INTERNATIONAL FINANCIAL INSTITUTIONS

IMF(International Monetary fund) :-

• It is an international organisation working to foster globa monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth and reduce poverty.
• It was conceived on july 22, 1944 with 45 members and came into existance on Dec 27,1945 when 29 countries signed the agreement for the reconstruction of the world,s international payment system.
• Countries contributed to a pool which could be borrowed from on a temporary basis, by countries with payment imbalances.
• Currently IMF have 188 members, India as eight,s largest share holder having 6.1 % growth rate.

WORLD BANK

• It provide loans to developing countries for capital program-mes .
• Its main goal is to reduce the poverty, to promote foreign investment, international trade and facilitate capital investment.
• It is one of the five institutions created at the "Bretten woods conference" in 1944.    First is world bank, second is IMF and so on.
• World Bank comprises of two institutions :- IBRD(International bank for reconstruction & development) and IDA(International Development Association).