• The World Bank, founded in 1944, is a global hub for financial and technical aid for developing countries. Its main goal? Fighting poverty with knowledge, resources, and capacity building. It's like a giant soup kitchen for countries in need, but with a lot more paperwork and some serious policy implications!
• It's made of two key institutions owned by 186 countries: International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA). Think of these as the Batman and Robin of international development.
• The Bank’s headquarters is in Washington DC, and it's massive, with 10,000 employees and over 100 offices worldwide. That's bigger than some small towns!
• Here's a quick flashback: Until 1967, the bank was focused on rebuilding post-war Europe, like a grand Marshall Plan. From 1968 to 1980, it shifted its focus to the needs of the developing world, helping with schools, hospitals, literacy, and agricultural reform. It's like changing from restoring a vandalized neighborhood to teaching people how to prevent the vandalism in the first place.
• Fast forward to 1980–89, World Bank shifted towards servicing third-world debt. This era was all about Structural Adjustment Policies (SAPs) which aimed to tune-up the economies of developing nations.
• Post-1989, the Bank aligned with the Millennium Development Goals (MDGs), aiming to aid middle-income countries (MICs) in development and poverty reduction.

Critics' Corner

• Critics, including NGOs and academics, accuse the World Bank of ignoring traditional economic structures and values, favoring Western practices instead. Imagine if McDonald's replaced all local food joints in your town - wouldn't be fun, right?
• They also critique the governance, claiming it's controlled by a few rich countries. It's a bit like high school cliques, but on a global scale!
• They accuse the Bank of focusing too much on GDP growth, not on living standards. It's as if your school only cared about overall averages and not about individual student improvement.
• Some claim the World Bank may have increased poverty and been harmful to the environment, public health, and cultural diversity.

• The IMF is the financial watchdog of the world, overseeing global economic policies of its member countries, especially ones that impact exchange rates and balance of payments. Think of it as a referee in a giant, complex game of Monopoly.
• The IMF was created in 1944 with 45 members, and it now has 186 members. Over time, it's become more influential in the global economy.
• To help countries with balance of payment problems, the IMF provides loans. In return, countries usually need to launch certain reforms like SAPs. It's like lending your friend some money but asking them to do their homework first!

Critics' Corner

• Critics argue that the IMF has supported military dictators friendly to American and European corporations, and it generally disregards democracy, human rights, and labor rights. It's like giving extra pocket money to the school bully.
• They argue that IMF’s austerity programmes (increasing taxes in a weak economy) are detrimental. Imagine if your parents cut your allowance just when you needed it most!