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What are the uses: IMF and the World Bank?

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To understand what IMF and World Bank are, we must first define what they are and their mission. These are international economic organizations that are part of the UN. They share the same goal: raising the living standards of their member countries.

Their approaches are complementary in this regard; the IMF seeks to ensure the stability of the international financial system and the World Bank is dedicated to developing long-term economic status and to fight against poverty. Both these institutions emerged at an international conference held at Bretton Woods (USA) in June 1944.

The participants at the conference had the ambition to establish a framework for cooperation and economic development that would lay the groundwork for a global economy that is more stable and prosperous. While this goal remains central to both institutions, their activities have evolved in response to changing and emerging issues in the global economy. Do the Bretton Woods agreements still have a role to play in a space where members are increasing?

Globalization is a force for peace internationally through the IMF and World Bank. They remain criticized for not taking into account, power relations and the social dimension of the economy.

The activities of both institutions have a goal of global governance pacified. The main activities of the IMF have been related to crisis prevention, considered a top priority, and their treatment. Crisis prevention, which is consistent with maintaining economic and financial stability, is assured primarily through multilateral surveillance.

The initiatives taken by the Fund for Crisis Prevention, concern analysis and monitoring of international financial markets, the establishment of early warning indicators, enhanced transparency in member countries on their financial sectors, setting standards and codes to ensure that transparency and enable the identification of weaknesses in these areas, and finally the provision of technical assistance in these areas. The IMF has also sought to promote the integration of developing countries into the global economy, that is to say in global trade and financial markets.

Tags: uses of International Monetary Fund and World Bank, focus and goals of the IMF and World Bank

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