What is the connection between the International Monetary Fund and the World Bank?

The International Monetary Fund (IMF) and the World Bank were founded in 1944 by the UN within the Bretton Woods system. Both institutions were set up to support each other for the main purpose of developing a stronger global economy after World War II. The Bretton Woods system was based on agreements between different nations, including the United States and the United Kingdom. Although both financial institutions have evolved since their birth, they have remained in many ways. For example, employees from both work regularly to assess the world economy, offer financial and advisory assistance to countries in need, and promote global economic growth and cooperation. They were created on the basis of team agreements among many nations, which were called together by the Bretton Woods System. Initially, financial institutions were established mainly to rebuild Europe after suffering a great destruction of the war. Have been given different tasks even though they shared the objective of reconstruction of economies and facilitated international trade by establishing the necessary systemhim. Today, their scope of operations has expanded significantly, and the International Monetary Fund operates the International Fund, while the World Bank operates as an international bank.

In order to achieve our common goals, including the creation of a prosperous and cooperating global economy, the International Monetary Fund and the World Bank work together on a regular basis for the development of strategies to achieve their goals. For example, they have a place called the JMAP Action Plan (JMAP) on the cooperation of the World Bank's International Monetary Fund, which determine the conditions that both institutions observe when they cooperate. For example, within JMAP, they are to share the necessary information with each other and can also allocate the necessary work from each institution to help a specific nation.

often referred to as sister institutions, International Monetary Fund and World Bank complement each otherNO roles. The IMF provides its Member States with the necessary assistance to help them with their economies, especially in times of financial difficulties. This could come in the form of political advice and/or financial loans. While financial support of the IMF is short -term, the World Bank plans ways to help the nations of their economies for a long time. For example, poor countries could turn to the bank for help to help them build their infrastructure facilities and public services such as schools, hospitals and water management systems.

In general, both institutions work in order to help each other in many areas. For example, the IMF could participate in the World Bank mission to help a specific country. They organize an annual meeting on which representative nations agents on the Council discuss each of the economic and financial status of the world. The IMF and the President of the World Bank also meet regularly, make a statement and sometimes write articles together, all of the internationalEconomic and financial issues. The Member Nations of the World Bank are also members of the IMF.