Organisation for Facilitating Globalization †IMF and World Bank Essay

The fund is an autonomous organization affiliated to United Nations Organisation. Starting from the initial shareship of 31 countries at the time of inception, the Fund has a membership of 186 countries. It is financed by various participating countries with each uncouths contribution fixed in terms of quotas according to the relative importance of the subject field income prevalent in the country and international trade.The total financial resources of the fund is equal to the quotas of all the countries combined together. The contributed quota of a country determines its borrowing rights and voting strength.The avocation are the functions of International Monetary Fund 1.Monitoring economic and financial developments of its members 2.Providing machinery for international consultations3.Providing machinery for altering sometimes the par value of currency of a member country 4.Functioning as a short term credit institution5.Lending institution in terms of foreign exchange6.Provid ing machinery for the orderly adjustment of exchange order and 7.Functioning as a reservoir of the currencies of all the member nations who can borrow the currency of other nations. 8.Granting loans for financing current minutes other than capital transactionsWorld BankThe International Bank of Reconstruction and Devlopment popularly known as the World Bank was formed as a part of the deliberations at Brettonwoods during 1945. It was floated in order to give loan to member countries initially for the reconstruction of their war ravaged economies and later for the development of the economies of the poorer member countries.The World Bank provides its member countries long term investment loan on reasonable terms. World Bank has granted many loans for financing specific projects. During the recent years, it has also been booked in giving structural adjustment loans to the heavily indebted countries.The World Bank is an inter governmental institution, corporate in form whose capital line of merchandise is entirely owned by its member governments. The World Bank group consists of the following World BankInternational Development AssociationInernational Finance spateMultilateral Investment Guarantee AgencyInternational centre for settlement of Investment disputes.Referencehttp//classof1.com/homework-help/international-economics-homework-helpView as multi-pages