The World Bank and the international monetary fund (IMF) are financial institutions within the system of the United Nations. Their main aim is to improve the living standards of the citizens of their member states. The approach used by these institutions in the achievement of their objectives is complementary. The IMF focuses on microeconomic issues while the World Bank focuses on reduction of poverty as well as long term development of the economy. This paper is set to highlight a brief history of the IMF and the World Bank, compare the two international financial institutions as well as highlight ...
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The article by Robert Zoellick emphasizes on the importance of the World Bank as an instrument to “use finance to tackle global problems” and develop third world countries. Since its foundation the aim of the World Bank Group was to combat consequences of war and to provide assistance to the developing countries. Zoellick looks back at the history of the World Bank, mentioning challenges on the way of this institution. During the course of establishing of a free enterprise economy and the diffusion of private capital, the World Bank had not been only issuing loans, but fostering growth and overcoming ...
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