- The World Bank is an international financial institution that was established in 1944 with the primary objective of reducing poverty and promoting economic development in low-income countries.
- The World Bank provides financial assistance, technical assistance, and policy advice to member countries to help them achieve sustainable economic growth and reduce poverty.
History of the World Bank:
- The World Bank was established in 1944 as part of the Bretton Woods Agreement.
- Its primary objective was to promote post-war reconstruction and economic development in Europe.
- Since then, the World Bank’s mandate has expanded to include reducing poverty and promoting sustainable economic growth in low-income countries.
Features/Characteristics of the World Bank:
- Membership: The World Bank has 189 member countries, and each member country has a voting share that is based on its economic size.
- Financial Resources: The World Bank has financial resources that it can provide to member countries, including loans and credit lines.
- Policy Advice: The World Bank provides policy advice to member countries on a wide range of issues, including economic policy, social policy, and governance.
- Technical Assistance: The World Bank provides technical assistance to member countries to help them build their capacity in various areas, including finance, governance, and economic policy.
Functions/Objectives of the World Bank:
- Reducing Poverty: The primary objective of the World Bank is to reduce poverty and promote sustainable economic growth in low-income countries.
- Providing Financial Assistance: The World Bank provides financial assistance to member countries to support their development objectives, including poverty reduction, economic growth, and social development.
- Policy Advice: The World Bank provides policy advice to member countries to help them address macroeconomic imbalances, promote economic growth, and reduce poverty.
- Technical Assistance: The World Bank provides technical assistance to member countries to help them build their capacity in various areas, including finance, governance, and economic policy.
Examples of World Bank Activities in Zimbabwe:
- Financial Assistance: The World Bank has provided significant financial assistance to Zimbabwe, including a loan program in 2021 to support economic reforms and address the country’s macroeconomic imbalances.
- Policy Advice: The World Bank has provided policy advice to Zimbabwe on various issues, including fiscal policy, monetary policy, and social policy.
- Technical Assistance: The World Bank has provided technical assistance to Zimbabwe to help the country build its capacity in various areas, including finance, governance, and economic policy.
