International Financial NGOs

Several NGOs have worked closely with the United Nations on economic issues. Each NGO was independent and caused controversy.

The World Bank Created in 1944, the World Bank fought poverty by providing loans to countries. It first focused on dams and roads. Later it expanded its mission to social projects, such as education and disease prevention. Critics charged that the World Bank often ignored how its projects damaged the environment and local culture. For example, a dam might permanently flood many farms. A highway might promote growth, but the resulting profits might all go to investors overseas rather than people living in the region.

The International Monetary Fund (IMF) Created in 1945, the IMF was designed to help a country’s economy by promoting stable currency exchange rates. It focused on making short-term loans and providing economic advice to countries. Some economists argued that conditions on IMF loans failed to take into account each country’s individual needs. Large, wealthy nations influenced the IMF. It acted on their behalf, critics insisted, even while it claimed to help developing nations.

The IMF and the World Bank worked together to create Pathways for Peace in 2018. This report described how countries could work together to prevent violent conflicts.