o the World Bank concentrating on long-term economic development and poverty reduction

♤ Both Institutions are based in Washington D.C., United States

♤ Both institutions include 189 members countries and have vast operations around the world.

♤ Both have attracted criticism for being run by just a small number of economically powerful countries (USA and Europe). These countries choose the leadership and senior management, and so their interests dominate, despite the fact that the main borrowers from the World Bank and IMF are developing countries.

♤ The long-standing arrangement, under which the IMF is usually led by a European, while the World Bank is led by an American, has also been called into question.

1.15.1 International Monitory Fund

♤ The IMF’s mandate. The IMF promotes international monetary cooperation and provides policy advice and capacity development support to help countries build and maintain strong economies.

♤ The IMF also makes loans and helps countries design policy programs to solve balance of payments problems when sufficient financing on affordable terms cannot be obtained to meet net international payments.