IMF and World Bank serve the interest of industrialized nations rather than those of developing

countries. Comment.
At the time of estublishment of IMF and World Bank, most of the developing countries were
collonies and, therefor, not represented in Barton Wood. The major concern of these institution
was, naturally, major problems of industrialized nations. Although the mandates of both of these
institution included the provision of development assistance but there was an almost inevitable
lack of concern for developing countries. Facts supporting this claims are following:
In the early post-war year, financing the reconstruction of war-devasted Europe and
Japan received much more attention than the crying needs of developing countries.
As the international management of balance of payment is disequilibrum, there should
be pressure to adjust on both surplus and deficiet countries, rather than only on those
in deficit, was also ignored.
Developing countries need much larger attention of multiliteral institution than the
developed countries for various reasons. But IMF done a very little to solve the
international liqudity crisis of developing countries comparison with those of developed
countries.