World Bank International Financial Institution
History of World Bank International Financial Institution
The World Bank International Financial Institution was founded in the year 1944 during the Bretton Woods Conference, together with other three institutions which includes the International Monetary Fund (IMF). The World Bank together with the IMF are both headquartered in the capital city of the US, the Washington, D.C (Freestone, 2013). The two institutions therefore work very closely each other. Writers who offer financial accounting assignment help at Edudorm essay writing service notes that the bank was commonly known as the International Bank for Reconstruction and Development, but later changed its name to World Bank in order to suit its main objectives of providing financial aid to different countries and private organization in different parts of the world.
The World Bank International Financial Institution was founded by multiple people, with Harry Dexter White and John Maynard Keynes being the intellectual founding father. White was a professional economist who worked at the U.S treasury. In the year 1944, he came with a plan for the IMF, a plan which competed with Keynes British Treasury Blueprint. On the other hand, Keynes was a chairman of the Bank commission (Freestone, 2013). This therefore meant that he was entitled to coming up and drafting different plans in order to improve the performance of Banks. However, the two founders died of heart attack shortly after the World Bank International Financial Institution and the IMF were founded. The bank therefore started its operations in the year 1946 after its plans were fully implemented. The company was founded in New Hampshire, during the Bretton Woods Conference.
The main goal of the World Bank International Financial Institution was to provide financial support to the European countries which suffered during the World War II. In the beginning of 1950s, the bank played a very huge role in financing infrastructural projects in developing countries all over the world. These infrastructural projects include: water, sewage, hydroelectric dams, airports and maritime ports. Currently the bank offers financial support to different countries in Africa, where it offers Scholarships to sub-Saharan countries (Freestone, 2013). Experts who offer managerial accounting assignment help at Edudorm essay writing service indicates that in addition, the company also supports electrification programs in different parts of Eastern Africa. World Bank International Financial Institution is currently headed by Dr. Jim Yong Kim who was nominated by the former president of the US president Barrack Obama on March 23, 2012.
International Monetary Fund (IMF) International Financial Institution
The International Monetary is an International Financial Institution with its headquarters in US, in Washington, D.C. the organizations were founded in the year 1944 during the Breton Woods Conference (International Monetary Fund, 2009). However, it started its operations in the preceding year, 1945, and it had 29 member states whose main goal was to restructure the international system of payment. Currently, the organization plays a key role in managing balances of payments constraints and financial crises internationally. Different countries across the globe therefore contribute funds through a system of payment, whereby if member countries experience problems related to the balance of payment, they can be able to borrow money.
IMF, as an International Financial Institution was founded by Harry Dexter White and John Maynard Keynes in the year 1945 during the Breton Wood Conference. IMF was founded at the Mount Washington Hotel, during the Bretton Woods Conference which took place from 1st July- 22nd July in the year 1944 (International Monetary Fund, 2009). The main reason as to why the meeting was convened, was to discuss about the regulation of the post war international monetary, and also returning financial order.
IMF is working with sub-Saharan countries, in order to crack down on the trade of illegal diamond and precious mineral trade (International Monetary Fund, 2009). The organization is supporting 16 countries, through providing a technical assistance team, which makes sure that the money received from the trade does not end up in the hands of terrorists. On the other hand, the organization is headed by Christine Lagarde who is a Lawyer and also a politician.
References
Freestone, D. (2013). The World Bank and sustainable development.
International Monetary Fund. (2009). International Monetary Fund Annual Report 2009: Financial Statements. Washington: International Monetary Fund.
