Core Function
Building on the foundation established in 1944 the International Monetary Fund (IMF)
and the World bank continue to evolve as the twin pillars of global economic
governance , now led respectively by managing Direct Kristalina Georgieva and
president Ajay Banga . While the International Monetary Fund (IMF) sill serves as a
global currency watchdog to maintain International monetary stability , it has expanded
its toolkit to address modern risks like climate change and pandemic preparedness
through the Resilience and sustainability Trust (RST). Simultaneously the World Bank is
undergoing a significant transformation under its Evolution Roadmap t o better tackle
global crises aiming to scale support to up to $100 billion for countries impacted by
geopolitical conflicts and energy beyond traditional short term and project based lending
to create a more resilient global financial safety net that addresses both immediate
economic shocks and long term structure challenges of the 21st century.
Reference
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International Monetary Fund .(2022).The IMF and World Bank
International Monetary Fund.(2023).The Resilience and sustainability facility
(RSF)