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Through lending money, the bank supports the ambition of developing nations to join the European Union. This is done through Country Assistance Strategy. Work Bank provides both technical and financial assistance to the developing countries based on the assessment of the priorities of the country, creditworthiness and past portfolio performance (Sadler, 2009). In addition, the World Bank maintains macroeconomic stability, fosters human development, promotes sustainable growth of private sector and improves business environment, and also improves governance and strengthens institutions via building inclusive and efficient public institutions.
The role of International Monetary Fund in providing loans to countries is somehow similar to those of World Bank. The International Monetary Fund has a mandate to oversee international financial and monetary system as well as monitor the financial and economic policies of the member countries. This is done through surveillance which enhances international cooperation. The International Monetary Fund also puts up lending conditions that ensure borrowing countries will repay the loan and that the nation will not solve its balance of payment in a manner to negatively affect the international economy (Sadler, 2009). Summarily, International Monetary Fund fosters economic stability and global growth, and poverty reduction through
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The author of the article “Globalization - good or bad?” under review has highlighted the main reasons why globalization is a good thing that should be embraced by all nations. China and India have been cited as classical examples of how globalization can help transform the livelihoods of poor citizens and make them climb the social ladder into the middle class.
The World Bank and International Monetary Fund (IMF) introduced structural adjustment programs, targeting developing countries in as preconditions for securing loans from the global financial institutions1. Since its inception, structural adjustment has had various impacts on the social economic development of the recipient countries.
These institutions were designed to be pillars of the post world war global economic order. Crisis prevention and conflict management became established as an important aspect of development policy in the 1990s. It is often assumed that the World Bank and International Monetary Fund in particular have considerable potential in establishing and maintaining peace and stability.
The UN Economic Commission for Europe (UNECE) brings together countries not only from Europe but those from North America as well as economic groupings such as the European Union, NAFTA and the Commonwealth of Independent States.
This kind of notion prompted this paper to further delve into the issue. The website oceanatlas.org (2006) described globalization as "Globalization", a term used abundantly since the beginning of the 1990s has progressively developed since World War Two.
In the globalization era, the World Bank and the IMF play vital roles in shaping the economic, political and social state of affairs of nations. If we take a closer look into the affairs of these two organizations, we can clearly observe that at the start, the
The financial needs of bottom line people around the world have made it more difficult for governments to ensure that the people receive food, health care, and education. The Universal Declaration of Human Rights that is adopted by
As such, whereas the World Bank focuses on poverty reduction and long term economic development, the IMF concentrates on only the macroeconomic issues. Subsequently, the paper will compare and contrast these two institutions
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