1.

International Monetary Fund (IMF)

Function:
According to the IMF itself, it works to foster global growth and economic stability by providing
policy advice and financing the members by working with developing countries to help them
achieve macroeconomic stability and reduce poverty. The rationale for this is that private
international capital markets function imperfectly and many countries have limited access to
financial markets. Such market imperfections, together with balance-of-payments financing,
provide the justification for official financing, without which many countries could only correct
large external payment imbalances through measures with adverse economic consequences. The
IMF provides alternate sources of financing such as the Poverty Reduction and Growth Facility.
Upon the founding of the IMF, its three primary functions were: to oversee the fixed exchange
rate arrangements between countries, thus helping national governments manage their exchange
rates and allowing these governments to prioritize economic growth, and to provide short-term
capital to aid the balance of payments. This assistance was meant to prevent the spread of
international economic crises. The IMF was also intended to help mend the pieces of the
international economy after the Great Depression and World War II as well as to provide capital
investments for economic growth and projects such as infrastructure
Facilitate international business:
The purposes of the IMF are clearly expressed in Article I of its constitution, the Articles of
Agreement:
 To promote international monetary cooperation through a permanent institution which
provides the machinery for consultation and collaboration on international monetary
problems.
 To facilitate the expansion and balanced growth of international trade, and to contribute
thereby to the promotion and maintenance of high levels of employment and real income
and to the development of the productive resources of all members as primary objectives
of economic policy.
 To promote exchange stability, to maintain orderly exchange arrangements among
members, and to avoid competitive exchange depreciation.
  To assist in the establishment of a multilateral system of payments in respect of current
transactions between members and in the elimination of foreign exchange restrictions
which hamper the growth of world trade.
 To give confidence to members by making the general resources of the Fund temporarily
available to them under adequate safeguards, thus providing them with opportunity to
correct maladjustments in their balance of payments without resorting to measures
destructive of national or international prosperity.
 In accordance with the above, to shorten the duration and lessen the degree of
disequilibrium in the international balances of payments of members.

2. World Bank
Functions of the World Bank
 It helps the war-devasted countries by granting them loans for reconstruction.
 Thus, they provide extensive experience and the financial resources of the bank help the
poor countries increase their economic growth, reducing poverty and a better standard of
living.
 Also, it helps the underdeveloped countries by granting development loans.
 So, it also provides loans to various governments for irrigation, agriculture, water supply,
health, education, etc.
 It promotes foreign investments to other organizations by guaranteeing the loans.
 Also, the World Bank provides economic, monetary, and technical advice to the member
countries for any of their projects.
 Thus, it encourages the development of of-industries in underdeveloped countries by
introducing the various economic reforms.
Facilitate international business:
To further enhance global trade, the World Bank works with governments to address trade
obstacles by designing and implementing policies that maximize competitiveness, increase
connectivity, and facilitate trade. In line with twin goals of eradicating extreme poverty and
increasing shared prosperity, the World Bank Group helps its client countries improve their
access to developed country markets and enhance their participation in the world economy.
  Trade facilitation, logistics, and border management: helping countries integrate into
global value chains (GVCs) through targeted reforms and investments;
 Trade agreements: advising countries on their technical details and supporting
implementation of commitments made through these agreements;
 Emphasizing trade and competitiveness at the core of national development strategies
 Aid for Trade: Among multilateral institutions, the Bank Group is the largest provider of
“Aid for Trade,” a multilateral initiative designed to assist developing countries,
especially low-income countries, spur growth by integrating into the world economy.
 Markets and competition policy: encouraging growth and shared prosperity by opening
and transforming markets.

3. World Trade Organization

Functions:
Among the various functions of the WTO, these are regarded by analysts as the most important:
 It oversees the implementation, administration and operation of the covered agreements
(with the exception is that it does not enforce any agreements when China came into the
WTO in Dec 2001).
 It provides a forum for negotiations and for settling disputes.
Additionally, it is WTO's duty to review and propagate the national trade policies and to ensure
the coherence and transparency of trade policies through surveillance in global economic policy-
making. Another priority of the WTO is the assistance of developing, least-developed and low-
income countries in transition to adjust to WTO rules and disciplines through technical
cooperation and training.
 The WTO shall facilitate the implementation, administration, and operation and further
the objectives of this Agreement and the Multilateral Trade Agreements, and shall also
provide the framework for the implementation, administration, and operation of the
multilateral Trade Agreements.
 The WTO shall provide the forum for negotiations among its members concerning their
multilateral trade relations in matters dealt with under the Agreement in the Annexes to
this Agreement.
  The WTO shall administer the Understanding on Rules and Procedures Governing the
Settlement of Disputes.
 The WTO shall administer a Trade Policy Review Mechanism.
 to achieve greater coherence in global economic policymaking, the WTO shall cooperate,
as appropriate, with the International Monetary Fund (IMF) and with the International
Bank for Reconstruction and Development (IBRD) and its affiliated agencies.
Facilitate international business:
Goods
It all began with trade in goods. From 1947 to 1994, the GATT was the forum for negotiating
lower tariffs and other trade barriers; the text of the GATT spelt out important rules, particularly
non- discrimination. Since 1995, the Marrakesh Agreement Establishing the WTO and its
annexes (including the updated GATT) has become the WTO’s umbrella agreement.
Services
Banks, insurance firms, telecommunications companies, tour operators, hotel chains and
transport companies looking to do business abroad enjoy the same principles of more open trade
that originally only applied to trade in goods. These principles appear in the General Agreement
on Trade in Services (GATS).
Intellectual property
The WTO’s Intellectual Property Agreement contains rules for trade in ideas and creativity. The
rules state how copyrights, patents, trademarks, geographical names used to identify products,
industrial designs and undisclosed information such as trade secrets – “intellectual property” –
should be protected when trade is involved.
Dispute settlement
The WTO’s procedure for resolving trade conflicts under the Dispute Settlement Understanding
is vital for enforcing the rules and therefore for ensuring that trade flows smoothly. Governments
bring disputes to the WTO if they think their rights under the WTO agreements are being
infringed. Judgements by specially appointed independent experts are based on interpretations of
the agreements and individual members' commitments.
Trade monitoring
The WTO's Trade Policy Review Mechanism is designed to improve transparency, to create a
greater understanding of the trade policies adopted by WTO members and to assess their impact.
Many members see the reviews as constructive feedback on their policies. All WTO members
must undergo periodic scrutiny, each review containing reports by the member concerned and
the WTO Secretariat.

4. International Financial Corporation

Functions:
Investment services
The IFC's investment services consist of loans, equity, trade finance, syndicated loans, structured
and securitized finance, client risk management services, treasury services, and liquidity
management.[15] In its fiscal year 2010, the IFC invested $12.7 billion in 528 projects across
103 countries. Of that total investment commitment, approximately 39% ($4.9 billion) was
invested into 255 projects across 58 member nations of the World Bank's International
Development Association (IDA).
Advisory services
In addition to its investment activities the IFC provides a range of advisory services to support
corporate decision making regarding business, environment, social impact, and sustainability.
The IFC's corporate advice targets governance, managerial capacity, scalability, and corporate
responsibility. It prioritizes the encouragement of reforms that improve the trade friendliness and
ease of doing business in an effort to advise countries on fostering a suitable investment climate.
It also offers advice to governments on infrastructure development and public-private
partnerships.
Asset Management Company
The IFC established IFC Asset Management Company LLC (IFC AMC) in 2009 as a wholly
owned subsidiary to manage all capital funds to be invested in emerging markets. The AMC
manages capital mobilized by the IFC as well as by third parties such as sovereign or pension
funds, and other development financing organizations. Despite being owned by the IFC, the
AMC has investment decision autonomy and is charged with a fiduciary responsibility to the
four individual funds under its management. It also aims to mobilize additional capital for IFC
investments as it can make certain types of investments which the IFC cannot.
Facilitate international business:
The International Finance Corporation (IFC), a member of the World Bank Group (WBG), is the
largest global development institution focused exclusively on the private sector. IFC helps
developing countries achieve sustainable growth by financing investment, mobilizing capital in
international financial markets, and providing advisory services to businesses and governments.
Private sector development (PSD) policy and strategy
The basis for IFC’s strategy is threefold:
(i) the broad recognition of the role of the private sector as a critical driver of economic growth,
and creator of the majority of jobs, in developing countries;
(ii) IFC’s unique offering to the private sector operating in those countries including through its
global knowledge and reach, combination of Investment Services (IS), Advisory Services (AS)
and the IFC Asset Management Company (AMC), role as part of the WBG, and combination of
both development and financial goals; and
(iii) the opportunity for the WBG to be transformational through collaborative approaches that
support, leverage, and complement private sector activity.

5. International development Association (IDA)

Functions:
The IDA extends assistance to high priority projects in the member-countries. The finance may
be made available to the member-governments or the private enterprises. Advances to private
enterprises many be made without government guarantee. It also co-operates with other
international institutions and member-countries in providing financial and technical assistance to
the less developed countries.
The primary Functions of International Development Association is to reduce poverty by
providing easy loans to the poorest countries.
(a) The credit is interest free. Only a small service charge of 3/4% per annum, is payable on the
amount withdrawn and outstanding to cover administration expenses.
(b) Repayment period is long-extending over 50 years. There is an initial moratorium for 10
years and the amount borrowed is repayable in the next 40 years.
(c) IDA finances not only the foreign exchange component but also a part of the domestic cost.
(d) The credit can also be repaid in the local currencies of borrowing countries. Thus, the
repayment of loan does not burden the balance of payments of the country.
Facilitate international business:
 IDA is a multi-issue institution and supports a range of development activities that pave
the way toward equality, economic growth, job creation, higher incomes, and better
living conditions. IDA's work covers education, health, water and sanitation, agriculture,
business climate improvements, infrastructure, inclusion, and institutional reforms,
among others.
 IDA19 focuses on five special themes: Climate Change; Fragility, Conflict and Violence;
Gender; Governance and Institutions; and Jobs and Economic Transformation.
 With the aim of balancing continuity with innovation, IDA20 will maintain the four
IDA19 special themes, and elevate Human Capital as the fifth theme.
 IDA20 introduces a greater focus on crisis preparedness, complemented by an emphasis
on governance and institutions, debt, and technology as cross-cutting issues.
 IDA will continue building partnerships for impact towards achieving the World Bank’s
Twin Goals of ending poverty and boosting shared prosperity, as well as the Sustainable
Development Goals.

6. Bank for International Settlements

The BIS was established in 1930 by an intergovernmental agreement between Germany,
Belgium, France, the United Kingdom, Italy, Japan, the United States, and Switzerland. It
opened its doors in Basel, Switzerland, on 17 May 1930.
The BIS was originally intended to facilitate reparations imposed on Germany by the Treaty of
Versailles after World War I, and to act as the trustee for the German Government International
Loan (Young Loan) that was floated in 1930.The need to establish a dedicated institution for this
purpose was suggested in 1929 by the Young Committee, and was agreed to in August of that
year at a conference at The Hague. The charter for the bank was drafted at the International
Bankers Conference at Baden-Baden in November, and adopted at a second Hague Conference
on January 20, 1930. According to the charter, shares in the bank could be held by individuals
and non-governmental entities. However, the rights of voting and representation at the Bank's
General Meeting were to be exercised exclusively by the central banks of the countries in which
shares had been issued. By agreement with Switzerland, the BIS had its corporate existence and
headquarters there. It also enjoyed certain immunities in the contracting states (Brussels Protocol
1936).
Functions:
The stated mission of the BIS is to serve central banks in their pursuit of monetary and financial
stability, to foster international cooperation in those areas and to act as a bank for central banks.
The BIS pursues its mission by:
 fostering discussion and facilitating collaboration among central banks;
 supporting dialogue with other authorities that are responsible for promoting financial
stability;
 carrying out research and policy analysis on issues of relevance for monetary and
financial stability;
 acting as a prime counterparty for central banks in their financial transactions; and
 serving as an agent or trustee in connection with international financial operations.
The role that the BIS plays today goes beyond its historical role. The original goal of the BIS
was "to promote the co-operation of central banks and to provide additional facilities for
international financial operations; and to act as trustee or agent in regard to international
financial settlements entrusted to it under agreements with the parties concerned", as stated in its
Statutes of 1930.
Facilitate international business:
The BIS was originally intended to facilitate reparations imposed on Germany by the Treaty of
Versailles after World War I, and to act as the trustee for the German Government International
Loan (Young Loan) that was floated in 1930.
 BIS serves as a forum for monetary policy discussions and facilitates financial
transactions for central banks.
 It is governed by a board elected by the 63 central banks with ownership stakes, with
permanent seats reserved for the U.S., U.K., Germany, France, Italy, and Belgium.
 BIS shares offices with, and provides a secretariat for, independently governed
international committees and associations focused on economic co-operation.
 BIS is the rare international financial organization with for-profit operations.
7. The Organization of Economic Cooperation and development (OECD)
The Organization for European Economic Co-operation (OEEC) was formed in 1948 to
administer American and Canadian aid in the framework of the Marshall Plan for the
reconstruction of Europe after World War II. Similar reconstruction aid was sent to the war-torn
Republic of China and post-war Korea, but not under the name "Marshall Plan". The
organization started its operations on 16 April 1948, and originated from the work done by the
Committee of European Economic Co-operation in 1947 in preparation for the Marshall Plan.
Since 1949, it has been headquartered in the Château de la Muette in Paris, France. After the
Marshall Plan ended, the OEEC focused on economic issues.
In the 1950s, the OEEC provided the framework for negotiations aimed at determining
conditions for setting up a European Free Trade Area, to bring the European Economic
Community of the six and the other OEEC members together on a multilateral basis. In 1958, a
European Nuclear Energy Agency was set up under the OEEC.
Functions:
1. Peer Reviews
There are processes where individual member countries’ performance is supervised by the other
members of the OECD. This is a core function of the organization and helps them create more
effective policies. It can also help governments gain support for the implementation of difficult
policies in their home country. An example of a peer review is when the UK was told to keep
foreign aid at a commendable 0.7% level. It was done to ensure that the extra money is spent in
the most efficient way possible.
2. Standards and Recommendations
At the committee level, member countries of the OECD discuss general policies and rules for
international cooperation. There are formal agreements on issues such as exports, imports,
investments, and combating bribery. They also set the standards that all countries need to follow
regarding the tax system and treaties, and provide recommendations on environmental practices
and corporate regulations.
3. Publications
The OECD publishes articles on economic outlooks, statistics, and a general overview.
OECD Economic Outlook – Provides a forecast for member and non-member nations
OECD Factbook – Serves as a guide-book for economies that are implementing new policies
Going for Growth – A comparison of countries, based on national performance
The peer review, standards, and agreements, and publications help the OECD achieve economic
growth for nations while also providing a base for the implementation of future policies.
Facilitate international business:
 Whether exporting or importing goods, trade facilitation benefits all countries by
allowing better access for businesses to production inputs from abroad and supporting
greater participation in global value chains (GVCs). Countries where inputs can be
imported and exported in a quick and reliable manner are also more attractive locations
for foreign firms seeking to invest and offer consumers lower prices, higher quality
products, and a greater array of goods.
 Trade facilitation also helps more – and smaller – firms participate in trade. Addressing
unnecessary costs related to trade procedures is essential for firms to take full advantage
of new market openings. This is specially true for micro-, small- and medium-sized
enterprises (SMEs), for which the costs of trading can be disproportionately large.
 In addition, trade facilitation is critical for perishable agricultural products and for high-
tech manufacturing components, both of which are highly sensitive to delays. Moreover,
trade facilitation is becoming more, not less, important in the digital era. The growing
numbers of parcels crossing international borders is both increasing demand, and creating
new challenges, for trade facilitation.
 The OECD TFIs also allow countries to identify their strengths and weaknesses in trade
facilitation, prioritise areas for action, and mobilise technical assistance and capacity
building in a more targeted way. The TFIs not only measure the actual extent to which
countries have introduced and implemented trade facilitation measures in absolute terms,
but also their performance relative to others, using a series of quantitative measures on
key areas of the border process.

8. Regional Development Agencies.

In the United Kingdom, regional development agencies (RDAs) were nine non-departmental
public bodies established for the purpose of development, primarily economic, of England's
Government Office regions between 1998 and 2010. There was one RDA for each of the NUTS
level 1 regions of England. Similar activities were carried out in Wales by the Welsh
Government Department of Economy and Transport, in Northern Ireland by the Department of
Enterprise, Trade and Investment and in Scotland by Scottish Enterprise and Highlands and
Islands Enterprise.
In June 2010 the UK government announced the abolition of the RDAs which took place on 31
March 2012, with a view to reducing the government deficit; similar economic development
would be undertaken by local councils and local enterprise partnerships (LEPs).[1] There was no
direct replacement for the RDAs as LEPs did not at first receive funding from central
government, and local councils did not receive an equivalent injection of income from central
funds, having been called upon to make savings and support similar initiatives.
Functions:
Eight RDAs were created on 25 November 1998 following the Regional Development Agencies
Act 1998. In subsequent years their scope and powers were enhanced, and a ninth agency, for
London, was established in July 2000. The statutory objectives of the RDAs were:
 to further economic development and regeneration;
 to promote business efficiency and competitiveness;
 to promote employment;
 to enhance the development and application of skills relevant to employment, and
 to contribute to sustainable development.
They took over responsibility from Government Offices for administering European Union
regional development funds.
Facilitate international business:
Regional integration helps countries overcome divisions that impede the flow of goods, services,
capital, people and ideas. These divisions are a constraint to economic growth, especially in
developing countries. The World Bank Group helps its client countries to promote regional
integration through common physical and institutional infrastructure.
Regional integration can be promoted through common physical and institutional infrastructure.
Specifically, regional integration requires cooperation between countries in:
 Trade, investment and domestic regulation;
 Transport, ICT and energy infrastructure;
 Macroeconomic and financial policy;
  The provision of other common public goods (e.g. shared natural resources, security, and
education).
Regional integration can lead to substantial economic gains. Regional integration allows
countries to:
 Improve market efficiency;
 Share the costs of public goods or large infrastructure projects;
 Decide policy cooperatively and have an anchor to reform;
 Have a building block for global integration;
 Reap other non-economic benefits, such as peace and security.