Concept: IMF & World Bank
Category: Bretton woods and Economic Development
Related News: Hindu, Apr 14
CNA mentions: (Apr 14)
IMF & World Bank
The International Monetary Fund or the IMF is a global organization with its headquarters at Washington, D.C. to promote international monetary cooperation, enable international trade, achieve financial stability, stimulate high employment, diminish poverty in the world and sustain economic growth. IMF was formed at the Bretton Woods Conference in 1944 and it was formally established a year later. Initially, there were 29 countries with a goal of redoing the global payment system. Today, the organization has 189 members.
The World Bank is a multinational financial institution providing loans to developing nations for capital programmes. It consists of two institutions namely, the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD). It is a part of the World Bank Group, which is in turn a part of the United Nations.