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What is the IMF
International Monetary Fund created in 1945 alongside world bank and has 189 members
Why is IMF different from world bank
It doesn’t loan for projects but is a lender of last resort for countries that have destabilised to prevent domino effect for other countries
IMF provides financial assistance rather than long term loans for development
IMF has 2300 staff compared to 7000.
What are the advantages of the IMF?
Biggest borrowers are greece, ukraine green got 32 billion in emergnecy loans
Global financial crisis in 2008 meant african countries suffered so IMF gave billions of low interest loans to countries like ghana
What are the disadvantages of the IMF
tends to serve western interests
countries dont always manage to pay back loans, eg greece missed 2015 deadline
Disparative levels of influence (eg countries that put more money in get greater voting rights) = more inequality = US has 1/5 voting rights
What is the IPCC
The intergovernmental Panel on Climate Change established in 1988 and have 190 members
Established to provide policymakers with info on CC for impacts and risks as well as mitigation and adaptation
What are the advantages of the IPCC
helps policymakers understand how to move forward and adapt to climate chnage or how to mitigate
researchers use computer models and are now very good at perdictions
resolution of the model has improved by a factor of 10 over the last 25 years
What are the disadvantages of IPCC
researchers struggle to model how sensitive earth will beto rising conc of greenhouse gases
estimates for climate senisitivty hasnt changed much in 25yrs