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The International monetary fund, which is the IMF, normally promotes a very high employment rate and also sustains the growth of the economy and its measure mission is to reduce the amount of poverty across the entire globe. The countries under the supervision of the IMF, contribute towards its funds and also promotes experience balancing of payments regarding the borrowings which have been taken. The managing director of the IMF is presently Kristalina Georgieva. The IMF normally works for the improvement of the economy is of the member countries by raising funds and gathering analysis and statistics of the economies of the member countries. The IMF headquarters is in Washington DC.
Importance of IMF
The International monetary fund or IMF normally promotes financial stability in a global manner which is one of its major importance of it. The economic corporation has also been enabled by the IMF, and the fund normally looks forward to the growth and promotion of employment globally.
The IMF headquarters is situated in Washington DC. It also monitors International systems of financial and economic development in a global manner which identifies risks and policies regarding the growth of financial stability of the member countries. The find also has a lookout on the regular health check of the monetary policies and the economic development of the 190 member countries under them.
They were following that the IMF also identifies possible risks regarding the financial stability of the countries which are under them and also advises the governments of these countries regarding possible adjustments in their policies for the betterment of the economy. It also provides technical assistance to the governments under them in training their finance groups. These include finance ministers of Central banks administration and financial sector agencies.
Key differences between IMF and World Bank
One of the key differences between IMF and World Bank is situated in the individual functions and purposes of both of them. The IMF normally looks after the stability of the entire world’s monetary system. On the other hand, the World Bank has an overall goal of reducing poverty by offering proper assistance of credit to low-income countries or middle-income countries.
The major objective of IMF is to give appropriate service to the countries regarding their policies and economies. At the same time, the World Bank has opportunities to provide the proper amount of money in credit to these countries to improve their economies. The IMF normally focuses on the country’s economic stability, while the World Bank normally focuses on the economic growth of the world.
Comparison between IMF and World Bank
One of the major comparisons between IMF and World Bank is their focus. The World Bank genuinely focuses on the growth of the economy of the countries that are normally underdeveloped or under developing.
While on the other hand, the IMF focuses on the economic stability of every member country under the fund. The IMF normally has 2300 staff members working under them, while the World Bank hasn’t 7000 staff members working under them. The IMF is a solo organization structure with four credit lines attached to them. On the other hand, the World Bank has two essential institutions working with them, which are the International Bank of reconstruction and development. On the other hand, it is the International Development Association.
Conclusion
The International monetary fund or the IMF is one of the major things which helps the countries were under them and maintains a proper economy across the entire globe. The main function of the IMF is to look after the various International systems of monetary and bring stable finance and employment across the world. The IMF has also extended their relations overseas which are related to finance and macroeconomics, and the member nations contribute towards the fund by providing International funds towards them.
