The World Bank was established in 1944 as the International Bank for Reconstruction and Development (IBRD), and since then, its role has evolved and broadened to become one of the core institutions of international finance. Originally, the Bank was the single post-war institution promoting reconstruction and development. Now, the World Bank is an association of four developmental institutions: the International Development Association (IDA), the Multilateral Guarantee Agency (MIGA), the International Centre for the Settlement of Investment Disputes (ICSID), and the International Bank for Reconstruction and Development (IBRD). IBRD’s main goal is to alleviate global poverty. Given the devastation after World War II, the establishment of the organization and its ultimate objective was hardly controversial. On 9 May 1947, the IBRD approved its first loan for a sum of USD 250 million to France for reconstruction. Loans to Denmark and other European countries soon followed. Rather than resolutions, this committee will develop and approve loan requests concerning how to properly invest in the future of the Iraqi economy or how to invest in public health initiatives for India.
Topic A: Fossil Fuel Management in Iraq
Iraq is the second largest oil producer among the Organization of Petroleum Exporting Countries (OPEC) member states, so its economy is heavily reliant on oil revenues. However, because exports are prioritized, there is a shortage of fossil fuels available for the general population, which has caused issues such as frequent power outages. In addition to meeting the domestic demands of citizens, Iraq is attempting to manage the abundance of fossil fuel produced annually. Obstacles such as market volatility, production quotas, and regional integration need to be addressed in order for Iraq to efficiently use their wealth of fossil fuels for the benefit of both the economy and its citizens. In line with the Sustainable Development Goals, this committee will explore different economic solutions in which the management of fossil fuels promotes sustainable economic growth across diverse sectors and promotes the overall needs of citizens across different facets.
Topic B: Neglected Tropical Diseases in India
Neglected Tropical Diseases (NTDs) are infectious diseases caused by parasites, bacteria, and viruses that thrive in the tropical and subtropical climates found in 149 countries. They affect over one billion individuals every year. Instead of investing in much-needed infrastructure development and provision of adequate social services to its citizens, the government of India must spend large portions of its GDP for treatment and containment of NTDs, the majority of which are entirely preventable through vaccination and proper sanitation. Every person lost or crippled by the devastating effects of NTDs is a detriment to a developing economy like India’s. Investing in health, education, and other aspects of well-being results in an increase in human capital–the collection of the skills, education, and health that a person accumulates throughout their life. However, stemming the rate of NTD infections will require nuanced, diverse solutions, since India faces many challenges such as overcrowding and lack of sanitation in urban areas and a lack of access to medical infrastructure in rural areas. Delegates will have to come up with efficient, realistic solutions to this problem, from funding medical personnel to opening up trade in countries with major pharmaceutical companies.