The World Bank And The Imf Essay - 1328 Words

The World Bank and the IMF are collectively known as the Bretton Woods institutions. They were formed at a conference in Bretton Woods in New Hampshire with the aim to addressing concerns to do with stability of world economic markets. IMF is mainly tasked with offering surveillance, financial aid and technical assistance. IMF has 187 member states who each appoint a representative to the IMF’s board of Governors. The World Bank has its voting power controlled by the USA and it was built with the main aim of â€Å"reducing poverty in middle-income and creditworthy poorer countries by promoting sustainable development through loans, guarantees, and non-lending which includes analytical and advisory services.† Whether African countries have benefited from IMF/World Bank projects is a subject of controversy. Rono, J. K. (2002) opines that adjustment programs have caused de-legitimization of state which has led to political violence, riots and frequent regime changes in som e countries in sub-Saharan Africa such as DRC, Zambia and Nigeria. For purposes of this research, I will restrict myself to discussing what is known as the structural adjustment program popularly (SAPs) in Kenya. According to Rono, J. K. (2002) Kenya adopted economic reforms mainly with the aim of achieving macroeconomic and structural adjustment which were initiated by the World Bank and the IMF in from 1980 onwards. I am persuaded to agree with an opinion by Rono, J. K. (2002) that the well intended adjustmentShow MoreRelatedThe Imf And The World Bank Essay1297 Words   |  6 PagesGlobalization Learning Journal 2 Throughout this section of the class, the IMF and the World Bank have been studied extensively. All students have come away with different ideas about these two organizations. In the following paragraphs, I will attempt to explain my own thoughts on the IMF and the World Bank. Mainly, that their practices are insufficient for accountability and do threaten the sovereignty of certain nations. I will also attempt to explain why I think this is the case. The firstRead MoreImf : Imf And World Bank1255 Words   |  6 PagesIMF OR WORLD BANK. THE PROJECT One of the World Bank or the IMF project that was developed is â€Å"Rebuilding Infrastructure.† It was set in motion to aid the rebuilding of Infrastructures in countries that were ravaged by, during and after World War II. The project (Rebuilding Infrastructure, under the supervision of IMF and World bank), was originally intended for, and as a principal supervisor on agendas such as poverty reduction, quality education, provision and availability of pure and clean waterRead MoreImf And The World Bank896 Words   |  4 PagesIMF and the World Bank were created after World War II. Rebuilding nations after the war was costly and this burden needed to be shared amongst nations. With global adherence in its agenda, UK and USA proposed the International Monetary Fund and the World Bank to help prevent nation in this rebuilding process. Having just experienced the Great Depression, they wanted a policy to help nations in certain crisis. One such policy was that countries that are in a financial crisis could request a shortRead MoreThe World Bank And Imf1096 Words   |  5 PagesAs a result of the inadequacies of the World Bank and IMF, Uganda today appears to be no better off today then as they were in the year(s) prior to acquiring the assistance in debt relief in 1998. According to Ana Eiras; â€Å"Despite such a monstrous display of resources, according to the index of economic freedom, the Bank’s money has done nothing to improve the economic freedom in recipient countries†. Erias goes on to make it clear that many of the country’s who have received assistance have seenRead MoreThe Imf, Wto, And World Bank1053 Words   |  5 Pagescontrast the IMF, WTO, and World Bank The World Bank was founded at the Bretton Woods Conference in 1944. The bank was first known as the International Bank of Reconstruction and Development. Their founding mission was to help countries during a post-war World War II era rebuild and reconstruct. They did this by providing loans to countries who had been destroyed during wars. Their first loan was made in 1947 to France to rebuild following World War II (World Bank Group). The World Banks’s missionRead MoreCriticism Of The World Bank And The Imf Essay808 Words   |  4 PagesAccording to Brettonwoods Projects â€Å"Criticism of the World Bank and the IMF encompasses a whole range of issues but they generally centre around concern about the approaches adopted by the World Bank and the IMF in formulating their policies, and the way they are governed† (http://www.brettonwoodsproject.org/2005/08/art-320869/) One may ask, are there really problem arising from the World Bank and IMF rendering services and administering relief to a nation? In the year 2013, An incident occurredRead MoreImf And World Bank Group1185 Words   |  5 PagesIMF and World Bank Group The IMF (International Monetary Fund) and World Bank were both founded in 1944, during a UN conference held in Bretton Woods in the United States. Delegates specializing in the field of economic policy attended from 44 countries, with the shared goal of establishing a framework of economic cooperation, in the hope of avoiding future financial instability on a scale witnessed during the Great Depression of the 1930’s. The IMF is currently accountable to and governed by 189Read MoreImf And World Bank Group1185 Words   |  5 PagesIMF and World Bank Group The IMF (International Monetary Fund) and World Bank were both founded in 1944, during a UN conference held in Bretton Woods in the United States. Delegates specializing in the field of economic policy attended from 44 countries, with the shared goal of establishing a framework of economic cooperation, in the hope of avoiding future financial instability on a scale witnessed during the Great Depression of the 1930’s. The IMF is currently accountable to and governed by 189Read More IMF, World Bank And Africa Essay2396 Words   |  10 PagesIMF, World Bank And Africa An avid viewer of television has seen the commercials portraying shortages of food and mass starvation in Africa. Yet in these times of relative prosperity, little is heard of Africa’s debt problem. Although the total debt of all African countries combined is small in comparison to that of the United States, millions of people suffer as a result. However, it is not until these countries have difficulty repaying their loans that the international community begins toRead MoreChallenges Faced By Imf And World Bank1784 Words   |  8 PagesChallenges faced by IMF and World bank Preface/ executive summary This report assesses the key risks facing the global financial system and how these challenges are faced by the financial institutions, IMF and World bank. The present report finds that fleeting dangers to worldwide financial stability have decreased since April 2016. The rise of commodity prices from their lows, alongside the continuous adjustments in developing markets, has upheld a recuperation in capital flows. In cutting edge