World Bank is a part of the World Bank Group. WBG consists of five organizations which include International Bank for Reconstruction and Development(IBRD), International Defense Association(IDA), International Finance Corporation(IFC), Multilateral Investment Guarantee Agency(MIGA) and International Center for Settlement of Investment disputes(ICSID). Among these, the first two are collectively known as the World Bank. It was created after the Bretton Wood conference in 1944 along with IMF. IMF and WB work together but their basics are different. Initially, its intention was to provide temporary loans and grants to poorer countries that could use these loans to boost their economic situation. From 1944 to present the bank has done a lot of activities. The first loan of WB was given to France. After 1974 Bank focused on developing countries. During the 1980s the bank focused more on Structural Adjustment Programs. The stated goals of the World Bank are to reduce poverty by reducing people to 3% who earn $1.9 a day and to increase economic growth by 40% of low-income countries by 2030. The bank work on eight principles which include eradication of extreme poverty and hunger, achieve universal primary education, promote gender equality, reduce child mortality, improve maternal health, combat HIV/AIDS, ensure environmental sustainability and develop a global partnership for development. To join World Bank a country must be a member of the IMF. Each country also pays a quota as a subscription fee to join WB. Those countries that have large economic sizes in the global market have more say and dominance in the World Bank. The United States has 15.85% of votes more than double of Japan who has second more votes 6.84%. the poor countries have little to say in the world bank. The Bank also requires poverty reduction strategies from the borrower country. The funding for climate change programs and environmental sustainability has also increased. Global Food Security Program was also launched in April 2010. There is also a lot of criticism on the World Bank. This includes that WB policies promote inflation in the borrower country. If free-market policies implemented badly they become very harmful. World Bank represents 189 countries but the decision-making process is controlled by very few countries who are economically dominated, in this way their interests also dominate. The president of the World Bank is always an American and the Managing Director of IMF is always a European is a big cause of criticism on the World Bank. The conditions and Structural Adjustment Program and sovereign immunity demanded by Bank are also a source of criticism.
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