Out of the 200 countries existing on Earth, more than half are considered to be poor. These are the countries who are not able to feed their citizens, provide them with healthcare, education and other necessities of life.
Being poor, these countries only have 2 options: Either to let their citizens die of hunger or get financial aid from the wealthy nations to feed them. The latter is quite reasonable in my view.
I strongly support his point because taking financial aid from wealthy nations helps a country build itself. It becomes able to provide its citizens with food, shelter, healthcare and education. Without these necessities, one cannot compete in today’s world.
Getting aid from rich countries helps a nation in a bundle of ways. It can use that money to build schools, colleges and universities where their citizens would get educated and this step in-turn will open new doors of opportunities for them. They may get hired by different multinational corporations which offer enough salary to feed the entire family.
Accepting financial aid from the developed nations has a positive impact on the exchange rate. It helps the country keep its currency exchange rate stable.
A poor country can use the financial aid to set up businesses both inside and outside the country which may generate a regular income for the country and its people. In the long run, this could make the country self-reliant.
By making use of the financial aid. Poor countries can set up vocational training institutes which could help its citizens turn into skilled workers. These skilled workers can then be sent to wealthier countries where they could easily utilize their skills to earn money and send a portion of that money back to their country in the form of remittances. This would greatly help their homeland become self-sufficient.
Despite all the positive effects, there are a few drawbacks of accepting financial aid. Firstly, the financial aid provided by the developed countries is usually tied with some kind of compromises. For example, the poor country may have to let the financing country use its land or airspace in return for the aid. Secondly, the poor country may have to compromise on its national interests in order to be eligible for the financial aid. Country that provide aid to others do it for a return. And in some cases, the poor country becomes a slave of the rich one.
Keeping in view all the above mentioned views, I stress that accepting financial aid has more merits than the demerits for the poor countries. So it is better to accept that aid.
