14.08.2013 Views

Higher education in Asian countries and the role of international ...

Higher education in Asian countries and the role of international ...

Higher education in Asian countries and the role of international ...

SHOW MORE
SHOW LESS

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

5.3.1.1 The Bretton Woods Institutions<br />

188<br />

Institutions <strong>of</strong> <strong>the</strong> World Bank Group<br />

Sometimes <strong>the</strong> World Bank <strong>and</strong> <strong>the</strong> IMF collectively are called Bretton Woods Institutions<br />

because, <strong>the</strong> Bretton Woods agreements led to <strong>the</strong>ir existence. These <strong>in</strong>stitutions were created<br />

with <strong>the</strong> aims to help <strong>the</strong> war devastated member <strong>countries</strong> <strong>in</strong> <strong>the</strong> process <strong>of</strong> reconstruction <strong>and</strong><br />

to place <strong>the</strong> <strong>in</strong>ternational economy on sound foot<strong>in</strong>gs after <strong>the</strong> World War II. The World Bank<br />

<strong>and</strong> <strong>the</strong> IMF were <strong>and</strong> are two separate <strong>in</strong>stitutions. Though <strong>the</strong>ir work is complementary, <strong>the</strong>ir<br />

<strong>in</strong>dividual <strong>role</strong>s are quite different. The World Bank <strong>and</strong> IMF are different from each o<strong>the</strong>r <strong>in</strong><br />

many ways:<br />

ICSID<br />

IBRD<br />

WBG - The World Bank Group<br />

MIGA<br />

WBG<br />

IMF The World Bank<br />

It is basically a cooperative <strong>in</strong>stitution<br />

All member <strong>countries</strong> with any level <strong>of</strong><br />

<strong>in</strong>come can benefit from it<br />

Gives loan to address short-term economic<br />

problems<br />

Oversees <strong>the</strong> monetary system <strong>of</strong> <strong>the</strong> world<br />

Provides loan to support country‟s balance<br />

IDA<br />

IFC<br />

IBRD -The International Bank for Reconstruction <strong>and</strong> Development<br />

IDA - The International Development Association<br />

IFC -The International F<strong>in</strong>ance Corporation<br />

MIGA -The Multilateral Investment Guarantee Agency<br />

The World Bank<br />

ICSID -The International Centre for Settlement <strong>of</strong> Investment Disputes<br />

It is ma<strong>in</strong>ly a development <strong>in</strong>stitution<br />

Only develop<strong>in</strong>g or transition economies<br />

can get loans<br />

Concerned ma<strong>in</strong>ly with longer-term<br />

projects that contribute to economic growth<br />

Provides technical <strong>and</strong> f<strong>in</strong>ancial assistance<br />

Loans are given to <strong>in</strong>tegrate <strong>countries</strong> <strong>in</strong>to

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!