International Financial Organization

• Asian Developent Bank is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
• The Asian Development Bank (ADB) envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty in the region. Despite the region's many successes, it remains home to a large share of the world's poor: 263 million living on less than $1.90 a day and 1.1 billion on less than $3.20 a day.
• ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
• ADB maximizes the development impact of its assistance by facilitating policy dialogues, providing advisory services, and mobilizing financial resources through cofinancing operations that tap official, commercial, and export credit sources.
• The Asian Development Bank (ADB) envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty in the region.
• ADB maximizes the development impact of its assistance by facilitating policy dialogues, providing advisory services, and mobilizing financial resources through cofinancing operations that tap official, commercial, and export credit sources.
• ADB's highest policy-making body is the Board of Governors, which comprises one representative from each member – 49 from the Asia and Pacific region and 19 from outside the region.
• ADB was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world.
• The Philippines capital of Manila was chosen to host the new institution, which opened on 19 December 1966, with 31 members that came together to serve a predominantly agricultural region. Takeshi Watanabe was ADB's first President.
• The World Trade Organization is currently the host to new generations, under the DOHA Development Agenda launched in 2001.
• The World Trade Organization (WTO) deals with the rules of trade between nations at a global or nearglobal level. It is an organization where members of the governments discuss trade problems.
• The WTO’s creation on 1 January 1995 marked the biggest reform of international trade since the end of the Second World War. GATT means General Agreement on Tariffs and Trade
• GATT: Initially focused mainly on the reduction of tariffs on goods. Over time, it incorporated some agreements on non-tariff barriers as well
• WTO: Covers a broader spectrum of trade issues, including trade in goods, services, and intellectual property. It also addresses trade-related aspects of various policies, such as agriculture, textiles, and technical barriers to trade.
• The IMF is a global organization that was established in 1944 as part of the Bretton Woods system that works to achieve sustainable growth and prosperity for all of its 190 member countries. It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being.
• The international monetary system provides the institutional framework for determining the rules and procedures for international payments, determination of exchange rates, and movement of capital.
• The Board of Governors is the highest decision-making body of the IMF. It consists of one governor and one alternate governor for each member country. The governor is appointed by the member country and is usually the minister of finance or the head of the central bank.
• The IMF gets its money through quotas and subscriptions from its member countries. These contributions are based on the size of the country's economy, making the U.S., with the world's largest economy, the largest contributor. Countries can then borrow from this pool when they fall into financial difficulty.
• IMF Primarily focused on the stability of the global monetary system and monitoring the currencies of the world.
• World Bank reduces poverty across the world and strengthen the low- to middle-class populations.
• The IMF has faced criticism for its loan conditions, which some have argued are too strict and have led to austerity measures and social spending cuts in borrowing countries. There has also been criticism of the IMF's governance structure, which gives disproportionate power to the largest economies.
• IMF plays an important role in promoting global monetary cooperation, facilitating international trade, and supporting economic growth and poverty reduction around the world. However, it also faces criticism and must continue to evolve to address the challenges of today's global economy.