The World Bank comprises two institutions managed by
188 member countries: the International Bank for Reconstruction and Development
(IBRD) and the International Development Association (IDA)
- The IBRD aims to reduce
poverty in middle-income and creditworthy poorer countries
- The IDA focuses exclusively
on the world's poorest countries
The World Bank:
- Provides grants and low
interest loans
- Offers policy advice and
technical assistance to developing countries
- Co-ordinates projects with
governments
Assistance from the
IMF or World Bank might be accompanied by a Structural Adjustment Program
(SAP). The country receiving assistance might be required to orientate its
economy more towards the free market, reduce trade barriers and corruption.
Developing countries and newly emerging countries complain about their lack of
influence in the World Bank.
In 2014 Brazil , Russia ,
India , China and South Africa
The overall
performance of developing countries during the past two decades has been
positive, with major gains in economic growth and poverty reduction globally.
Champions of the Millennium Development Goals (MDGs) eagerly welcomed the
success of the poverty goal five years ahead of schedule in 2010, and the pace
of poverty reduction (by current measures) has been so robust that the World
Bank has set the effective elimination of extreme poverty by 2030 as one of its
twin institutional goals.
The BRICS Development Bank (2014)
- In the summer of 2014, the
five BRICS countries –
- The
BRICS' “no strings" policy challenges the conditionality imposed on
borrowers by the World Bank and the International Monetary Fund.
