BANKING AFFAIRS

Detailed explanation-1: -Created in 1944 to help Europe rebuild after World War II, IBRD joins with IDA, our fund for the poorest countries, to form the World Bank. They work closely with all institutions of the World Bank Group and the public and private sectors in developing countries to reduce poverty and build shared prosperity.

Detailed explanation-2: -Together, IBRD and IDA form the World Bank, which provides financing, policy advice, and technical assistance to governments of developing countries. IDA focuses on the world’s poorest countries, while IBRD assists middle-income and creditworthy poorer countries.

Detailed explanation-3: -The International Development Association (IDA) provides interest-free loans-called credits-and grants to governments of the poorest countries. Together, IBRD and IDA make up the World Bank.

Detailed explanation-4: -The main difference between the International Monetary Fund (IMF) and the World Bank lies in their respective purposes and functions. The IMF oversees the stability of the world’s monetary system, while the World Bank’s goal is to reduce poverty by offering assistance to middle-income and low-income countries.

Detailed explanation-5: -Founded in 1944, the International Bank for Reconstruction and Development-soon called the World Bank-has expanded to a closely associated group of five development institutions. Originally, its loans helped rebuild countries devastated by World War II.