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The upcoming discussion will update you about the similarities and difference between imf and world bank.
World bank imf difference. Top economic minds from 44 countries gathered at a hotel in new hampshire to come up. The main difference between the international monetary fund imf and the world bank lies in their respective purposes and functions. Its professional staff members are for the most part economists and financial experts. What is the difference between the world bank group and the imf.
Summary of imf vs. Founded at the bretton woods conference in 1944 the two institutions have complementary missions. Difference between imf and world bank last updated on july 26 2018 by surbhi s the process of globalization is facilitated by three major organizations ie. Their approaches to this goal are complementary with the imf focusing on macroeconomic and financial stability issues and the world bank concentrating on long term economic development and poverty reduction.
The imf is small about 2300 staff members and unlike the world bank has no affiliates or subsidiaries. They have the same membership no admission to the world bank without the imf membership. Most of its staff members work at headquarters in washington dc although three small offices are maintained in paris geneva and at the united nations in new york. World bank world trade organization wto and international monetary fund imf.
International monetary fund imf and world bank are the bretton woods organization which was formed in the year 1994 in washington d. The world bank group works with developing countries to reduce poverty and increase shared prosperity while the international monetary fund serves to stabilize the international monetary system and acts as a monitor of the world. As well as working with developing countries on individual projects the world bank also works with various international institutions along with professional and academic bodies. World bank has 188 member states while world bank has 188 member states in the ibrd international bank for reconstruction and development and 172 member states in the ird international development association.
They share the same goal of raising living standards in their member countries. The international monetary fund imf and the world bank are institutions in the united nations system. Both these institutions are called bretton woods institutions. The management structure of the bank is largely similar to that of the fund.
Both the imf and the world bank were conceived at the united nations bretton woods conference in july 1944.
