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Roles Of International Financial Institutions Essay

1126 words - 5 pages

Roles of International Financial InstitutionsIn July 1944, following the end of World War II, several countries met in New Hampshire, United States to devise a way to better manage postwar reconstruction efforts as well as expansion of the global capitalist economy. Out of this meeting, two international financial institutions were created, the World Bank, originally named The International Bank for Reconstruction and Development, and the International Monetary Fund. In addition, several regional institutions such as the Asian Development Bank have emerged in recent years to address the specific needs of countries in a specific region of the world.The International Monetary Fund, commonly ...view middle of the document...

ORG, 2005).In 1999, the ADB introduced its poverty reduction strategy. This strategy was implemented as a means to improve living, social, and economic conditions in developing countries in the Asian and Pacific region by providing loans. In addition to financial support, the strategy focused on educating the people in these regions on ways to be self supported through better governance and use of natural resources.The ADB Poverty Reduction Strategy differs from the strategies of other global financial institutes in that it also attempts to address specific issues that hinder economic development in many of the member countries. For instance, in many Asian and Pacific countries, women are considered as having less worth than a man has or unable to understand and handle the work that is needed to build a strong economy and country. The strategy attempts to promote a sense of equality among genders as it promotes viewing women in a different social light, as being capable and part of the solution to the economic plight of these countries. The strategy shows that the ADB understands that investing in education, healthcare, and other social services for all of the people will help to break the continuous cycle of poverty that is passed on from prior generations.The World Bank website describes its role as "to help governments in developing countries reduce poverty by providing them with money and technical expertise they need for a wide range of projects - such as building schools, roads or water wells - and reform of government services (World Bank, 2005)." The World Bank is a United Nations agency with over 184 member countries that share responsibility for managing operations. The World Bank is comprised of two entities, International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) that provide low-interest loans as well as interest free grants and credit to countries in need.Considering that each of these organizations provide support and resources to many of the same countries, it is evident that there may be some duplication of services. For instance, the IMF started as an advisory committee to assist with stabilizing economies after the end of World...

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