IMF and World Bank face unprecedented challenges

The World Bank and the International Monetary Fund must continue their reinvention to overcome the new crises and adapt to phenomena such as the adoption of cryptocurrencies

After 75 years of their foundation, the two financial institutions were born during the Second World War – on July 22, 1944 -, on the initiative of 44 countries to avoid a new crisis such as that of 1929.

Today, both organizations face criticism for failing to prevent crises and for worsening the situations of the people they should have helped.

Although it may be thought that criticisms are not entirely true, both the IMF and the World Bank have tried to forge a new image for themselves in recent years, emphasizing that when their programs are implemented the most vulnerable will be protected.

There is no doubt that more than a better communication strategy is going to be needed at a time when the rejection of globalization and technological transformation is growing.

Both organizations also face the challenge of helping Africa in a transition that requires investment in infrastructure and job creation to cope with population growth in the region.

The International Monetary Fund aims to ensure global financial stability, while the World Bank works for reconstruction and development; a mission to which poverty reduction was eventually added.

L.Saenz

Source: Banca & Negocios 

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