Bretton Woods Conference

  • Bretton Woods Conference took place in New Hampshire, United States, in July 1944 attended by 44 countries. Their goal was to avoid repetition of the destructive policies that could spark another conflict and to make financial stability in the world. The conference led to the establishment of key institutions such as the International Monetary Fund (IMF) and the World Bank, which aimed to promote international economic cooperation and development.

  • World Bank

    • Its role is to lend money to its member countries to improve their economic prospects and reduce poverty, primarily through funding infrastructure projects, education, and health initiatives. It is located in Washington.

    • The World Bank group is a family of 5 international organisations

      • International Bank for Reconstruction and Development (IBRD)

      • International Development Association (IDA)

      • International Finance Corporation (IFC)

      • Multilateral Investment Guarantee Agency (MIGA)

      • International Center for Settlement of Investment Disputes (ICSID)

    • IBRD - The International Bank for Reconstruction and Development lends to governments of middle-income and creditworthy low-income countries.

    • IDA - The International Development Association provides free loans called credits and grants to governments of poorest countries.

    • Together IBRD and IDA make up the World Bank.

    • IFC - The International Finance Corporation is the largest global development institution focusing exclusively on the private sector.

    • MIGA - The Multilateral Investment Guarantee Agency was created in 1988 to promote Foreign Direct Investment (FDI) into developing countries to support economic growth, reduce poverty and improve people's lives.

    • ICSID - The International Center for Settlement of Investment Disputes provides international facilities for conciliation and arbitration of investment disputes.

    • Reports released by World Bank

      • Global economic prospects ( half yearly)

      • Global finance development report (annually)

  • IMF

    • IMF is an international financial organization working to foster

      • global monetary cooperation

      • secure financial stability

      • facilitate international trade

      • economic growth