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by alsoschoen on September 5th, 2004

alsoschoen

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What are the main diffrences between the World Bank and the IMF?

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  • by twaamboh on September 13th, 2005

    twaamboh

    Both the World Bank and the International Monetary Fund (IMF), were founded at the Bretton Woods conference in 1944 and their functions do not differ much as both organisation have a common aim to maintain economic stability. But one will find great differences in the manner these functions are performed.

    Although IMF functions are complementary to those of the World Bank Group, organizationally it is completely different.

    While the World Bank provides assistance to developing countries through socio-economical projects mostly directly benefiting the intended people, the IMF serves to stabilize the international monetary system and acts as a monitor of the world’s currencies.It works to maintain an orderly system of receipts and payments between nations, all with their different currencies, exchange rates, and government policies.

    This is mainly done through balance of payments support to needy countries. However, lately one may have seen a drift in IMF functions, but this has not changed much of its role as monitor of the international monetary system.

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