World Bank and International Monetary Fund

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World Bank and International Monetary Fund

Differences and Similarities

Feature	World Bank	International Monetary Fund
Founded	July 1944	December 1945
Headed by	President	Managing Director
First President/MD	Eugene Meyer	Camille Gutt
Headquarters	Washington D.C.	Washington D.C.
Constituents	IBRD & IDA	Single body
Central purpose	To promote economic and social progress in developing countries by helping to raise productivity so that their people may live a better and fuller life.	To oversee a monetary system that will encourage trade, create jobs, expand economic activity, and raise living standards throughout the world.
Regular reports published	World Development Report	World Economic Outlook
Source of funding	Borrowing through issue of bonds, grants from donor nations.	A pool of resources to which each member nation contributes a certain amount of money proportionate to its economic size and strength.
Recipients of funding	IBRD - Developing nations - Slightly higher interest rate than borrowing rate and repaying time of 12 to 15 years IDA - Very poor developing nations, interest free with a repaying time of 35 to 40 years.	All nations rich or poor to rectify the problem of balance of payments. Interest rates are slightly below market rates and amount must normally be repaid within three to five years, and in no case later than ten years.