Leading the Treasury Department's Efforts to Use Essay

Download this Essay in word format (.doc)

Note: Sample below may appear distorted but all corresponding word document files contain proper formatting

Excerpt from Essay:

leading the Treasury Department's efforts to use microfinance in promoting international development. It is my recommendation to the deputies group that the United States expands its funding of microfinance initiatives in post-conflict and humanitarian crisis situations. Microfinance can entail a small loan given to an individual or a group of individuals at shared costs (microcredit), or it can come in other forms such as insurance [Definition of terms GOOD]

The interest rates are relatively high, and of course some individuals do not pay back their loans

Nevertheless, [Considers opposition GOOD]

Nevertheless, many cases, most prominently the Grameen Bank, for which Muhammad Yunus won the Noble Prize, demonstrate that a great majority of enrolled individuals repay their loan and interest, to the extent that some microfinance institutions and funds are able to turn a profit and attract commercial investment REFERENCE.

Recent movements in microfinance have advocated for the focus in funding to shift from public to commercial sources.

Although private sector funding of microfinance is increasing REFERENCE2, public financing must still play a pivotal role when individuals are not being served by microfinance programs.

Such individuals may be members of marginalized groups,

Literature on international development suggests that microfinance can be an effective tool in post crisis and famine situations.

The present situation in Somalia is one in which the use of public sector funding is appropriate, if not necessary. "By any assessment,"?

I will not go into details, but needless to say the situation in Somalia remains dire.

Despite this fact, U.S. international aid to Somalia continues to be cut each fiscal year.

5 Assistance has dropped from $403 million in 2009, to $152.1 million in 2010, to $82.3 million in 20106. This fiscal year, Somalia will receive $84.9 million, slightly reversing the precipitous decline in aid.

[Be wary of descriptors like this; some may not find the decline 'precipitous'; framing your conclusions / leading the reader like this weakens an argument because the reader should supply this adjective themselves. Yes no?]

It is estimated that demand for microcredit in Somalia is ten times the supply.

[SUPPORT: Great, model citation here. This is the type of evidence we want every assertion to be backed with if possible-]

Public grants would contribute to the formation of an actual financial sector in Somalia by allowing individuals to open savings accounts, take out a loans, or buy insurance

GREAT explanation of your assertion this and prior sentences

. The weakness of the informal and unregulated Somali economy is illustrated by the fact that the Somali Remittance Companies are the sole financial provider for the entire country REFERENCE. This is no wonder seeing as though remittances account for one third of the entire Somali economy at $1 billion a year.

Microfinance programs will thus be tuned to specifically address Somalia's unique economic troubles, while respecting its cultural traditions and religious practices [Excellent explanation of why your sub-thesis will help]

The successful use of microfinance in addressing Somalia's problems will hopefully lead to further efforts to apply microfinance to post crisis or conflict situations [EXCELLENT expansion of last sentence from specific to general]

Section B

I propose to build upon the work of USAID, the United Nations Development Program (UNDP), and the United Nation Capital Development Fund (UNCDF), in using microfinance to advance the development of the Somali financial sector [Strong sub-thesis GREAT]

The main plan advanced to this end is a joint UNDP/UNCDF program titled Launch of an Inclusive Financial Sector in Somalia (LIFSS) REFERENCE. Launched in 2008, this program is scheduled to last until 2012, and is a part of a larger series OF UNDP/UNCDF initiatives meant to meet the Millennium Development Goals in Somalia. LIFSS has the following 5 FIVE goals, taken verbatim from the program description:

i. Develop a national policy/vision statement of inclusive finance and prepare the next phase of the national strategy;

ii. Provide capacity building and training to key policymakers responsible for removing policy constraints; iii. Put in place a framework that allows the government and donors to coordinate funding based on best-practice microfinance from the start, minimizing potential harm to the credit culture;

iv. Build the supportive infrastructure (service provider networks, partnerships with cell phone companies, audit, training institutes, statistics/data) necessary for a sector to develop;

v. Bring immediate benefits for recovery; contribute to a competitive financial sector while identifying…[continue]

Some Sources Used in Document:

"Networklearning" 
"Networklearning" 

Cite This Essay:

"Leading The Treasury Department's Efforts To Use" (2011, November 03) Retrieved December 5, 2016, from http://www.paperdue.com/essay/leading-the-treasury-department-efforts-52718

"Leading The Treasury Department's Efforts To Use" 03 November 2011. Web.5 December. 2016. <http://www.paperdue.com/essay/leading-the-treasury-department-efforts-52718>

"Leading The Treasury Department's Efforts To Use", 03 November 2011, Accessed.5 December. 2016, http://www.paperdue.com/essay/leading-the-treasury-department-efforts-52718

Other Documents Pertaining To This Topic

  • Franklin Delaney Roosevelt s Attitude Towards the Jewish

    Franklin Delaney Roosevelt's attitude towards the Jewish problem during the War. I have read and heard such contradictory accounts spanning from Jews who congratulate for his involvement to some scholars and others who criticize him for an alleged anti-Semitism. Being that this is a famous personality that we are talking about and a prominent President of the U.S.A.; I felt that enlightenment on the subject was important. I wanted

  • Financial Crisis and Its Impacts

    The second purpose of the $700 purchase of troubled assets is to create a market for the securitized versions of these assets. As a result of the crisis, the market for these assets became illiquid. The value of securitized debt obligations became near zero, which severely impacted the balance sheet of all banks that held these assets. By creating a secondary market for these products, the government hopes to increase

  • Territorial Expansion How Did the U S Acquire

    Territorial Expansion How did the U.S. acquire the territory in question? On the auspicious date of April 30, 1803, the United States of America bought eight hundred and twenty eight thousand square miles worth of land from the French government of Napoleon Bonaparte. Thomas Jefferson, the President of America, wanted to secure this deal. Wars were rampaging overseas in the continent of Europe and Napoleon had intentions to safeguard what he had acquired

  • U S Inflation Causes Cost and Prevention

    U.S. Inflation: Causes, Cost, and Prevention The concept of introduction, loosely defined is a drop in the value of money, or the goods being purchased for a certain amount of cash now costs more in terms of cash. This causes discomfort to individuals as they feel that they are 'paying more' for the same item. What they often fail to realize is that the emoluments have also gone up, and thus

  • Qantas Airlines Qantas Is the World s Second

    Qantas Airlines Qantas is the world's second oldest airline. Founded in the Queensland outback in 1920, it is Australia's largest domestic and international airline and is recognized as one of the world's leading long distance carriers, having pioneered services from Australia to North America and Europe. The Qantas Groups today employs approximately 32,500 people and offers services across a network spanning 182 destination sin 44 countries (including those covered by codeshare

  • U S Involvement in El Salvador

    ..accused of being an assassination bureau, used for reprisals against the VC, GVN critics and personal enemies. Torture was common, and "elimination" was the preferred method of dealing with Phoenix's suspects. In a similar vein there have been accusations that the United States supported the 'death-squads' in countries like El Salvador during the Cold War period in order to bolster what they saw to be a threat to the democratic growth

  • What Information System Holds in Accounting Industry s Future

    Information System holds in Accounting Industry's future? Looking through the glass and estimating what the future holds for any individual or profession is always a difficult exercise as the trends in any business or profession may change and so the path of development. It is better to look at the experience of some companies whose systems have changed over the past few years and thus try to estimate what is


Read Full Essay
Copyright 2016 . All Rights Reserved