Yemen loses to the World Bank [Archives:2005/832/Letters to the Editor]

April 11 2005

Salahuddin M Hamood
[email protected]

Reading about the Yemeni 'Fisheries Project' financed by the World Bank, the European Union and the Yemen Government, one wonders at what cost to the country will such a project be implemented. The World Bank is notorious for the damage it has caused and continues to do to the Third World. Would not it be better to offer the investment in such lucrative enterprise to the Private Sector, both locally and internationally? In this scenario, Yemen would not bear the brunt of the burden of interest with which the so-called 'World Bank' shackles poor nations. Development programs in most, if not all, Third world countries have been hampered and virtually came to a halt due to the heavy burden on interest due to the World Bank.

Who is the beneficiary in the relationship with World Bank? One wonders.