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The history of aid and debt relief stems back to the 1940s when new institutions were created to aid poor countries. The IMF and the World Bank were conceived back in 1944 to help the world economy. The IMF would stabilize and regulate international monetary exchange while the World Bank would lend internationally to facilitate postwar economic development. Additionally, the UN (created in 1945) created a forum for international grievances. The UN played an important role in poverty alleviation, economic growth, and public health. Furthermore, the United States was one of the biggest foreign-aid donors in the 1950s. Then in 1960, the World Bank formed the IDA to provide loans with generous terms to the poorest countries. Many governments in the poor countries welcomed foreign aid and borrowed quite heavily in attempt to industrialize. Unfortunately, many countries were hurt in the 1970s with the rising of oil prices which affected generous aid flows to the poor countries.......

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Approximate Pages: 3 (250 words per double-spaced page)

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