funding that is saved from lack of investment in national vaccination, the country can make significant investments in other important aspects such as transportation systems, infrastructure and also water and sanitation.

2. Increased productivity that facilitates GDP growth

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References

Center for Global Development. (2012). Healthcare in India: A Call for Innovative Reform - An Interview with Victoria Fan (NBR). Retrieved 24 August, 2018 from: https://www.cgdev.org/article/healthcare-india-call-innovative-reform-interview-victoria-fan-nbr

Frenk, J. (2004). Health and the economy: A vital relationship. OECD Observer. Retrieved 24 August, 2018 from: http://oecdobserver.org/news/archivestory.php/aid/1241/Health_and_the_economy:_A_vital_relationship_.html

Gostin, L. O., Levit, L. A., & Nass, S. J. (Eds.). (2009). Beyond the HIPAA privacy rule: enhancing privacy, improving health through research. National Academies Press.

IMF. (2018). At a glance – India and the IMF. Retrieved 24 August, 2018 from: https://www.imf.org/external/country/ind/rr/glance.htm

Nagarajan, R. (2013). Foreign aid 1.6% of India\'s total health spend: Study. Times of India. Retrieved 24 August, 2018 from: https://timesofindia.indiatimes.com/india/Foreign-aid-1-6-of-Indias-total-health-spend-Study/articleshow/18668317.cms

Stevens, P. (2008). Foreign aid for health: Moving beyond government. The Campaign for Fighting Diseases. Retrieved 24 August, 2018 from: http://www.medlib.ch/documents/Foreign%20Aid%20for%20Health%20web.pdf

World Bank. (2018). The World Bank in India. Retrieved 24 August, 2018 from: https://www.worldbank.org/en/country/india

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