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1.15. The Bretton Woods Institutions: IMF and the World Bank

 

♤ The International Monetary Fund (IMF) and the World Bank were both created at an international conference convened in Bretton Woods, New Hampshire, United States in July 1944. These are also referred to as the Bretton Woods institutions.♤ Their approaches to this goal are complementary,o the World Bank concentrating on long-term economic development and poverty reduction♤ IMF loans are short and medium term and funded mainly by the pool of quota contributions that its members provide.♤ India has a quota of 3,114.4 million SDRs, 2.76% of vote.1.15.2. The World Bank♤ Together, IBRD and IDA make up the World Bank.♤ World Bank assistance is generally long term and is funded both by member country contributions and through bond issuance.1.15.2.1. Five Institutions, One Group♤ The International Bank for Reconstruction and Development (IBRD)♤ The International Development Association (IDA)♤ The Multilateral Investment Guarantee Agency (MIGA)♤ The International Centre for Settlement of Investment Disputes (ICSID)♤ The term was coined by British economist John Williamson in 1989.♤ By the late 1990s it was becoming clear that the results of the Washington Consensus were far from optimal.

  

 

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