Edited by Jonathan Michie
Chapter 22: The International Monetary Fund and the World Bank
The International Monetary Fund (IMF) was established in 1947 as an international institution to manage international payments. It aimed to restore a system of multilateral payments for current transactions between its members; to reduce the duration and intensity of disequilibrium in member states’ balances of payments; and to promote exchange rate stability. The World Bank has long suffered from multiple conflicting objectives including sound banking, promoting development and neo-liberal policy advocacy. Certain reforms of the IMF are inextricably linked with counterpart reforms of the Bank. This chapter discusses the means of bringing the IMF and the Bank together around a new agenda.
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