ULLERO NICOLE ANN U.

BPA-1B

The World Bank Group assists developing nations in reducing poverty and
increasing shared prosperity, while the International Monetary Fund helps to
stabilize the international monetary system and monitors global currencies. The
IMF offers low-income countries a wide range of services, including surveillance
and capacity-building, as well as concessional financial assistance, to help them
achieve, maintain, or restore a stable and sustainable macroeconomic position that
is conducive to strong and long-term poverty reduction and growth.
The Bretton Woods Institutions, which include the World Bank and the
International Monetary Fund, are twin intergovernmental pillars that sustain the
world's economic and financial order. Both have expanded their responsibilities,
and there have been increased calls for them to do so further, particularly in the
absence of a single global monetary agreement. The functions of the two
institutions may appear to be contradictory or overlapping. In their efforts to meet
the requirements of both rich and developing countries, the world's major
international financial organizations embody contradictory values. These
organizations are charged with assisting underprivileged countries, yet they have
been criticized for their neocolonial policies. Although all member countries are
considered equal, contributions make some of them more equal than others. The
majority of these organizations are run by wealthy countries that invade the
sovereignty of developing countries in the name of free markets and economic
reform.