Question

1. Does World Bank have right demand that sovereign countries like chad spend their oil revenues in ways the World Bank deems appropriate? 200 word

2. in September 2008 chad repaid all the world bank's loans. effectively nullifying all of its oil revenues. had the various actors known that would happen when happening when the project was first conceived, should they have proceeded in the first place?

Answer 1

The IMF, the World Bank, and the WTO are international organizations made up of many of the same nations. All three work together to secure world trade, each playing a particular designated role. The differences can be found in their structure, general purpose, and the ways in which they were formed. They do very often collaborate with one another.

The IMF stands for International Monetary Fund and is an organization made up of 187 countries. It is a specialized agency of the United Nations, although it has its own governing structure. Its general goal is to promote global monetary cooperation. It seeks to improve trading conditions by, for example, stabilizing monetary exchange rates. It monitors world economies, often lending money or providing assistance to its members.

The World Bank, likewise, offers financial assistance to its members. However, this being its sole purpose, it is able to offer much more financial and technical assistance than the IMF. It is also able to offer certain members low interests, for example, on loans. It is an investment bank made up of two independently owned companies: the International Finance Corporation and the Multilateral Investment Guarantee Agency. It is also made up of 187 countries, most of which coincide with the IMF.

The WTO stands for World Trade Organization and is made up of 153 members. It works to establish world trade laws and regulations and organizes dialogue regarding trade between nations and governments. It calls itself a “negotiating forum” for government with respect to laws in almost all areas of trade, from goods to intellectual property. It stemmed from the unofficial trade rule setter, the General Agreement on Tariffs and Trade (GATT).

While the World Bank and the IMF were born out of the Second World War, both coming into being in 1944, the WTO was not initiated until 1995 (although the GATT has been around since 1948). They are all privately run institutions that work to promote international trade, which often means trying to ease government trade restrictions. The IMF and the WTO have many of the same interests and are engaged in much of the same activity. They have 143 members (out of 153 WTO members) in common, showing the great crossover between these two organizations.

These three bodies offer one another consultation on a regular basis. Members of the IMF are allowed to participate in WTO meetings and activities. This is also often true for the World Bank. All three are the world’s biggest moneylenders.

The IMF has a web page detailing its collaborations and ties to the WTO and the World Bank. You can view it by following this link:
http://www.imf.org/external/about/collab.htm
It has also has a page explaining the differences between the IMF and the World Bank, which are often confused:
http://www.imf.org/external/pubs/ft/exrp/differ/differ.htm

You can find more information on other pages of the IMF web site as well as the WTO and World Bank web sites:
www.wto.org and ww.worldbank.org

I hope my answer has been useful to you.