IMF vs. World Bank
IMF and World Bank Definitions
Definition of IMF
It is the short form for International Monetary System an organization that focuses on making sure countries who are short on cash are able to keep their economy stable. It does so by assisting the countries which need help and then giving them loans to make sure they are able to progress. Its main aim is to maintain the global monetary system and make certain countries are able to respect and fulfill the contracts they have made in the past and do not fall short of the payments they have to make for different purposes. It is a larger organization with more than 2300 staff members all over the world and was founded way back in 1944. There were only 31 members in the beginning but now it has expanded a lot, and there are more than 188 members who help it in different ways such as providing money. In simpler terms, it gives out loans to various countries and assists them in creating a development program which has to be implemented to make sure the country is able to pay its debt and meet the international contracts they have signed. Also that it has been able to help countries like Egypt and Greece in recent times to help them stay stable which is the primary goal of IMF.
Definition of World Bank
World Bank is a big global organization which contributes to give out loans to countries who cannot provide for the necessary facilities to the citizens. It was developed with the aim of helping the European countries which were destroyed in the second world war but later on expanded its mission all over the world and now has more than 7000s staff members in different parts of the globe. Its main aim is to help countries develop their economy on the long term basis and assists them to make certain strategies to make slow and stable improvements. It helps countries to build essential facilities such as hospitals, schools and health units and can monitor the progress under its eye. It has the aim of helping countries to develop long-term plans to make their situation better. It meets the target by helping the countries in technical and financial terms. It also gives out a loan to those countries which have insufficient economic resources to develop the basic need for people. It is a group of five different entities that are combined together so that all the factors associated with economic growth can be monitored. They are known as International Bank for Reconstruction and Development, International Development Association, International Finance Corporation, International Center for Settlement of Investment Disputes and Multilateral Investment Guarantee Agency.