Posted On: Mar 18, 2020
IMF and the World Bank have different purposes and functions. The main difference between them is that the IMF oversees the world’s monetary system’s stability while the World Bank tries to reduce the poverty among the under-developed, and developing countries by aiding them financially. Other differences between these two institutions are,
With 188 member countries, the IMF works to foster global monetary cooperation, facilitate international trade, promote high employment, sustain economic growth, secure financial stability, and reduce poverty around the world. They mainly try to ensure the stability of the system of exchange rates and international payments between countries. They also provide financial aid to poor nations.
The World Bank
The World Bank aims to provide financial and technical assistance to developing countries around the world. They provide low or no-interest loans to finance different areas such as education, health, public administration, infrastructure, agriculture, and natural resource management to developing or under-developed countries. They also provide advice and guidance to different countries.
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