The World Bank And IMF: - The United States, Developed And Developing Countries And Their Agenda For Future Reforms

Abstract

Since then, there is a notion that the World Bank and IMF characterised as “Rich Countries Club†such as the U.S.A. U.K, Federal Republic of Germany, Japan and France. Although the majority of its members are developing countries of Asia, Africa, and Latin America, yet the rich countries, especially, the United States, dominate it. The present paper focuses firstly, a brief critical appraisal of ‘Rich Countries Club’ characterization of World Bank and IMF, particularly; their philosophy, doctrines, personification and governing structure. Secondly, the past accomplishment and criticisms of World Bank and IMF recorded towards developing countries and success of these institutions as international institutions issues thoroughly examined. Thirdly, future reforms needed to these institutions by member countries are suggested.