The impacts of the IMF and the World Bank The World Bank and the International Monetary Fund constitute important parts of the economic sector of the United Nations. For both institutions the foundations were laid in the Bretton Woods conference. The World Bank's initial task was to facilitate reconstruction in post-World War II Europe. It generates capital funds from Member States' contributions and international financial indicators. Its loans are not meant to replace private capital but to facilitate its operation by financing projects that private banks would not support, such as primary education. The World Bank also sets the terms of its loans in the form of policy changes it would like to see states make to promote economic development and eliminate poverty. The role of the IMF has also changed over time. Initially, it was about stabilizing the currency with exchange rates by providing short-term loans to member states with "temporary" balance of payments difficulties. In 1982, it took on the role of intermediary in negotiations between creditor and debtor countries. The IMF was not designed to be an aid agency, but its role in economic development is crucial to the extent that stable currency values ​​and currency convertibility are necessary to facilitate trade. However, considering the effect that the work of the IMF and World Bank has had on international economic development, it appears that they have had a rather negative impact. The IMF has had its successes in international economic development. He was able to help out when oil prices rose in 1973 and again in 1979-80. Rising oil prices were one of the factors that led to the paper half… which still owed money to the IMF and the world, but they had a later maturity date. The crisis was simply delayed and is now a time bomb, waiting to explode. It appears that the World Bank and the International Monetary Fund have had an extremely negative impact on international economic development. Instead of helping, they have hindered development. With their SAPs they have caused even more poverty and economic failure. Although they have achieved some successes, for example avoiding the global debt crisis, their negative impact on the world outweighs the positives. We must now decide whether we want our world to be dictated by these institutions that claim to help us or not. There must be another way to maintain international economic development and eliminate poverty. Does anyone know where Aladdin's lamp is?