Will International Debt Forgiveness Help Citizens in Developing Countries?

The issue of debt relief is becoming a hot topic in news and politics in current times. Major initiatives have been made and plans drafted to forgive the debts owed to institutions like the International Monetary Fund (IMF) and the World Bank by developing countries. Many people question the efficacy of programs that will terminate debt owed by developing countries, arguing that it would be too expensive or inconsequential to the standards of living the these countries. Debt relief in developing countries can aid the poor standards of living and extreme poverty in many of the third world or developing countries that owe large amounts of money to the IMF and World Bank. The real problem is creating guidelines, rules, and expectations for how these countries use their loans and the funds from forgiven debts. There are circumstances that must be created for debt relief to successfully affect the poor populations of these countries, or it may all be in vain.