World Bank: A critical organizational review - Essay Example

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World Bank: A critical organizational review

The World Bank is one of the most powerful financial institutions in the world. Together with the International Monetary Fund (IMF) it formulates and enforces major economic policy decisions for over 75 mostly poor countries. Why the Bank and IMF are able to exercise such unrivalled power is due to other lending institutions and governments generally denying credit to countries that have not complied with the Bank and IMF's demands. This is because many of the countries subject to World Bank and IMF supervision are desperate for the funds that these institutions provide.4

The Bank provides both loans and grants to poor and middle-income countries that have no access to international capital markets. These loans offer interests below market-value rates. 5 Funding these ventures, however, is not an easy task. The Bank needs to channel concessional and non-concessional loans in a counter-cyclical way to these countries in times of crises or private flow drought.6 Developing countries greatly value the contribution that the World Bank group gives them for growth. However, they, and others see a need for reforms in the Bank in terms of responding to global challenges
Functions and role. The World Bank is dedicated to providing financing, advice and research to developing nations to aid their economic advancement.8 The World Bank today consists of four financing arms, the largest of which is the International Bank for Reconstruction and Development (IBRD). ...Show more

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This essay "World Bank: A critical organizational review " shall touch on the functions, role, and significance of the World Bank, the perceived defects in its operation, and then suggest ways in which it could be reformed.
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