Difference Between IMF vs. World Bank

Primary Difference

There are around 200 countries in the world. All have their ways of keeping the lives of people going. Some have more resources than others depending on their location and other factors while others do not have many resources and have to look at alternative sources to keep the economy of the country intact. This leads to the fact that some are richer than others and have more money to spend while others are poor and do not have the that much monetary income to keep a stable society. Many countries fail to meet the demand of people, and that results in illiteracy and shortage of essential elements that are required to live a life. Looking at these factors, the leading countries of the world under the banner of the United Nations came up with two different forms to help people around the world they are known as IMF and World Bank. IMF stands for International Monetary Fund. They both are distinct from each other on the basis of how they help other countries, and these will be shown in the next few lines. They both have different aims and purposes. International Monetary Fund has the primary goal of expanding the cooperation at the international level between individual countries and giving advice and help to the countries who need money to keep their economy from collapsing. It gives out loans to various countries and helps them to create 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. World Bank, on the other hand, has a little different function. 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 focuses on giving countries the aid so that they can improve the necessary facilities such as hospital and schools and was made after the second world war to help the European countries who were destroyed by war but now has expanded its vision. There are many other differences between these two languages as well which will be discussed in the end, while a brief description of both the types is given in the next couple of paragraphs.

Comparison Chart

IMFWorld Bank
Full NameInternational Monetary SystemWorld Bank
RoleAn organization that focuses on making sure countries who are short on cash are able to keep their economy stable.Global organization which contributes to give out loans to countries who cannot provide for the necessary facilities to the citizens.
FocusFocuses more on contributing countries pay their debts and achieve payments successfully.Focuses more on aiding countries in improving infrastructures such as health and education.
FunctionGives out loans and delivers short-term plans for different countries.Gives out money to reach long terms plans.
MembersIMF has 188 members who help it by giving moneyWorld Bank has 172 leading countries who support its projects.

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.

Differences in a Nutshell

  1. IMF is known as International Monetary System while the World Bank is known by the same name.
  2. The main aim of IMF is to maintain the global monetary system by helping different countries while the primary purpose of World Bank is to assist countries to develop from the scratch.
  3. IMF focuses more on contributing countries pay their debts and achieve payments successfully while World Bank focuses more on aiding countries in improving infrastructures such as health and education.
  4. IMF gives out loans and delivers short-term plans for different countries while World Bank gives out money to reach long terms plans.
  5. IMF can impose various conditions on states to make sure they use money in the right way, while World Bank can supervise all the projects that are taking place from their money.
  6. IMF has 188 members who help it by giving money while World Bank has 172 leading countries who support its projects.
  7. World Bank is bigger than IMF and has more than 7000 staff members, while IMF has around 2300 members.
  8. The primary focus of IMF is to give economic stability to countries while the main focus of World Bank is to grow the economy of a country.

Comparison Video

Conclusion

As has been explained in the article that sperm and semen are two different terms and have many differences which a normal person would not know because of the complexity and the factors involved for IMF and World Bank. All in all, it can be said that once you go through this piece, you will know what they actually mean in every way.