World Bank Importance – World Bank – International Monetary Fund
- It was conceived at a UN conference in Bretton Woods, United States, in July 1944.
- Membership: 189 countries
- Headquarters: Washington, D.C
World Bank Importance – World Bank – Original aims:
- Promote international monetary cooperation
- Facilitate the expansion and balanced growth of international trade.
- Promote exchange stability.
- Assist in the establishment of a multilateral system of payments.
- Make resources available (with adequate safeguards) to members experiencing balance of payments difficulties.
- The IMF’s fundamental missionis to ensure the stability of the international monetary system.
It does so in three ways:
- keeping track of the global economy and the economies of member countries
- lending to countries with balance of payments difficulties
- giving practical help to members.
World Bank Importance – World Bank – Surveillance:
- The IMF oversees the international monetary system and monitors the economic and financial policies of its 189-member countries.
World Bank Importance – World Bank – Lending:
- A core responsibility of the IMF is to provide loans to member countries experiencing actual or potential balance of payments problems.
World Bank Importance – World Bank – Management:
- The IMF has a Managing Director, who is head of the staff and Chairperson of the Executive Board.
- The Managing Director is appointed by the Executive Board for a renewable term of five years.
World Bank Importance – World Bank – Facts:
- Headquarters: Washington, D.C., United States
- CEO: Christine Lagarde
- Founded: 27 December 1945, Bretton Woods, Carroll, New Hampshire, United States.
- Formation: 27 December 1945
- Founders: John Maynard Keynes, Harry Dexter White