IMF & WORLD BANK By Roll NO 301 and 399

When a country joins the IMF, it agrees to subject its economic and financial policies to the scrutiny of the international community. It also makes a commitment to pursue policies that are conducive to orderly economic growth and reasonable price stability, to avoid manipulating exchange rates for unfair competitive advantage, and to provide the IMF with data about its economy. The IMF's regular monitoring of economies and associated provision of policy advice is intended to identify weaknesses that are causing or could lead to financial or economic instability. This process is known as surveillance

(i) To promote international monetary cooperation through a permanent institution of the fund which provides the machinery for Consultation and Collaboration on international monetary problems? (ii) To facilitate the expansion and balanced growth of international trade and to contribute thereby to the promotion and maintenance of high level of employment and real income; (iii) To promote exchange stability and maintain orderly exchange arrangements among members by avoiding competitive exchange depreciation; (iv) To assist in the establishment of a multi-lateral system of payments in respect of current transactions between members and elimination of foreign exchange restrictions which hamper the growth of world trade. (v) To create confidence among members by making the general resources of the fund temporarily available to them and providing opportunity to correct mal-adjustments in their balance of payments without resorting to the measures destructive of national or international prosperity

In recent times, the functions and roles of the two international institutions have often overlapped, so much so, that it has become difficult to demarcate the differences between the two. But broadly speaking, while IMF concerns itself with macroeconomic policies of member states, balance of payment problems, international trade policies and exchange rates of different currencies, World Bank takes up cases of different countries on individual level. It concerns itself with economic policies within a country, look for ways to improve economic conditions, and also how to correct government spending to improve the situation. World Bank takes up development projects in different countries by providing financial assistance on easy terms.

1. Investing in people, particularly through basic health and education 2. Focusing on social development, inclusion governance, and institution-building as key elements of poverty reduction. 3. Strengthening the ability of the governments to deliver quality services, efficiently and transparently 4. Protecting the environment. 5. Supporting and encouraging private business development 6. Promoting reforms to create a stable macroeconomic environment, conducive to investment and long-term planning.

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