The World Bank group is an internationally supported bank that provides financial and technical assistance to developming countries for development programs (eg. bridges, roads, schools ) with the stated goal of reducing poverty.

On education, the World Bank have transferred about US$36.5 billion in loans and credits for education since they started lending in the sector in 1963. The lending portfolio consists of 143 operations in 88 countries amounting to US$8.4 billion.

In the past five years the World Bank have committed more than US$1.8 billion to fight the spread of HIV/AIDS around the world.

The International Development Association  (IDA) was founded in 1960 to reflect this focus. Today, IDA has 166 members of whom 82 are the world’s poorest countries. Since it establishment, IDA has provided credits and grants totalling $161 billion. IDA’s strength relies on replenishment of its capital base of donor countries.

Over the past 60 years, the World Bank has learnt that development solutions need to be designed by countries to suit their own particular circumstance. The World Bank group brings together a combination of funds, knowledge and social development, and help countries to achieve the Millennium Development Goals (MDGs).

 

The IMF was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment. Since the IMF was established its purposes have remained unchanged but its operations - which involve surveillance (effectively acting as an early warning system), financial assistance, and technical assistance - have developed to meet the changing needs of its member countries in an evolving world economy.

With the support of the UK and international partners, the IMF has taken a number of steps to reform both its procedures and practices. In June 2007 members of the IMF voted to amend the Articles of Agreement (which are the basis of the Fund's activities) to refocus the IMF's surveillance function on multilateral risks and external spillovers. The agreement responds to concerns that in a more interconnected world it is important that the IMF has the tools needed to address not only threats to domestic economic stability but also threats to the global economy as a whole.

In April 2008 the Board of Governors agreed a further set of reforms that amend quota and voice provisions within the IMF. These are the rules that determine financial contributions to the IMF and voting rights within the IMF Board. The new agreement ensures that representation within the IMF more closely reflects economic importance in the modern global economy, enhancing IMF legitimacy and its ability to effectively carry out its important mission.