IMF and World Bank seek to renew 75 years of foundation

The World Bank and the International Monetary Fund seek a reinvention to overcome new crises and adapt to phenomena such as the emergence of virtual currencies.

Both financial institutions were born during World War II, on July 22 1944, at the initiative of 44 countries to avoid a new crisis like that of 1929.

After 75 years of its foundation, both institutions face criticism for having failed to prevent crises and for worsening the situations of the people who had to have helped.

Despite this, both the IMF and the World Bank have tried to forge a new image in recent years, with the emphasis that when their programs are implemented, the most vulnerable will be protected.

The challenge “is huge,” said the president of the World Bank, David Malpass.

The International Monetary Fund aims to ensure global financial stability, while the World Bank works for reconstruction and development, a mission that over time added poverty reduction.

“The original concept of reconstruction and development was clarified to include poverty reduction as the bank grew,” Malpass explained.

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