The World Bank, the International Monetary Fund, and the USAID

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Table of Contents

The World Bank Group (WBG)
The International Monetary Fund (IMF)
The United State Agency for International Development (USAID)
References

The World Bank Group (WBG)

The World Bank is a global institution that supports many countries to realize economic growth. The World Bank funds the developed and developing states research, grants guidance as well as financial aids (World Bank Staff, 2011).

The background of WBG

The WBG constitutes of more than five organizations aspiring to engage in development. The World Bank launch took place in Washington DC in the fiscal 1944 and has 188 members currently. The establishment aimed to support the restoration of several Asian and European nations that were economically torn apart by the Second World War.

In fact, the rational originators of World Bank included Dexter Harry and Keynes John (World Bank Staff, 2011). The WBG does not symbolize a physical bank but an amalgamation of two separate growth organizations namely IDA (International Development Association) and IBRD (International Bank for Reconstruction and Development).

The World Bank goals

The main goal of the World Bank is to heighten the shared proclivity and bring to an end intense poverty in international arena. This goal helps in stimulating the endeavors of global nations in ending the cohorts’ poverty since it is attainable and ambitious.

Thus, WBG sustains the amplification of the welfare of societies suffering from poverty and shared propensity. Conversely, modernization and diminution of poverty is the contemporary and outwit goal of the World Bank in the comprehensive and protracting globalization (World Bank Staff, 2011).

By the fiscal 2030, WBG aspires to reduce the fraction of people with a living wage below two dollars to three percent. Equally, the World Bank seeks to increase the growth of income of each nation falling below forty percent in development in order to boost their income. For instance, the World Bank has currently initiated a project in Cambodia (A Basic Need to Help Children) in order to help the underdeveloped community having no toilets and those with deprived growth.

The International Monetary Fund (IMF)

IMF is an intercontinental conglomerate dealing with money matters with the aim of propping up the potency of finances across nations. The corporation also engages in decreasing poverty levels, sponsoring sustainable development within an economy, facilitating levels of employment and making international trade possible (International Monetary Fund, 2013).

The background of IMF

The International Monetary Fund was found in the fiscal 1945 at a conference in the United States. When approximated, the member states forming IMF all over the world encompass more than 188 nations. Indeed, both the British and United States governments laid hand in the creation of IMF.

In the main, IMF has played a greater role in outlining the economy of the entire world. The institution engages in lessening poverty levels, subsidizing economic development, and ensures the eradication of unemployment in member states. Similarly, the originators of the IMF were Dexter Harry and Keynes John during a Conference held at Britton Woods (Clift, 2001).

The goals of IMF

The utmost goal of IMF was to lend hand in the global payment scheme during global re-enactment, which occurred after the Second World War. The International Monetary Fund aspires to develop the member states’ economies with autonomous policies and economic surveillance. Besides, IMF seeks to help different people to transact freely through ensuring global financial stability in matters related to payments and exchange rates.

Hence, IMF essentially trims down poverty, advances standards of living, and props up economic developments that appear sustainable. In fact, IMF has projects in diverse nations (Clift, 2001). For example in Japan, IMF has improved policy-making flairs of over six hundred junior officers working with the government through the ‘IMF-Japan Cooperation in Capacity Building (International Monetary Fund, 2013).’

The United State Agency for International Development (USAID)

The USAID is an organization in charge of the development and assists various overseas inhabitants. The agency is run via the central government of the U.S. The corporation functions in Europe, Latin America, and Africa to encourage democracy, maintain disaster and support the living standards of citizens (Melito, 2010).

The background of USAID

John Kennedy who was the U.S President by then founded the USAID in the year 1961. Its endorsement via the Foreign Assistance Act enacted by the Congress aimed at facilitating growth and support of foreign countries. Through legislation and yearly Acts on funds appropriation, the Congress brings up to date the consent of USAID (Melito, 2010). However, USAID as a procedural federal organization works under the leadership of the United States National Security Councils, Secretary of State, and the President.

The goals of USAID

The USAID possess diverse goals that serve different purposes all over the world. In fact, it has spread out various sets of connections that cover up the occupier countryside operations. The USAID as an agency administers the agenda on goals ranging from socio-economic growth, the United States mutual interests, and worldwide matters in technical business such as atmosphere. Besides, its goals are based on the liberation of poverty as well as aiding states during harsh conditions.

The projects designed and implemented by the USAID spread out in the entire world. In Pakistan for instance, the USAID has provided assistance to countless lives that were affected in the course of flood and clashes (Melito, 2010). The recent PPII (Pakistan Private Investment Initiative) is a groundbreaking agenda by the USAID meant to seed private equity finances and control the investment proficiency in corporations with private equity.

References

Clift, J. (2001). What is the international monetary fund? Cambridge, UK: International Monetary Fund Press.

International Monetary Fund (2013). IMF research bulletin, March 2013. Cambridge, UK: International Monetary Fund Press.

Melito, T. (2010). International food assistance: USAID is taking actions to improve monitoring and evaluation of non-emergency food aid, but weaknesses in planning could impede efforts. Darby, PA: DIANE Publishing.

World Bank Staff (2011). The World Bank group’s response to the global economic crisis: Phase I. London, UK: World Bank Publications.

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