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Rutgers Model United Nations - Institute for Domestic and ...

Rutgers Model United Nations - Institute for Domestic and ...

Rutgers

Rutgers Model United Nations 13 as the International Bank for Reconstruction and Development (IBRD), which still exists as a body under the World Bank organizational umbrella. The IBRD’s mandate was to operate as a fund to make recovery loans to countries decimated by the destruction of the Second World War. When the IBRD and the International Development Association (IDA) came together, the organization that came out of the joining was the World Bank. The World Bank as it is currently functions has a primary focus on development. It has 185 members and has a staff of more than 4,000, and is based in Washington, D.C. The current president of the World Bank is Robert Zoellick, in keeping with the tradition that a citizen of the United States leads the World Bank. Its decision-making body is the board of directors, with each of the members holding a director seat. 21 There are also twenty-four executive directors who represent member nations in running the day to day operations of the World Bank 22 The World Bank has a mission to improve the standard of living around the world and work towards the reduction of global poverty. It provides low-interest loans and grants to countries in need of development. In its original mission, this applied to generally stable countries who were rebuilding previously strong economies after the Second World War. The mission has become considerably more complex when dealing with building economies and infrastructure that has never been present, such as that found in developing countries. The World Bank places an emphasis on health, infrastructure, education, and communications when it plans redevelopment projects; although other aspects are not ignored, these factors have priority in regard to the World Banks funds. 23 21 “About Us” The World Bank, Date Accessed 4/2/08,< http://web.worldbank.org/WBSITE/EXTERNAL/EXTABOUTUS/0,,pagePK:50004410~piPK:36602~theSitePK:29 708,00.html> 22 “About Us: Organization”, The World Bank, Date Accessed 4/2/08, 23 Ibid.

Rutgers Model United Nations 14 The World Bank primarily seeks to loan its funds to developing countries that could benefit greatly from improvement in key areas. In the World Bank’s optimal scenario, a needy sector of a developing economy is bettered by specific, well-funded initiatives. These initiatives would allow the country to increase their economy’s efficiency, which promotes later growth and allows them to pay back their loan, and the interest on their loan. The World Bank is adamant about the fact that is remains a bank, and uses the interest paid on development to fund other development projects. It also contends that the interest it charges necessitates accountability from its debtors. These policies discourage corruption and misapplication of resources. While its mission is global reduction of poverty, the World Bank’s interest is an example of practical real world application of organizational ideals. The World Bank is motivated by its mandates and mission statements: global development and reduction of poverty. It, like its fellow global financial institution the IMF, has been willing to cooperate and negotiate over its policies in recent years. In general, the World Bank has an excellent reputation for cooperating and negotiating terms of developmental loans with individual countries, but it has always maintained that it operates first as a bank, and all loans need to be repaid. Beginning in 2005, and through to the present, however, the World Bank has begun to practice debt forgiveness in some instances. 24 The Paris Group The Paris Group is a name used to denote the informal group of developed nations that make many of the loans involving public money. 25 The group was established in 1956 in response to crisis talks held between the French government and Argentina, and 24 Ibid. 25 James M. Markham, “Paris Group Urges ‘Decisive Action’ For Enviroment”, New York Times, July 17, 1989, Date Accessed 4/2/08,

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