International Monetary Fund ( Imf ) And World Bank

International Monetary Fund (IMF) and World Bank are both international financial institutes that where formed in July 1944 by the United Nation in Bretton Woods, United States. They are sometimes referred to as The Bretton Woods Institutes. They are both landers of last resort and they both offer loans and help countries design policy programs to solve balance of payments problems when sufficient finance cannot be obtained by the country. IMF offers short and medium term loans whilst World Bank offers long term loans. The World Bank, as an institute that offers loans and help countries design policy that will improve human wellbeing, offered to help Zimbabwe improve its economy and balance of payments in 1992. The program was referred to as Economic Structural Adjustment Program (ESAP) and it was a policy designed by the World Bank itself. After independence, the government of Zimbabwe invested heavily on education and health sectors through parastatals, in rural areas development and the productive sectors. This led to an increased public sector which made up of forty-five percent of the gross domestic product (GDP). The government of Zimbabwe accepted the policy and the World Bank issued US$125 million as Structural Adjustment Loan and another US$50 million as Structural Adjustment credit. The program was suppose to run for five years and the goals where to reduce government spending s, promote high growth and to reduce poverty and unemployment. This was going to beShow MoreRelatedInternational Monetary Fund : The Imf And The World Bank1252 Words   |  6 PagesThe International Monetary Fund, otherwise known as the IMF and the World Bank are two of the most economic organizations. While they are both economic organizations, they have different objectives. 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These institutions are chartered with helping poor nations but are criticized for their neo-colonial policies. Member nations are all considered equal, but contributions make some more equal than others. Mostly, these organizations are managed by rich nations that usurp the autonomy of developing nations in the pursuit