The IMF and the World Bank Group — year and job
5 sentencesMonu bought a washing machine in forty-five.
IMF — International Monetary Fund=27 December 1945 (29 countries signed) · headquarters Washington DC · 191 members · watches exchange rate and BoP policies
Woody started work in forty-six.
World Bank (IBRD)=IBRD set up in 1944 · group formal on 27 December 1945 · work began 25 June 1946 · first loan 9 May 1947 to France · President nominated by the USA — Ajay Banga (since 2 June 2023)
ID cards free for people over sixty.
IDA — International Development Association=1960 · the “soft loan window” — interest-free credits and grants · repaid over 35–40 years, 10-year grace period
A MiG jet was insured in eighty-eight.
MIGA — Multilateral Investment Guarantee Agency=1988 · political risk insurance for investors, more FDI into developing countries
An icy quarrel was settled in sixty-six.
ICSID — International Centre for Settlement of Investment Disputes=1966, Washington Convention · conciliation and arbitration of investment disputes · India, Brazil and South Africa are not members
The Bretton Woods conference (New Hampshire, USA, 1–22 July 1944) produced the IMF and the IBRD · World Bank Group = IBRD, IDA, IFC (1956, private sector), MIGA, ICSID · IMF votes = 250 basic votes + one per 100,000 SDR of quota · India repaid all its IMF loans on 31 May 2000 · India’s IMF quota about 2.75% (8th), World Bank vote 2.96% (7th).