Today, I have prepared an essay about the roles of The International Monetary Fund and the World Bank in international crises. This was given as a topic for us before and so I think of sharing something about it.
An international crisis is defined as a series of interactions between the governments of two or more sovereign nations in major disputes or other turbulent situations involving people, governments, and people.
Currently, we may also be under pressure, leading to sudden instability, as happened during the COVID19 outbreak. So this is where the International Monetary Fund (IMF) and the World Bank play an essential role in this matter.
Aside from the fact that the International Monetary Fund and the World Bank are organizations of the United Nations system and have some similarities, such as the improvement of the living standards of member countries, they may also cause problems in the global crisis. Take the world economy as an example.
Member states work together through the International Monetary Fund (IMF) to ensure financial stability and global currency cooperation, promote international trade, and promote employment and economic growth. It plays another role in the current situation, especially in providing financial support to poor countries, providing breathing space through improved policies, and restoring economic stability and growth. It also contributes help in managing and preventing crises and mitigating emergencies.
The International Monetary Fund also plays a role in averting crises and mitigating the inevitable consequences of problems by helping to establish a solid macroeconomic policy framework and encouraging growth by maintaining small budget deficits and low inflation. Ensure that banks meet capital requirements and conditions, increase vigilance and supervision, limit bundled loans, disseminate information and financial information, and provide timely services to companies.
The World Bank, on the other hand, is an international financial institution and provides financial and technical assistance to developing countries in general development-related programs. When the pandemic broke out, the Philippines was one of the countries that was given help by the industry to achieve financial sustainability and used loans to ensure a more complete recovery from the COVID19 pandemic.
In addition, the World Bank has a 2030 vision: to eliminate poverty by reducing the number of people living on 90 cents a day and to promote overall prosperity by increasing the income of people under 40% to every nation.
In view of this, the role of the International Monetary Fund and the World Bank in international crises provides victims with opportunities to help them recover from the trauma or loss they have suffered. They help build a better community composed of representatives from all sectors of each country, especially the financial sector. They have achieved a more complete recovery and a stable economy through all these supports and functions provided by the two to promote better growth.
That is all for today, guys. I hope you have learned something today from this article I have published. May God bless us all. Mabuhay!
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This is original content.
Grabe pala talaga yung tulong na naibibigay ng IMF and world bank sa bawat bansa na may finacial issues. Thanks for this information. I learned something today.