Global institutions in recent years have never been more important since their inception and yet they have never been under greater stress in their efforts to maintain global governance. Select one of the following UN agencies and discuss the impacts on global business if the agency ceased to operate as its charter intends it to do or as it has in the past: WTO, IMF, World Bank Group, ILO, WHO, ICAO, FAO, IFAD, IMO
Initial/Original Post
Please post what you view as the appropriate responses to the above prompt. Your initial post should be 250-300 words. Please provide a response with a clear, well-formulated thesis; sentence structure, grammar, punctuation, and spelling count. Support ALL posts with appropriate rationale and citations from readings; document sources using APA format.
Responding to Others
Responses to at least two classmates’ postings should be approximately 200 words and should be thoughtful, substantial, polite, and more extensive than a simple “well done” phrase or “I agree.” Consider points of agreement, disagreement, assumptions, and value judgments. You will be able to respond to others after you submit your initial post.
Peer 1: The International Monetary Fund (IMF) is an organization that was created in 1945 and contains about 190 countries. Its main purpose is to encourage global economic collaboration, achieve financial steadiness, expedite international trade, and reduce poverty around the world. It plays an important role in the global economy especially since the dissolution of Soviet Union. It also helps people under poverty line to be able to benefit from the free trade around the world and provide possibilities for them to get better lifestyle. The way the organization functions is that all members must agree to follow specific economic policies that correspond with the organization goals. The organization oversees and monitor its members stability, dangers and notify them on potential correction.
The IMF usually lends countries to boost their economic status in a form of payments to solve problems instead of lending the money to specific projects. I have looked into this program before as it was brought to my attention that my country is one of the members that benefit from those payments especially in term of military training and equipment’s to fight ISIS. Therefore, I am confident that IMF important part to stabilize the future and reduce poverty.
Peer 2: The World Bank Group was formed in 1944 with the goal to rebuild Europe after World War II. Now The World Bank Group’s main focus is fighting poverty in low and middle income countries. They fight poverty through their development projects where they give out loans to countries and give advice and training in the public and private sector (Hall). Since 1947 The World Bank has funded over 12,000 projects (The World Bank). An example of one of their development projects is in 2014 they had a project called Development Policy Loan 1 for the Ukraine. A few of the goals for this project were to promote good governance, transparency, and accountability within the public sector. The World Bank also wanted to reform macroeconomic policy to enhance growth. They funded this project with 750 million USD (The World Bank).
If The World Bank were to disappear there would be a lot more poverty in the world than there already is. Undeveloped and developing countries would have a hard time becoming fully developed with out The World Bank. They provide needed loans and guidance to underdeveloped and developing countries that are struggling with out them they would be completely left behind by the developed countries in the world.
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