29 Nov 2017

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Question about English (UK)

Hi everyone, could someone re read this paragraph to check the English please? Thank you (last minute essay writing)

Firstly, a LEDC will undoubtedly face hardships developing because of debts with areas pertaining to economics matters. Following the debt crisis caused by the oil crisis, many LEDCs have borrowed heavily in the 1970s and 1980s.
Indeed, developing countries need funds to develop according to the definition of development. Enterprises need capital to make the necessary investments to increase their productivity and competitiveness. The only way of gaining these is through taxation or loans. Taxations, however, are not available in poorer countries because of the low centralisation and the poor population. Therefore, the best way to invest in such situations is through loans. As an illustration, the International Monetary Fund (IMF); which is the main source for such loans to LEDCs, states that they are lending to provide financial stability. The three main advantages are to ‘avoid disruptive economic adjustment’, ‘unlock other financing’ and ‘help prevent crisis’.
However, an excess of granted loans have created a dependence to debts. This led to a low growth in industrialised economies. First of all, with debts are linked conditions. For example, a loan could have the obligation to be used in the agricultural sector when what the state really needs to focus on is education. The LEDCs might not be in position to refuse a loan in a desperate situation
Second of all, the necessary investments are difficult obtain as such a loan needs to be secure and a Heavily Indebted Country might not meet the requirements. Post-war North Korea, for instance, required a massive investment in order to strongly start economic development, and this investment was made despite what seemed to be a lack of the elements needed to show their ability to pay the funds back. In 1980 it defaulted on most of its foreign debt, and owed nearly $3 billion by 1987. Thus, in a long-term basis, the loan was not beneficial as in 1987, there has been a decline in the GNP and North Korea was and is unable to repay the loans.

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