International Monetary Fund

What is the primary focus of the International Monetary Fund (IMF)?

The stability of the global monetary system and monitoring the currencies of the world.

What is the main aim of the World Bank?

To reduce poverty across the world and strengthen low- to middle-class populations.

When was the IMF conceived?

In July 1944 at the United Nations Bretton Woods Conference.

What role does the IMF serve as a gatekeeper?

Countries must be IMF members to be eligible for the International Bank for Reconstruction and Development.

What does the IMF promote since the collapse of the Bretton Woods system?

The system of floating exchange rates determined by market forces.

How many member countries are in the IMF?

190 member countries.

What does the IMF use to denominate available amounts for borrowing?

Special Drawing Rights (SDRs).

What is a Special Drawing Right (SDR)?

An international monetary reserve asset created by the IMF.

What economic policies are often required from countries receiving IMF loans?

Reducing government borrowing, increasing interest rates, allowing bankruptcies, and structural adjustments.

What was the outcome of the IMF's policies during the Asian financial crisis of 1997?

Policies turned a minor slowdown into a serious recession with high unemployment.

What is the World Bank's mission?

To reduce poverty and promote sustainable economic development worldwide.

How many institutions make up the World Bank Group?

Five institutions.

What are the two primary arms of the World Bank?

The International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

How is the World Bank primarily funded?

Through member countries' capital contributions and by raising funds through issuing bonds.

What is the primary role of the World Bank in financial development?

To provide financial resources, technical assistance, and policy advice to developing countries.

What is one area the World Bank focuses on for economic improvement?

Enhancing access to financial services for underserved populations.

How does the World Bank support private sector development?

Through the International Finance Corporation (IFC), which provides funding for businesses.

What role does the World Bank play in infrastructure development?

Financing projects in energy, transportation, water, and sanitation.

What are the criticisms focused on regarding IMF loans?

The conditions of loans, lack of accountability, and willingness to lend to countries with poor human rights records.

What does the Governorship of the World Bank depend on?

The financial contributions of member countries.

What are the six countries that are not IMF members?

Cuba, North Korea, Liechtenstein, Monaco, Taiwan, and Vatican City.