Difference between the

International Monetary Fund

and World Bank IMF vs World
Bank
People sometime confuse the World Bank with the
Internation Monetary fund (IMF), which is also setup at the
Bretton Woods Conference in 1944.
The fundamental
difference between IMF
and World Bank is this:
The Bank is primarily a development institution; the IMF is
a cooperative institution that seeksto maintain an orderly
system of payment and receipts between nations. Each has
a different purpose, a distinct structure, receives its funding
from different sources, assists different categories of
members, and strives to achieve distinct goals though
methods peculiar to it. While the World Bank provides
support to developing countries, the IMF aims to stabilize
the international monetary system and monitors worlds
currencies.
International Monetary
Fund IMF vs World Bank
International Monetary Fund World Bank
Oversees the International monetary system.
Seeks to promote the economic development
of worlds poorer countries.
Promotes exchange stability and orderly exchange
relations among its members countries.
Assists developing countries through long-
term financing of development projects and
programs.
Assist all members both industrial and developing
countries that find themselves in temporary
balance of payment in difficulties by providing short
to medium term credits.
Provides to the poorest developing countries
whose per capita GNP is less than $ 865 a
year special financial assistance through the
International Development Association
(IDA).
Supplements the currency reserves of its members
through the allocation of SDRs (Special Drawing
Rights); to date SDR 21.4 billion has been issued to
member countries in proportion to their quotas.
INcourages Private enterprised in developing
countries through its affiliates, the
International Finance Corporation (IFC).
Draws its financial resources principally from the
quota subscriptions of its member countries.
Acquires most of its financial resources by
borrowing on the international bon market.
Has at its disposal fully paid-in quotas now totalling
SDR 145 billion (about $215 billion)
Has an authorized capital of $184 billion, of
which members pay in about 10 per cent.
Has a staff of 2300 drawn from 182 member
countries.
Has a staff of 7000 drawn from 180 member
countries.