Question

1- Briefly discuss the role of the World Bank and International Monetary Fund in the world economy

2-Talk about the different monetary standards that are applied by many countries todat?

Answer 1

Part 1

The World Bank Group works with developing countries to reduce poverty and increase shared prosperity, while the International Monetary Fund serves to stabilize the international monetary system and acts as a monitor of the world's currencies.

The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development.

The International Monetaty Fund(IMF) advises member countries on economic and financial policies that promote stability, reduce vulnerability to crises, and encourage sustained growth and high living standards.

The IMF works to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

The IMF's primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries and their citizens to transact with each other. It does so by keeping track of the global economy and the economies of member countries, lending to countries with balance of payments difficulties, and giving practical help to members.

Part 2

Monetary standards are of commonly are of two types :

Metallic standard

Monometallic(one metal adopted as standard currency),bimetallism(two metal having fixed legal ratio of amount as standard )

Paper standard:

Paper currency by central bank of the country is adopted as standard currency