Do we still need world bank?

[kritinidhi]

Do we still need world bank?

[kritinidhi]

World bank is an international financial institution that provides loans to countries of the world for capital projects. It comprises two institutions: the international bank for reconstruction and development (IBRD) and the international development association (IDA). Presently, the IBRD has 189 countries as members. While IDA has 173 countries as members. The main purpose of world bank is to provide low-interest loans, interest-free grants and credit. It focuses on improving education, health and infrastructure. It also uses its fund to modernize a country’s financial sector, agriculture and natural resources management.

World bank still continues to help the less developed countries, through loans, techniques and providing advice to the impact on global economies. But the world bank is often criticized for its work, one of the criticisms is that it is damaging to the poor by thriving corporations, and another critic is the lack of accountability.

In today’s time also demand the bank’s money still prevails.

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