IMF AND WORLD BANK GROUP: INDEPENDENT CREDIT ORGANIZATIONS OR US POLICY TOOL?
Journal Title: Международный научный журнал "Интернаука" - Year 2018, Vol 2, Issue 21
Abstract
This article is devoted to the research of the functioning, influence and interaction of two major international credit organizations: the IMF and the World Bank. The historical aspect of the formation and development of these institutions has been analyzed, their functions, principles and features of functioning have been determined. Their common and distinctive features have been explored, with particular emphasis on the dominant role of the United States in decision making, both within the International Monetary Fund and the World Bank. With the largest quota (16.5%), the country actually has the ability to impose a veto on major issues (accepting or excluding countries from organizations, granting loans, implementing reforms, amending the Statute). Due to the criticism of these organizations, which has been increasing, America's influence on the implementation of IMF and World Bank policies has been analyzed. To confirm this fact, examples of cooperation between countries with these international institutions, which has devastating consequences, are given. The genocide in Rwanda, the break-up of Yugoslavia are just some of the components of the "IMF policy failures portfolio". Over time, the provision of loans and financial support to countries, which are strategic value for America remains unchanged. From the latest situation, the suspension of Pakistan's financial assistance from the IMF, because of political reasons related to the trade war between the United States of America and China has been analyzed. As for the World Bank's performance, it has been found that 37 countries have become even poorer as a result of ineffective World Bank loans. As the projects funded by this organization, but realized by US multinational corporations, which eventually earn extra profits. But poor and underdeveloped countries do not have any positive effect, as money resources are off the state. A number of recommendations were developed to make these institutions independent of the interests of one country and implement effective policies.
Authors and Affiliations
Tetiana Semenenko, Nataliia Hluboka, Daria Kyrychenko
Keywords
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