DR RAM MANOHAR LOHIYA NATIONAL LAW UNIVERSITY

Banking Law
Synopsis
IMF & World Bank: Shedding Light on Various Aspects Through the
Windows of Evolution and Development

Under the guidance of:

Submitted by:

Dr. Aparna Singh

Parth Chowdhery

Assistant Professor (Law)

Roll No. 82

Dr.RMLNLU.

V semester
B.A.L.L.B(Hons)

AIMS AND OBJECTIVES:The project shall aim to elucidate the formation of the International Monetary Fund and the
World Bank vis--vis their background, importance and purpose. The intent is to focus on the
objectives and functions of the two institutions. Besides, it shall also discuss the evolution
and development of the two financial heavy weights of the global economic setup

CENTRAL IDEA OF THE PROJECT:

The project would deal with the dynamics of the development of IMF and World Bank and
their functions vis-a-vis the global structure in a historical framework. In the present era, it
has become a matter of intense debate whether global institutions and globalisation are as
effective as they were set out to be. The focus shall be on the objectives of the World Bank
and the IMF, besides discussing their functions and origin.

RESEARCH METHODOLOGY:
The proposition on which the project shall proceed is that both the IMF and the World Bank
have been working towards the attainment of their objectives and performing functions to this
effect. The criticisms levied against these institutions shall be brought to light and the
problem area would be to test what are the objectives and functions and how far these
criticisms are justified.

TENTATIVE CHAPTERISATION:
PART 1:

INTRODUCTIONEven after several years of coming into being, there have been conflicting opinions on the
significance and role of the World Bank and International Monetary Fund as far as the
contribution to todays international economy is concerned. The positive opinion tilts in the

favor of these global institutions as having been able to adapt to the changing world scenario;
whereas on the other hand, the opinion is not so flattering to the longevity of the contribution.
Further, there are those who see the IMF as having adapted well to the changing world
environment with perhaps the need for some reforms to the International Architecture, while
others believe that its useful time has passed.

PART 2:

THE INTERNATIONAL MONETARY FUND:

The International Monetary Fund (IMF) is an international organization headquartered in
Washington, DC, of "188 countries working to foster global monetary cooperation, secure
financial stability, facilitate international trade, promote high employment and sustainable
economic growth, and reduce poverty around the world". Formed in 1944 at the Bretton
Woods Conference, it came into formal existence in 1945 with 29 member countries and the
goal of reconstructing the international payment system.

PART 3:

THE WORLD BANK:

The World Bank is an international financial institution that provides loans to developing
countries for capital programs. It comprises two institutions: the International Bank for
Reconstruction and Development (IBRD) and the International Development Association
(IDA). The World Bank is a component of the World Bank Group, and a member of the
United Nations Development Group.

PART 4:

CONCLUSION:

This offers a conclusive remark on the application of economic

theories to legal analysis particularly to humanitarian analysis.

EXPECTATION: The attainment of their objective and functions and the criticism
levied against these institutions shall be brought to light.

UTLITY OF THE PROJECT: The utility of the project is for better

understanding of the working and formation of International monetary fund and World Bank.

REFRENCES:

www.imf.org
www.worldbank.org
www.brettonwoodsproject.org
Alexander Mountford, The Historical Development of IMF Governance.
Ngaire Woods, The Globalizers: The IMF, the World Bank, and Their
Borrowers, Cornell University Press, 2007