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IMF, World Bank, World Trade Organization (World Bank (What do they do? :,…
IMF, World Bank, World Trade Organization
IMF
Goals
An international organization that aims to promote global economic growth and financial stability, encourage international trade, and reduce poverty.
Members
Currently consists of 189 member countries, each of which has representation on the IMF's executive board in proportion to its financial importance
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Creation
Originally created in 1945 as part of the Bretton Woods Agreement, which attempted to encourage international financial cooperation by introducing a system of convertible currencies at fixed exchange rates, with the dollar redeemable for gold at $35 per ounce.(Kenton, W., 2019).
Why is it important?
Provides technical assistance, training, and policy advice to member countries through its capacity building programs. Also makes loans to countries that are experiencing economic distress in order to prevent or mitigate financial crises.
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What do they do? :
Hep in major areas of development, provide financial products and technical assistance.
reducing the share of the global population that lives in extreme poverty to 3 percent, and increasing the incomes of the poorest 40 percent of people in every country.
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What are their goals?
To end extreme poverty, To promote propsperity
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Who are the members?
189 countries
5 institutions.
International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID).
References:
World Bank. (n.d.-b). Who are we? Retrieved September 11, 2019, from https://www.worldbank.org/en/who-we-are World Bank. (n.d.-b). Who are we? Retrieved on September 11, 2019, from https://www.worldbank.org/en/who-we-areEncyclopedia Britannica , & Chossudovsky, M. (n.d.). World Bank | Definition, History, Headquarters, & Facts. Retrieved September 11, 2019, from https://www.britannica.com/topic/World-BankWorld Bank. (n.d.-a). Boards of Governors. Retrieved September 11, 2019, from https://www.worldbank.org/en/about/leadership/governors
World Trade Organization
This is an organization for trade opening, supervise and liberaze world trade; covers goods, services, and intellectual property.
Six Key Objectives
- Set and enforce rules for international trade
- Forum for negotiate and monitoringfurther trade liberalization
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- Increase transparency of decision-making processes
- Cooperate with major international economic institutions
- Help develop countries fully from the global trading system
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Importance: provides to their members methods to resolve trades disputes and it can prevents trade protectionism
Predecessor: WTO's predecessor. the General Agreement on Tariffs and Trade (GATT), was established in 1947 with 23 countries members.
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