Question

write a short note on :- UN world bank IMF based on their composition and functions state wether thry are democratic in their practices also give reasons for the same IMF

Answer 1

United Nations, was established in October 1945 after World War II to facilitate cooperation among various countries on matters of socioeconomic and peace. Today it has 193 countries under its umbrella.

UN Security Council, which is an important part of UN, consists of five permanent members and have special privileges and, therefore, UN can’t be treated as democratic.

World Bank, a financial organization, started with the goal to reduce poverty from over all corners of the globe. It also aimed at enhancing the trade and investment and provide loan on easy terms to developing countries.

Its President is nominated by US President and, therefore, it sometimes favor to developed countries and, therefore, it can’t be treated as democratic.

IMF was established in the year 1944 and started its functioning a year later. Its primary aim is to promote international trade and to provide finance to various countries. Today most developed countries have majority contribution in IMF and, therefore, have their say in the decisions of IMF, and that’s why it again can’t be treated as democratic.

Answer 2

$The International Monetary Fund (IMF) oversees the stability of the world's monetary system, while the World Bank aims to reduce poverty by offering assistance to middle-income and low-income countries.$