Documents

World Bank.docx

Description
VIVEK COLLEGE OF COMMERCE Page 1 Chapter 1: Introduction of World Bank Definition of “The World Bank” An international organization dedicated to providing financing, advice and research to developing nations to aid their economic advancement. Explanation: “The World Bank” The World Bank was created at the end of World War II as a result of many European and Asian countries needing financing to fund reconstruction efforts. Created out of the Breton Wo
Categories
Published
of 33
All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
Related Documents
Share
Transcript
    VIVEK COLLEGE OF COMMERCE Page 1 Chapter 1: Introduction of World Bank Definition of “The World Bank”     An international organization dedicated to providing financing, advice and research to developing nations to aid their economic advancement. Explanation: “The World Bank” The World Bank was created at the end of World War II as a result of many European and Asian countries needing financing to fund reconstruction efforts. Created out of the Breton Woods agreement of 1944, the Bank was successful in providing financing for these devastated countries. Today, the Bank functions as an international organization that attempts to fight poverty by offering developmental assistance to middle and poor-income countries. By giving loans, and offering advice and training in both the private and public sectors, the World Bank aims to eliminate poverty  by helping people help themselves.    VIVEK COLLEGE OF COMMERCE Page 2 The World Bank Group is composed of 5 closely associated institutions which have different missions and specialize in different aspects of development. But they use their comparative advantages to work collaboratively toward the same overarching goal of poverty reduction the term World Bank refers specifically to the IBRD and IDA and mostly it is used for only IBRD. The Bank has supported important projects and government programmes in order to ensure economic and social improvement of the developing countries since it was founded. The mission of the Bank has transformed in order to accommodate with world conjuncture which is varied throughout time. Nowadays, there are serious criticisms for the World Bank that has a mission of ―working for a world free of poverty‖. In this study I will explain about The World Bank, Group of World Bank, Membership, and Performance of the World Bank World Bank The World Bank is composed of two institutions: 1.   International Bank for Reconstruction and Development (IBRD) 2.   International Development Association (IDA). World Bank Group The World Bank should not be confused with the United Nations World Bank Group, a member of the United Nations Economic and Social Council, and a family of five international organizations that make leveraged loans to poor countries which is comprised of the:    International Bank for Reconstruction and Development (IBRD)    International Development Association (IDA)    International Finance Corporation (IFC)    Multilateral Investment Guarantee Agency (MIGA)    International Centre for Settlement of Investment Disputes (ICSID)    VIVEK COLLEGE OF COMMERCE Page 3 Membership  There are 184 member countries that are shareholders in the IBRD, which is the primary arm of the WBG. To become a member, however, a country must first join the International Monetary Fund (IMF). The size of the World Bank's shareholders, like that of the IMF's shareholders, depends on the size of a country's economy. Thus, the cost of a subscription to the World Bank is a factor of the quota paid to the IMF. There is an obligatory subscription fee, which is equivalent to 88.29% of the quota that a country has to pay to the IMF. In addition, a country is obligated to buy 195 World Bank shares. Of these 195 shares, 0.60% must be paid in cash in U.S. dollars while 5.40% can be paid in a country's local currency, in U.S. dollars, or in non-negotiable non-interest bearing notes. The balance of the 195 shares is left as callable capital, meaning the World Bank reserves the right to ask for the monetary value of these shares when and if necessary. A country can subscribe a further 250 shares, which do not require payment at the time of membership but are left as callable capital.     VIVEK COLLEGE OF COMMERCE Page 4 Chapter 2: Performance Evaluation of World Bank Performance Evaluation of World Bank   (IBRD)    General Information: World Bank’s performance assessment in fiscal year 2010 is based on Annual Report of World  bank (IBRD and IDA), which covers together with the accompanying Management and Internal Control Reports and audited financial statements by independent auditors. Annual Report of World Bank has been prepared by the Executive Directors ofboth the IBRD and the IDA. Robert B. Zoë lick, President of IBRD and IDA, and Chairman of the Board of Executive Directors, has submitted this report, together with the accompanying administrative  budgets and audited financial statements, to the Board of Governors.    Funds Provided by Bank and Key Financial Indicators: Since its establishment total cumulative amount of IBRD funds has reached $524 billion dollars at the end of FY 2010. In recent years, annually average over the $11 billion funds have  been provided to the member countries where IBRD commitments in fiscal 2010 totalled $44.2  billion (exceeding the historic high levels of commitment in FY 2009), which included loans, credits, guarantees, and grants. IBRD has provided totalled $44.2 billion for 164 operations in FY 2010 ($ 32.9 billion for 126  projects in FY 2009) reflecting an increase of $11.3 billion. In response to the global financial crisis, IBRD’s commitments have totalled $77,108 million in the last two fiscal years. Latin America and Caribbean received the greatest share of IBRD’s commitments with $13 , 7  billion. This region was followed by ECA with $10,2 billion and South Asia with $6,7 billion. On the other hand, Energy and mining sector received the largest share of commitments with %20. This sector was followed by Finance sector with %19 and Law-Justice and Public Administration with %18.  Net disbursement amount before the economic crisis was negative. IBRD has increased its commitments during the crisis period. IBRD has disbursed $18,6 billion in financial year 2009, as a result commitments in 2009 and/or previous years. However, debtor countries made $10.2  billion principal repayments to IBRD because of their disbursements in previous years. Thus,
Search
Tags
Related Search
We Need Your Support
Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

Thanks to everyone for your continued support.

No, Thanks