4.3.3 IMF, World Bank and NOGs (Edexcel A-Level Economics Teaching PowerPoint)

This teaching powerpoint for Edexcel covers the roles of the IMF, the World Bank and NOGs

IMF

The International Monetary Fund (IMF) is a specialized agency of the United Nations that works to promote global monetary cooperation and financial stability. It was founded in 1944 as part of the Bretton Woods agreement and is headquartered in Washington, D.C. The IMF provides financial assistance to member countries facing balance of payments difficulties, and works to promote global economic growth and development through policy advice and technical assistance. The IMF has played a central role in addressing economic crises around the world, such as the Asian financial crisis of the late 1990s and the global financial crisis of 2008-2009. The IMF is funded by member countries and managed by a Board of Governors and a Board of Directors.

World Bank

The World Bank is an international financial institution, just like the IMF. It provides loans, grants, and technical assistance to developing countries to support their economic development. The World Bank was created in 1944 as part of the Bretton Woods agreement, along with the IMF. It has a larger scope than the IMF, with a broader focus on poverty reduction and development, rather than just financial stability. The World Bank is also a larger organization, with more than 10,000 employees, compared to around 2,800 at the IMF. The World Bank operates through five institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID).

The World Bank has faced criticism for its governance structure, which is seen as undemocratic and unrepresentative of the interests of developing countries. There have been calls for reform of the governance structure, including greater representation for developing countries and more transparency and accountability in decision-making.