GLOBALIZATION »» GLOBAL FINANCE »» INTERNATIONAL MONETARY FUND »» Feb 01, 2021

The International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (World Bank) are the financial arms of the World Trade Organization. The IMF, an international organization with 189 member nations, facilitates international financial transactions and makes loans to developing countries in need. Wars, disasters and economic crisis are common needs. Often, the IMF is the only source of financial assistance available to these distressed countries. Decisions of the IMF and World Bank are crafted by a Board of Governors who meet once a year, and 25 Executive Directors who handle day-to-day decisions. Each member nation appoints a governor, often its Minister of Finance. Critics claim poorer nations are not adequately represented in World Bank and IMF proceedings because voting shares are based on the size and