The World Bank's Role and Contribution across the Globe

728 Words3 Pages
The World Bank consists of two related institutions, the International Bank for Reconstruction and Development and the International Development Association. These bodies provide financing to poor countries with the objective of eliminating poverty in the world. The Bank provides financial products and services where they are needed most, and also contributes to knowledge sharing around the world. World Bank development projects for example include the development of water projects. By helping to ensure water and food security, and to provide increased economic opportunity, in the world's most challenged areas, the World Bank can contribute to broader missions of promoting peace and prosperity (Askari & Brown, 2001). The World Bank's actions sometimes generate hostility, though perhaps not to the same degree as the actions of the IMF and WTO. World Bank projects are more likely to be criticized on the basis of imperfect implementation than other bases. Other criticisms rest on the idea that these bodies represent Western "pretensions of social engineering" where the projects reflect more a Western vision of what needs to be done, rather than an organic solution on the part of the area's indigenous population (Masters, 2012). The International Monetary Fund (IMF) describes its mission as working "to foster global growth and economic stability." The IMF provides "policy advice and financing to members in economic difficulties, and also works with developing nations to
Open Document