In: Accounting
Write historical background, structure, functions, features,
advantages of following international financial institutions
IMF
WB
SBP
OIC
SAARC
IMF: International Monetary Fund
Historical background-
Created in 1945, Organization of 189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employement
Structure-
Board of governors- one governor and one one alternate governer for each member country, Executive board, Managing director, staff, IMFC, Country Authorities
Functions and features-
Economic surveillance, Lending, Capacity development
Advantages-
Promotes global financial stability
Temporary financial help to countries having balance of payments problem
WB- World Bank
Background-
Formed 1944 along with IMF at Bretton Woods conference, Headquarters: Washington DC
Structure- 5 constituent institutions
IBRD, IDA, IFC, MIGA, ICSID
Function and features-
Helps war devastated countries by granting them loans
Help poor countries increase their economic growth
Advantages-
Poverty reduction by providing technical and financial support
Developmental assitance to low income countries
SBP- State bank of Pakistan
History- Bank was nationalized in 1974; Karachi
Structure- 10 Members: Governor, Secretary, Eight directors from each province
Functions and features- Conduct of Monetary and credit policies, Sole authority to issue notes
Advantages- Monetary stability, operate currency and credit system
OIC - Organization of Islamic Coorporation running IDB
History- 1975; Jeddah, Saudi Arabia
Structure- 57 Member states
Functions and features- Uphold peace and security, advance education and increase cooperation in social, economic, scientific areas
Advantages- Safeguard the interest and ensure the progress and well being of people
SAARC- South Asian Association for regional cooperation
Established- 1985; Dhaka
Structure- 6 Apex bodies, Secretariat, leaders
Functions and features- Development of economical and regional integration
Maintains permanent diplomatic relations at the UN as an observer
Advantages: Business Opportunities, platform for young entrepreneurs, networking, visa facilitation