world bank
Question One: Paying particular attention to the World Bank and the IMF, explain the context in which they evolved and their respective roles in regulating the international economy.The International Monetary Fund, also known as the IMF was conceived at the United Nations (UN) conference in Bretton Woods, New Hampshire , U.S, in July 1944. The forty five governments represented at that conference sought to build a framework for the economic cooperation that would avoid a repetition of the disastrous economic policies that had contributed to the Great Depression of the 1930s. Headquartered in Washington DC, it is governed by and accountable to the governments of the 184 member countries. Article I of the Articles of Agreement sets out the IMF's main responsibilities:* promoting international monetary cooperation;* facilitating the expansion and balanced growth of international trade;* assisting in the establishment of a multilateral system of payments ; and* making its resources available (under adequate safeguards) to members experiencing balance of payments difficulties.More generally, the IMF is responsible for ensuring the stability of the international monetary and financial syst
org www. The purposes of the bank are stated in Article I of its Articles of agreement. This aim of poverty reduction is clearly seen in the bank's mission statement. Reconstruction has remained an important focus of the Bank's work, given the natural disasters, humanitarian emergencies, and post conflict rehabilitation needs that affect developing and transition economies. Notwithstanding these considerable progresses the Bank Group's agenda is not yet complete, nor can it ever be, while the challenges of development continue to grow. * To promote private foreign investment by means of guarantees or participations in loans and other investments made by private investors; and when private capital is not available on reasonable terms, to supplement private investment by providing, on suitable conditions, finance for productive purposes out of its own capital, funds raised by it and its other resources. em, the system of international payments and exchange rates among national currencies that enables trade to take place between countries. To address concerns about the quality of Bank operations , the Waponhans Report was released and soon after, steps towards reform were taken, including the creation of an Inspection Panel to investigate claims against the Bank. These papers are prepared by country authorities in consultation with civil society and external development partners to describe a comprehensive economic, structural and social policy framework that is being implemented to promote growth and reduce poverty in the country. * To promote the long-range balanced growth of international trade and the maintenance of equilibrium in balances of payments by encouraging international investment for the development of the productive resources of members, thereby assisting in raising productivity, the standard of living and conditions of labor in their territories. Generally once a year, the Fund conducts in-depth appraisals of each member country's economic situation. Financial assistance is available to give member countries the breathing room they need to correct balance of payments problems.
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