International Financial Institution
Funding from International Financial Institutions in Somalia Development
The International Monetary Fund (IMF) and World Bank, which is an international financial institution are playing a vital role in Somalia social, political and economic development. Somalia is an African country which gained its independence from European nation in 1800s. For several years, the country has experienced political instability, recurring violence, poverty and famine. Despite the challenges, Somalia is a country which is moving forward in that in year 2004; Transitional Government was established for the purpose of helping development and state-building (Cissé, Menon & Cordonier, 2014). The IMF as an international financial institution is offering funding to ensure that Somalia will have a stable economy through building central bank and other fiscal institutions. IMF as an international financial institution has found a way of entering in Somali development and it is struggling to have a comprehensive understanding of the current economy and the state of its institutions in order to implement economic reforms. IMF as an international financial institution has already formed relationship with the Federal Government and now it is able to offer technical assistance as well as political advice on how to build the nation (Cissé, Menon & Cordonier, 2014). Writers who offer economics assignment help at Edudorm essay writing service notes that through the internal relationship, IMF is working with Somali authorities to find international assistance from economic agencies such central bank in order to build the nation. The IMF as an international financial institution has created important goals of helping the financial ministry in raising revenue and public finances, establishing international payment systems, addressing problems in counterfeit currency and forming relationship with bilateral and multilateral donor in order to ensure economic development. Currently, IMF as an international financial institution is providing loans and technical assistances on macroeconomic policies and now the authorities are in a position of implementing effective economic policies (Cissé, Menon & Cordonier, 2014).
Since Somalia has faced many disputes which demand attention, the World Bank is helping the Somalia development not only through lending but also through provision of knowledge and technical assistance. For example, World Bank as an international financial institution advices that women roles should be empowered and be inclusive in development process since their unique abilities will help in coping mechanism (Guha-Sapir & Ratnayake, 2009). Experts who offer economics homework help at Edudorm essay writing service indicates that in addition, the World Bank as an international financial institution asserts that the civil war led to the collapse of State and central government and for that reason Somali should reconstruct the State by re-establishing the governmental structures as they will play important functions in modern States and lead to political reform and good governance. The World Bank concentrates much on empowerment and equity for State-building and reconstruction.
According to World Bank, Somalia must balance social justice, poverty reduction and equity in order to gain economy development. The World Bank as an international financial institution has entered in the economic field and has provided funding for expansion in Somalia’s Private Sector and this is a strategic way in creating a sustainable economy and eliminates the high level of poverty (Guha-Sapir & Ratnayake, 2009). Authors who offer accounting homework help at Edudorm essay writing service points that the World Bank as an international financial institution is helping Somalia in improving reform agenda as well appropriate regulations. The agenda reform will implement new economic opportunities, improve regulatory frameworks, improve investment and job creation for Somali population. World Bank as an international financial institution has asserted that it will offer funding for domestic financial sector for private sector development, financial resources and help the government in fiscal arrangements (Guha-Sapir & Ratnayake, 2009).
Substantive Ways in Which a Healthy Population and International Financial Institution Support Strengthens the Economy of Somalia
In economy development, population health has a very important impact at micro level. There are various ways in which a healthy population can strengthen the Somalia economy. There is a close relationship between health and income in that health will be required in order to achieve wealth and thus, a population health will build up the economy and eliminate poverty (Gedi, 2008). Tutors who offer financial accounting assignment help at Edudorm essay writing service acknowledges that good health support from international financial institution will pave paths for income development and human welfare and other important point is that income is a determinant in policy purposes and country development. With respect to the economic growth, Somalia can benefit from population health in the following ways;
Expenditure Reduction on Preventable Diseases as supported by International Financial Institution
Somali can reduce its expenditure on fighting and vaccinating preventable disease. By having a healthy population, Somali can spend the federal fund on productive venture for economic growth and capital resources. For example, a large amount of money from international financial institution which could be invested in health care system for the treatment of Malaria, typhoid and other diseases will be used in infrastructure, transportation and communication sectors (Gedi, 2008). Mentors who offer finance assignment help at Edudorm essay writing service recognizes that a health population will also increase the labor production as people will be physically and mentally fit. Health improvements will also change the sociopath structure through investment on human capital thereby increasing personal savings and improving health labor force.
Research and Development Supported by International Financial Institution
The economy of Somali will be strengthened through conducting economic research with a high level of intelligence, healthy mind and body. There is a need for skilled labor for economy growth and a high level of aptitude will have a positive impact on productivity. Skilled personnel with also focus on demography and help the nation with skills and advice based on child mortality and fertility (Gedi, 2008). Instructors who offer financial services assignment help at Edudorm essay writing service argues that families will be able to choose between healthy and unhealthy choices in determining the family size. Support from international financial institution to a healthy population will have both mental and physical ability and this will help them to develop the economy through passion and interest.
Productivity increase and GDP growth
Health population will boost the productivity of Somalia since there will be absenteeism and inefficiency reduction and workers will set common goals in developing the economy and maintain the competitive edge. Teachers who offer financial planning assignment help at Edudorm essay writing service says that support from international financial institution to employee’s competence will help the country to utilize the available resources such as land, time and water and these resources will boost the total production within the country (Obeng-Odoom, 2012). Health population consists of both skilled and unskilled workforce who increases both the quality and quality in production. Through skilled workforce, there will be variety of high value of goods and services.
Saving and Investment from International Financial Institution
Poor health can affect the country’s income as a result of medical expense which will reduce both household and nation income savings. By having a health population, Somalia will achieve the economic success through a high capital accumulation which will lead to an extraordinarily savings per income (Obeng-Odoom, 2012). Trainers who offer corporate finance assignment help at Edudorm essay writing service states that health population will make wise decision on consumption and saving and they will establish a life cycle behavior in their life span. Support from international financial institution on the behavior channel in saving and investment increases the longevity which brings the need for generation incentive and impacts the domestic investment positively. Somalia will benefit from economic success through foreign direct investment by eliminating rampant diseases and increasing healthy productive workforce (Obeng-Odoom, 2012).
Foreign aid in health care system from International Financial Institution
Somalia for many years has struggled for universal access to health care and the leadership has implemented development plans for health care. Various Somalia administrations have adopted diverse approaches and policies from international paradigms with the purpose of getting resolutions on healthcare. Both parliamentary government and military government shared their national plan on health care in but they never succeeded in their core operations (Somalia, 2016). In addition, the ministry of health was unable to provide the needed resources for health care system and there have never been health man power competence in heath care. Writers who offer behavioral finance assignment help at Edudorm essay writing service notes that such reasons made the leadership to search for foreign aid from international financial institution to improve health care. For example, in 1980s, Finish International Development Agency (FINIDA) brought external assistance and established the campaign on smallpox eradication, treatment for tuberculosis and introduced primary healthcare (Somalia, 2016). It also introduced the PHC institutions for medical specialty. The effort improved the health care in terms of quality and access. A large amount of money has been contributed by support from international financial institutions and they have improved the health care system as well as health care policies. For many years, Somali has solved health care issues on global aspects particularly on issues such like vaccination campaigns. For instance, Somali Aid Co-ordination Body (SACB) was formed by UN agencies, donors and NGOs and the committee have implemented national health policies and development programs (Somalia, 2016).
References
Cissé, H., Menon, N. R. M., & Cordonier, S. M.-C. (2014). Fostering development through opportunity, inclusion, and equity. Washington: World Bank.
Guha-Sapir, D., & Ratnayake, R. (2009). Consequences of Ongoing Civil Conflict in Somalia: Evidence for Public Health Responses. Plos Medicine, 6(8), 1-5.
Somalia: 2016 Country Review. (2016). Somalia Country Review, 1-392.
Gedi, Q. Mohamed (2008). Health Care Services in Transitional Somalia: Challenges and Recommendations.
Obeng-Odoom, F. (2012). Health, wealth and poverty in developing countries: Beyond the State, market, and civil society. Health Sociology Review, 21(2), 156-164.
