International Organisations (IMF, World Bank, WTO) Flashcards
(12 cards)
What is the aim of the IMF?
(international monetary fund) aims to achieve sustainable growth and prosperity.
How does the IMF work?
Use’s loans and FDI its members vote on what the IMF supports.
How does the IMF benefit member countries?
channels loans from rich nations to countries that apply for help
Criticism of the IMF?
not all members are equal, G20 = 70% vote USA=17% vote poor African nations 1% vote
Also have strict financial conditions imposed on governments borrowing may lead to a cut back on health care, education e.t.c
What is the aim of the World Bank?
reduce poverty and promote economic development
How does the World Bank work?
lends money to counties
How does the World Bank benefit member countries?
in 2017 distributed $42 billion in loans and grants
Criticism of the World Bank?
All presidents of world bank have been US citizens
Large scale development projects lead to inequality (2014 gave money to Congo to kick start mega dam project)
What is the aim of the WTO?
(world trade organisation) aim to settle disputes and for countries to drop perfectionist attitude in favour of untaxed trade.
How does the WTO work?
sets up series of rules to govern world trade
How does the WTO benefit member countries?
Supports agriculture access to goods services and markets. (2014 china persuaded to lift export restrictions on rare earth minerals)
Criticism of the WTO?
negotiation takes years it is difficult to get 162 member states to agree, low income left out of decisions, difficult to trade fairly developed and emerging countries don’t agree.
