The World Bank (IBRD) and The International Monetary Fund (IMF) |
CDF Comprehensive Development Framework
IBRD International Bank for Reconstruction and Development
IMF International Monetary Fund
LIC low-income countries
SDR special drawing right
The second half of the twentieth century was one of unprecedented economic achievement. Rapid growth in the world economy, fueled by expanding international trade and advancing technology, brought more rapid increases in living standards to more of the world's people than ever before in history. And yet, despite these significant gains, we live in a world with severe ...view middle of the document...
* Evaluation for any needs for changes of the original mandates of IMF & IBRD, due to the current socio, political and economic dynamics.
Table of Contents
Executive Summary 3
Bretton Woods Conference 5
World Bank (IBRD) 5
Functions of the World Bank (IBRD) & IMF 6
Functions of the World Bank (IBRD) 6
Functions of the IMF 7
Evaluation of the World Bank (IBRD) & IMF Mandate 8
Evaluation for any changes of the World Bank (IBRD) Mandate 8
Evaluation for any changes of the IMF Mandate 8
Bretton Woods Conference
The Bretton Woods Conference, officially known as the United Nations Monetary and Financial Conference, was a gathering of delegates from 44 nations that met from July 1 to 22, 1944 in Bretton Woods, New Hampshire, to agree upon a series of new rules for the post-WWII international monetary system. The two major accomplishments of the conference were the creation of the IMF and IBRD.
World Bank (IBRD)
The World Bank is one of five institutions that compose the World Bank Group which aims to reduce poverty in middle-income and creditworthy poorer countries by promoting sustainable development through loans, guarantees, risk management products, and analytical and advisory services. Established in 1944 as the original institution of the World Bank Group, IBRD is structured like a cooperative that is owned and operated for the benefit of its 187 member countries. The World Bank is currently the largest multi-national lending and technical agency dealing with Third World development. The main purposes of the Bank, as outlined in Article One of its Articles of Agreement, are: "to assist in the reconstruction and development of territories of members by facilitating the investment of capital for productive purposes" and "to promote the long-range balanced growth of international trade and the maintenance of equilibrium in balances of payments by encouraging international investment, thereby assisting in raising the productivity, the standard of living and conditions of labour in their territories".
The two men who shaped the institution were probably John Maynard Keynes, the brains behind the Bretton Woods conference and Robert McNamara, who headed up the World Bank in the 1970. Today the IBRD's policies are dictated by the member countries that run the institution. Although almost every country in the world is a member, the agency is ruled on the principal "one dollar, one vote" and so it is controlled by the US, the UK, Japan, Germany, France, Canada, and Italy the "Group of 7," which holds over 40% of the votes on their boards.
IBRD raises most of its funds on the world's financial markets and has become one of the most established borrowers since issuing its first bond in 1947. The income that IBRD has generated over the years has allowed it to fund development activities and to ensure its financial...