File Name: what is world bank and its functions .zip
The World Bank Group is a family of five multilateral institutions focused on economic development whose overarching mission is global poverty reduction. Established by Western powers in , the World Bank was originally tasked with rebuilding the economies of postwar Europe. Today the bank maintains more than 2, projects. Since April , the bank has been led by former U. A longtime critic of the bank, Malpass took over after the previous president, American public health expert Jim Yong Kim, unexpectedly stepped down. By tradition, an American has always led the bank, leading some observers to argue that the institution, which largely serves the developing world, is too dominated by the West.
The Second World War damages the economies of the world. So in it was realized to concentrate on the reconstruction of that war damaged economies. IBRD started working in June As on April ; the World Bank of members. To provide long term capital to members countries for economic reconstruction and development.
Its first goal is to end extreme poverty. Its second goal is to promote shared prosperity. The World Bank is not a bank in the conventional sense of the word. Instead, it consists of two organizations. One is the International Bank for Reconstruction and Development, which provides loans, credit, and grants.
To nurture a political consensus in support of these reforms, governments require considerable skilL By its function, the Bank is intimately involved in this broad.
World Bank , in full World Bank Group , international organization affiliated with the United Nations UN and designed to finance projects that enhance the economic development of member states. Headquartered in Washington, D. It also provides technical assistance and policy advice and supervises—on behalf of international creditors—the implementation of free-market reforms. Together with the International Monetary Fund IMF and the World Trade Organization , it plays a central role in overseeing economic policy and reforming public institutions in developing countries and defining the global macroeconomic agenda. Its first loans were geared toward the postwar reconstruction of western Europe.
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The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank's most recently stated goal is the reduction of poverty. The president of the World Bank is traditionally an American. Although many countries were represented at the Bretton Woods Conference, the United States and United Kingdom were the most powerful in attendance and dominated the negotiations. In its early years the Bank made a slow start for two reasons: it was underfunded, and there were leadership struggles between the US Executive Director and the president of the organization. When the Marshall Plan went into effect in , many European countries began receiving aid from other sources.
Their mandates, focus and programmes have evolved greatly over time, as seen, for example, by the shift of their pivotal role as designers of the fixed exchange rate regime created by the Bretton Woods System, to their active promotion of a fluctuating exchange rate system after its collapse in While the establishment of the Bank and Fund was presented as an apolitical effort to rebuild the world economy in the aftermath of WWII, some interpretations also view them as an effort to defend or expand the reach of western capitalism in the face of a potential challenge from the Soviet Union, and to promote US interests in particular.