Explain the different roles of the International Monetary Fund and the World Bank.
What will be an ideal response?
Both the International Monetary Fund (IMF) and the World Bank were created after World War II to try to assist in the rebuilding of the damaged countries and economies following the war. They have since evolved into large organizations that play essential roles in international business, both at the macro and micro levels.
The IMF is an international organization of 185 member countries. It was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment.
The World Bank is a development agency that provides financial and technical assistance to developing nations in projects and activities that will allow them to advance economically. They are attempting to reduce poverty and improve the living conditions worldwide.
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