global lending institutions

• the IMF was established in Bretton Watts in 1944
• the IMF started with only 46 countries but it now has 186 members
• in the IMF all member countries contribute to a pool of money, member countries can then borrow from the pool of money on a temporary basis to overcome budget deficits.
• the IMF was extremely important in stabilising the global economy after WW2
• the IMF has been criticised for supporting some undemocratic governments that have been favourable to US and European TNCs
• the IMF have been criticised for forcing borrowing countries into cutting funding for education and health in order to pay back loans
• the IMF have been criticised for forcing countries to impose strict austerity measures in order to borrow money
• the World Bank was set up at the same time as the IMF in 1944
• the World Bank is made up of two organisations - The International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)
• the World Bank's main aim is to reduce poverty by providing funds for development projects such as building infrastructure like roads and bridges
• the World Bank is a global bank owned by it's member countries
• the World Bank has over 10,000 employees and over 100 offices
• the World Bank and the IMF imposed SAP (Structural Adjustment Programmes) on many borrowers
• the World Bank is now more interested in helping countries to achieve the UN's SDGs
• the World Bank is criticised for the imposition of policies on developing countries
• the World Bank is criticised for it's assumption that LEDCs cannot develop without outside help
• the World Bank is criticised for focusing too much on GDP growth
• the World Bank is criticised for partaking in development policies that are environmentally damaging