Essay on World Bank and History world bank in 500 World

Essay on World Bank and History world bank in 500 World

Essay on World Bank and History world bank in 500 World

 

Essay on World Bank-Critical essay on the functions of the world bank-The International Bank for Reconstruction and Development (IBRD) or the World Bank was established in 1945 under the Bretton Woods Agreement of 1944 to assist in bringing about a smooth transition from wartime to a peacetime economy. It is a sister concern institution of the International Monetary Fund. The members of the International Monetary Fund are the members of the World Bank.

If a country resigns its membership, it is required to pay back all loans with interest on due dates. India is one of the founder members of the Bank and held a permanent seat on its Board of Executive Directors for a number of years. The Bank has been assisting India in its planned economic development by granting loans, conducting field surveys, rendering expert advice, sending missions, study teams, and training Indian personnel at the EDI.

There is also a Chief of Mission of the bank at New Delhi who represents it for monitoring and consultations on its aided projects in India. India has been the largest receiver of the World Bank assistance since August’1949. The Bank’s disbursements to India during the fiscal year 1996 amounted to $ 1,309 million. As, against it, India paid the Bank $1,149 million for past loans and $884 million as interest, making the net receipts as minus $ 884 million as interest, making the net receipts as minus $723 million from the World Bank.

The World Bank has been assisting India in such projects as the development of the port, oil exploration including the Bombay High and gas power projects, aircraft, coal, iron, aluminium, fertilizers, railway modernization, technical assistance, industrial development finance corporations, etc.

The Aid India Consortium of twelve developed countries that was giving aid to India for its development plans at the instance of the World Bank has been replaced by India Development Forum since 1995. The Bank also helped India to solve amicably the river water dispute with Pakistan.

India has thus gained much for being a member of the World Bank for the development of agriculture, industry, energy, and transport. But with reduced availability from the IDA, India will have to borrow more from the Bank in future. This will entail a heavy burden on India’s resources for the terms of World Bank loans are much harder than those of the IDA credits.

The Bank helps borrowers in the post-evaluation of their Bank assisted projects. It has set up the Operation Evaluation Department (OED) for this purpose. Projects reviewed are also subject to performance audit by the OED staff. Members of borrowers’ staff visit this Department for seeking help in the preparation of the project completion report.

The Bank’s overall performance must be judged not just on its lending but on its success in providing advice and technical assistance. The Bank is laying greater emphasis on developing human resources such as education, population, health and nutrition, and on the environment. The Bank also provides assistance to the private sector in such areas as financial, power, telecommunications, information technology, oil and gas, and industry and mining.

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