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Importance of Human Resources to Social Development
Introduction to The Role of International Institutions in Development
Development in any part of the universal arena has been a higher and dynamic requirement as a process of integrating illustrative and constructive processes in order to build and invent a new, cohesive, prospered, and stabilized structure and framework that could eventually benefit the innovative development and advantageous roles in the target orbit (Terziev, 2018).
Development does not arrive as a single entity of focus or practice but a whole inclusion and intermingling of all facets like financial, technical, urban, human, livelihood, safety, economics, and trades. There has been a widespread focus of each country in the global range towards developing themselves into the holistic functionality and resourceful sustenance of the same.
This essay is purposed at putting the light on various international bodies and their roles and significance in the development in focus of different ranges and perspectives.
Role of International Institutions in Development
For the sake of robust national development covering the universal range, certain international bodies and intergovernmental institutions have been established in its self-legal compliance and operational personality, generally established by a treaty or international government instruments and law processing. Depending upon the aim and mission of the establishment and formulation of international bodies, various roles and functions are supposed to be served by these institutions accordingly that cover an entire scale of development i.e. from personal, safety, health, economic, to finance, and sustenance (Semenenko, 2019). The below listed organizations serve different capacities for the role of development.
World Trade Organization
World Trade Organization (WTO) is an intergovernmental established body of trade regulations and facilitation at the inter-country level to assist the countries’ development forces and hence sustenance of economic prosperity of the nation. The international body of trade development frontlines the implementation and derivation of national trade agreements, trade policies, mechanisms, and also the resolution of trade disputes among the countries by utilization of a standard trade management framework (Baldwin, 2016).
Headquartered at Geneva, the WTO seeks to foster multilateral trade relations by serving the vision of protecting the trade barriers, violation of intellectual property, and non-discriminatory functions like establishing a trade for the further built of affluent trade capacity for development.
World Bank
Clemens (2016) has called the World Bank as paramount support of development services in around each vital area of development by providing a helping hand in financial as well as technical assistance for the sake of effective development and nurture of global human livelihood and practices. Establishes 76 years ago in 1944, the World Bank as the supreme authority of finance and support aims to procure loans and grants to the national and international government of its member countries for overall capital and structural development of the countries to either foster and accelerate the country from the level of developing to developed or as the support to countries experiencing natural disastrous outbreaks and degradations or even to countries that aim to reduce and eliminate the poverty within.
Not just financial assistance but World Bank has a wide vertical of educational finance, health and safety budgeting, infrastructure development, and many more for the accomplishment of future goals of elimination of global poverty at the most of 3%. The development of countries and hence global human livelihood has been the sole objective of the World Bank by the development of social protection, urban development, national financial stability, resource allocation and management, infrastructure development, disaster management, industrial development and renovation, and whatnot.
International Monetary Fund
International Monetary Fund (IMF) is an international authority of monetary cooperation that visions at the primary purpose of providing and leveraging the global financial stability by the development of monetary assistance, facilitating international trade and businesses, providing a base for higher employment, and hence reduction of poverty at the global orbit to enhance the development of nations and overall human prosperity. Headquartered at Washington since 1945, the IMF through funds and other financial activities seeks to serve the surveillance of national economies, economic development, resource allocation, and even formulation of financial and economic policies for national and global sustenance (House, 2016).
For the effective achievement of the aim of funding and financial cooperation, the IMF is objectified at the assurance of exchange stability among foreign nations, balancing the growth of trade and payments, reducing maladjustments and disequilibrium, financial reconstruction, and much such monetary assistance in the country.
World Health Organization
World Health Organization (WHO) as a specialized vertical of the United Nations since 1948 is a supreme body of authority with its focus on the development of health and wellness of the public and their future development across the globe as stated by Kieny et al. (2017). The organization portrays its major role in the effective and prosperous development, management, maintenance, and sustenance of human life and well-being towards the achievement of a better livelihood for each human citizen worldly. With its head office at Geneva and around 194 members countries, the WHO is supremely focused towards the formulation of educational development and promotion, safeguarding the human population from the epidemics and health disorders and outbursts spreading at the vital accelerated motion by the formalization of multisectoral public policies that facilitate community health, empowerment, health protection, and financial budgeting for assistance to national health care facilitation.
WHO has played its dynamic role in the historic performances during the global pandemics that arrived in the past durations of its establishment such as during cancer, HIV, tuberculosis, polio outbreak, fatal road accidents, pox, zika virus outbreak, Ebola spread, and many alike.
Conclusion on The Role of International Institutions in Development
Development in any context has a vigorous yet ongoing reaction in the play of fostering the social, human, and operative contexts of the global population. At the national and international development approach, certain international institutions such as the World Bank, WHO, IMF, United Nations, World Trade Organization (WTO), International Labor Organization (ILO), etc. have been a boon for the global infrastructure, financial, technical, human, safety and health, trade, and other essential developments for the upgraded economy and livelihood of human at each corner of the globe.
The international authorities of development have not just been a theoretical framework but have practically realized their efficiencies in a timely structured manner. For instance, the WHO’s humungous assistance during the uncontrollable spread of Polio during the early 20s has now be eradicated by 99% globally.
References for The Role of International Institutions in Development
Baldwin, R. (2016). The World Trade Organization and the future of multilateralism. Journal of Economic Perspectives, 30(1), 95-116. https://doi.org/10.1257/jep.30.1.95.
Clemens, M. A., & Kremer, M. (2016). The new role for the World Bank. Journal of Economic Perspectives, 30(1), 53-76. https://doi.org/10.1257/jep.30.1.53.
House, B., Vines, D., & Corden, W. M. (2016). International monetary fund. In Banking Crises, 158-191. Palgrave Macmillan, London. https://doi.org/10.1057/9781137553799_18.
Kieny, M. P., Bekedam, H., Dovlo, D., Fitzgerald, J., Habicht, J., Harrison, G., Kluge, H., Lin, V., Menabde, N., Mirza, Z., Siddiqi, S., & Travis, P. (2017). Strengthening health systems for universal health coverage and sustainable development. Bulletin of the World Health Organization, 95(7), 537-539. https://doi.org/10.2471/BLT.16.187476.
Semenenko, I., Halhash, R., & Ivchenko, Y. (2019). Role of international organizations in promoting sustainable development in conflict-affected regions: the case of the Luhansk region in Ukraine. European Journal of Sustainable Development, 8(2), 21-21. https://doi.org/10.14207/ejsd.2019.v8n2p21
Terziev, V. (2018). Importance of human resources to social development. Proceedings of ADVED- 4th International Conference on Advances in Education and Social Sciences. Turkey.
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