chapter x - imf world bank and economic hitmen

chapter x - imf world bank and economic hitmen

The International Monetary Fund (IMF) is an intergovernmental organization that oversees the global financial system by following the macroeconomic policies of its member countries, in particular those with an impact on exchange rate and the balance of payments. Its objectives are to stabilize international exchange rates and facilitate development through the encouragement of liberalising economic policies[1] in other countries as a condition of loans, debt relief, and aid.[2] It also offers loans with varying levels of conditionality, mainly to poorer countries. Its headquarters is in Washington, D.C. The IMF’s relatively high influence in world affairs and development has drawn heavy criticism from some sources.[3][4]

The World Bank is an international financial institution that provides loans[2] to developing countries for capital programmes. The World Bank's official goal is the reduction of poverty. By law, all of its decisions must be guided by a commitment to promote foreign investment, international trade and facilitate capital investment.[3]