The World Trade Organization (WTO) and the International Monetary Fund (IMF)

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The World Trade Organization (WTO) and the International Monetary Fund (IMF)

Before I took this class I would have never fathomed the fact that an organization such as the World Trade Organization (WTO) existed. I’m interested in the fact that the whole world takes part in the WTO’S dealing with rules of trade between all of the different nations. The World Trade Organization is located in Geneva Switzerland with about 147 countries in association with the organization. It was established on January 1st 1995 in an effort to forum for trade negotiations, handle international trade disputes, and monitor national trade policies and administering WTO trade agreements. I feel that this organization is very necessary because the world definitely needs the kind of formal order that the WTO gives regarding trade issues.

The IMF stands for the International Monetary Fund which is in charge of overseeing global monetary cooperation, securing financial stability, and promoting high employment and economic growth. This organization is associated with over 184 different countries in operating surveillance, and both financial and technical assistance.

This organization strives to prevent any type of crisis in the system by encouraging countries to adopt effective economic policies. The World Bank Group on the other hand supports the efforts of developing country governments to build schools and health centers, provide water and electricity, fight various diseases and protect the environment.

The World Bank is currently involved 1,800 projects around the world to try to improve every lacking quality of a country. Even though the World Bank claims the name that it does, it actually is not a bank at all but does lend money to nations with the intent of completing various projects. The IMF can be held responsible for this as well but the World Bank Group is probably more involved in giving the necessary funds to countries.

The WTO and the IMF play a big economic role because they continue to strive to improve the present global economic situation. I also like how they will not give a country the necessary funds if they are under communist rule because then the country’s leader could be doing God knows what with that money that’s really supposed to be used for the country’s well being.

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