September 7, 2021

Today's Tuesday and two days from now will be the start of our enrollment for the academic year 2021-2022. It is hot today, indeed. The rays of the sun are passing through the windowpane of my room. I turned on the electric fan just so the heat will subside. 

I have just taken the last sip in the soft drink that I am drinking. It is just a three hundred and fifty-five milliliters Mountain Dew, which I bought in my aunt's small variety store. Regarding the snack? It is one of my favorites-Mr. Chips, the blue one. I always crave its taste, but I don't eat that much since anything too much is bad.

For this day's topic, an essay was prepared about two organizations that continue to stand still in the middle of different crises happening in the whole wide world. Like any other organization, they too have their own set of goals and objectives. Their significance will also be presented, especially in the field of the global economy. If you can still remember, I have posted an article having a related topic too. This time, let us go in-depth with it.

Without so much ado, let us dive into today's topic. Ready your seatbelt. It may be a fun read for everyone. You came in this article not just to satisfy your mind that is hungry for information, you will also gain more things that could realize how powerful the words are.

Governments of different countries around the world, most especially the ones which have a low or middle income, cannot pursue their aspired capital projects that are in conformity with their economic development plans due to the absence or inadequacy of their budgets. Herein, the biggest and the most essential role of the World Bank applies. 

The World Bank

The World Bank began in 1944 with its marvelous mission to reduce poverty and improve the standard of living around the globe. With its reach to total members of 185 countries, World Bank continuously provides low-interest loans and interest-free grants to those who need them without making any profit.

With their innovative work in financing by utilizing global knowledge and experience, they are helping the global economy grow and foster. The World Bank believes that by providing loans and grants to countries, they are committing to creating more opportunities for the citizens, which implies a step closer to achieving sustainable and inclusive economic growth of the whole world. 

As the mission and objectives of the World Bank have been stated, it is already conceivable that at times of crises, they are eager and yielding to grip tighter onto their role. A relevant example for this is the occurrence of the COVID-19 pandemic, which brought international crisis wherein the World Bank hands its support financially to the countries that are ultimately experiencing difficult times with recovery.

For the record, in October 2020, $12 has been supported for countries that are developing to fund their COVID-19 vaccines and other healthcare treatments. In unprecedented times, the World Bank teams up with various groups to help address their problems. The World Bank group also centers on reinforcing the private sectors of the developing countries.

The International Monetary Fund

Furthermore, there is another organization that shares the same goal as the World Bank, which is to lift the standard of living of their member countries. The International Monetary Fund was established after the chaos brought by the Great Depression – the worst economic recession in history that lasted for a decade, affecting Europe and the United States. 

This organization of 190 countries aims to facilitate the balanced growth of international trade while consulting on international monetary problems. Primarily, the IMF provides loans, surveillance, checks on risks, recommends policies for growth and stability, and advances on capacity development, as it enables technical assistance and gives training to governments.

Complementary Role and Function

IMF, together with the World Bank, possesses a complementary role and function. As the World Bank concentrates on long-term economic development, the IMF centralizes on financial stability and promotes international monetary cooperation. 

During crises, IMF provides immediate debt relief to the poor countries, which are mostly affected. They respond to countless calls for emergency financing. They look for solutions to meet their member countries' financing needs. Additionally, in times of disaster and emergency conditions, IMF expands its lending capacity in commitment to its obligations to the memberships. 

Both of these organizations are aligned in accelerating the global economy by keeping track of their member countries' economies and giving practical help by means of loans when they experience payment difficulties. Other than providing loans to public and private sectors, they offer training on diminishing poverty and shaping the world economy in a better frame.

Closing Thoughts

The World Bank and International Monetary Fund hold a huge and substantial part in international countries. Their grants, loans, financial support, technical advice, fast-track responses, commitment to their responsibilities, and dedication to the globe are incredible, and as they work in every area of development, even in eras of crisis, the global economy finds the light to survive.

Thank you for your time.

Should you want to read some of my articles, you may try reading  E-loading Business: My Experiences., There is always a road back for everyone., This Platform Helped me Buy a Phone, The Report for the Month of August, Common Problems A Farmer Encounters, or Be More Productive by Using these Apps. And if you are enjoying it, do not forget to show your support. Remember also that you are handsome/beautiful in your own way. So be brave and confident!

Thanks to my readers and sponsors for following my publications. May God bless you a hundredfold. Also, this is original content. Most of the photos I use are free images from either Unsplash or Pixabay.