The main function of IMF is to take financial steps that help in maintaining exchange rate stability. These steps include, short term loans and balancing supply and demand. In addition, IMF provides technical support that assist countries with financial difficulties to follow sound fiscal policies. Like IMF, WB grant aids and economic development loans to LDCs. However, their loans and grants are targeted to facilitate projects that are intended to improve basic human needs of the people in LDCs.
The current IMF and WB directors are Madame Christine Lagarde and Jim Yong Kim respectively
The higher the voting power the better is the GDP ranking as detailed above.
It takes 8 countries to vote in a policy. EU countries combined have got a high voting strength. However, U.S voting strength is still relatively high at 17% for just a single country. Thus, EU and U.S control the majority of the IMF votes ( Rourke and Boyer, 326).
The voting formula that is used to vote in the board of directors is based on who brings in resources. Thus this formula only favors the developed. Marxist would argue that, this is a fair process because every person has equal chance of being voted, albeit the resources they contribute.
Critics have pointed out that, WB funding is too little. In addition, they have noted that WB can hardly understand the views of the LDC because they are dominated by the North following their voting formula. Also, WB uses the funds to impose capitalist economic model on the LDC. Lastly, they have criticized WB for being prioritizing U.S power ( Rourke and Boyer, 328).
Rourke, John and Boyer, Mark. “International Politics on the World Stage, Brief, 8th Edition”. Mc Graw-Hill Higher Education. 2010, pp. 323-330