The World Bank and the IMF, collectively known as the Bretton Woods Institutions, are the two inter-governmental pillars supporting the structure of the worldâs economic and financial order. Superficially, the World Bank and the IMF exhibit many common characteristics, yet their role, functions and mandate are distinctly different. Elucidate.
Points to Remember: World Bank’s primary focus: Poverty reduction and economic development through loans and assistance. IMF’s primary focus: Global monetary stability and financial assistance to countries facing balance of payment crises. Both are international organizations with a shared history but distinct mandates. Overlapping areas exist, particularly in crisis management. Criticisms exist regarding both institutions’ … Read more