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World Bank refers to the international banking or financial institution that offers loans and controls the economic aid distribution between member nations
The purpose of the World Bank is to pursue capital projects and provide developmental assistance during the financial crisis, especially to low and middle-income nations.
IMF or International Monetary Fund is an important international organization established to promote worldwide economic growth, improve financial stability, minimize poverty and boost international trade.
Purpose or Objective of IMF
1. International monetary co-operation
2. Trade Expansion
3. Stability in exchange rates
4. System of payments
5. Multilateral trade
6. Build confidence among member nation
7. Correcting distribution in BOP
8. Minimizing the period of disequilibrium
Functions of IMF
1. Provide short-term credit
2. Acts as a reservoir of currencies for member nations
3. Offers foreign exchange to member nations
4. Improves BOP positions
5. Adjusts exchange rates
6. Offers help for international consultations
7. Advises on fiscal and monetary issues
Structure of the World Bank
The World Bank is a part of the World Bank Group of the United Nations and includes
1. International Bank for Reconstruction and Development (IBRD)
2. International Development Association (IDA)
3. International Finance Corporation (IFC)
4. Multilateral Investment Guarantee Agency (MIGA)
5. International Centre for Settlement of Investment Disputes (ICSID)
Functions of the World Bank
- Offers aid reconstruction and development by providing financial support as an investment in capital project
- Offers guarantee loans to promote private foreign investment
- Helps in the maintenance of BOP equilibrium
- Boosts long-term growth and development of global trade
- Provides finance directly or through other sources for long-term projects
- Provides help in minimizing poverty and maintaining sustainable growth
Operations of the World Bank
1. Lending Operations
2. Development Bank
3. Technical and Advisory Services
4. Initiatives for Globalization
This video is on the World Bank and it has the following sub-topics.
Time Stamps
0:00 World Bank Introduction
00:57 Purpose or Objective of IMF
01:20 Functions of IMF
01:43 Structure of World Bank
02:13 Functions of World Bank
02:47 Operations of the World Bank
