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Poverty has sustained due to this unfair debt and there will be no end to poverty of this system continues as it hinders political and economic stability (Diaz (2008)). Thus, in order to end the global poverty, first world countries must try to look for ways in which the debt can be forgiven or compensated.
The most important cause of the unfair third world debt is the colonization. The colonizing states had transferred an unfair debt on the independent states in 1960 which had to be returned with an additional interest. This meant that the newly born states were already under a heavy burden of debt which eventually hindered their economic and political stability. Moreover, it was soon realized that the only way to get rid of this unfair debt is to get it forgiven by the rich countries. The continuation of this system since decades has pushed the poor countries into extreme poverty (Shah (2007)).
Many developing and under-developed countries are under the burden of unfair debt partly because of the policies of certain international institutions such as the World Bank and the International Monetary Fund (IMF). They have worst programs and policies for the global poverty which have been greatly criticized. The developing and poor countries have had an increased dependence on the richer countries. IMF and World Bank have continually claimed that they will introduce policies to reduce poverty levels but they have failed to do so as their policies have increased the burden of the poor nations (Jarman 54). Policies to ensure debt repayment and the economic restructuring have been imposed but the policies have simultaneously leaded the poor countries to reduce their spending on health, development, and education in order to make debt repayment and economic stability as their priority. IMF and the World Bank have also demanded that these poor nations should lower their standard of living
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