Question

4) briefly identify the differences between the imf and the world bank.

Answer 1

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The main difference between the International Monetary Fund (IMF) and the World Bank lies in their respective purposes and functions. The IMF oversees the world's monetary system's stability, while the World Bank’s goal is to reduce poverty by offering assistance to middle-income and low-income countries. 

Both organizations are based in Washington, D.C., and were established as part of the Bretton Woods Agreementin 1945. The Bretton Woods Agreement was a monetary and exchange rate management system that attempted to encourage international financial cooperation through the introduction of a system of convertible currencies at fixed exchange rates, with the dollar trading for gold at $35 per ounce.