The purpose of the International Monetary Fund (IMF) is to help member countries balance international payments, stabilize exchange rates and promote the development of international trade.
The purpose of the World Bank is to meet the financial needs of member countries for post-war economic recovery and development by providing and organizing long-term loans and investments.
The purpose of the International Development Association is to provide loans with extremely favorable conditions to poorer developing countries and accelerate their economic construction.
The purpose of IFC is to encourage the growth of private enterprises in member countries (especially in underdeveloped countries) to promote the economic development of member countries, thus supplementing the activities of the World Bank.
The purpose of the Multilateral Investment Guarantee Agency (MIGA) is to provide political and non-commercial risk insurance for foreign private investment in developing countries, and to help developing countries formulate strategies to attract foreign direct investment.
Extended data
The epidemic prevention function of international financial institutions;
The COVID-19 epidemic may lead to the worst world economic recession since the Great Depression. In order to fight the spread of the epidemic, most countries in the world stopped their daily economic activities, resulting in a large number of unemployed people, stagnation of international trade, shortage of food and medical supplies and other problems. This situation has seriously threatened the solvency of enterprises and governments around the world, and the limitations of financial and health resources make low-and middle-income countries more vulnerable.
According to the forecast of the International Monetary Fund in April 2020, the economies of developing countries and emerging market countries will shrink by at least 1% during the year. At the same time, emerging market countries are facing a large amount of capital flight, further aggravating the government financial crisis. Many developing countries are seeking financial support from international financial institutions such as the International Monetary Fund and the World Bank to solve the current predicament.
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