World Bank and International Monetary Fund

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World Bank and International Monetary Fund

Differences and Similarities

FeatureWorld BankInternational Monetary Fund
FoundedJuly 1944December 1945
Headed byPresidentManaging Director
First President/MDEugene MeyerCamille Gutt
HeadquartersWashington D.C.Washington D.C.
ConstituentsIBRD & IDASingle body
Central purposeTo 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 publishedWorld Development ReportWorld Economic Outlook
Source of fundingBorrowing 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 fundingIBRD - 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.

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