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Summary of imf vs.
World bank imf difference. Difference between imf and world bank last updated on july 26 2018 by surbhi s the process of globalization is facilitated by three major organizations ie. They have the same membership no admission to the world bank without the imf membership. The management structure of the bank is largely similar to that of the fund. As well as working with developing countries on individual projects the world bank also works with various international institutions along with professional and academic bodies.
Founded at the bretton woods conference in 1944 the two institutions have complementary missions. What is the difference between the world bank group and the imf. World bank world trade organization wto and international monetary fund imf. The imf oversees the worlds monetary systems stability.
The world bank group works with developing countries to reduce poverty and increase shared prosperity while the international monetary fund serves to stabilize the international monetary system and acts as a monitor of the world. Both these institutions are called bretton woods institutions. Most of its staff members work at headquarters in washington dc although three small offices are maintained in paris geneva and at the united nations in new york. These members govern the world bank through a board of governors.
The imf is small about 2300 staff members and unlike the world bank has no affiliates or subsidiaries. The international monetary fund imf and the world bank are institutions in the united nations system. Its professional staff members are for the most part economists and financial experts. Because membership of the world bank is conditional on being a member of the imf the world bank also has 187 members.
World bank has 188 member states while world bank has 188 member states in the ibrd international bank for reconstruction and development and 172 member states in the ird international development association. The main difference between the international monetary fund imf and the world bank lies in their respective purposes and functions. Top economic minds from 44 countries gathered at a hotel in new hampshire to come up. The upcoming discussion will update you about the similarities and difference between imf and world bank.
International monetary fund imf and world bank are the bretton woods organization which was formed in the year 1994 in washington d.
