Introduction
The international bank for reconstruction and development(IBRD or World Bank) came to established by international economic conference a brettonwoods.US in july 1944.The world bank started functioning from June 1946 the objectives of the world bank are below.
Objectives.
1. To render assistance in the reconstruction and developmetn of member countries by facilitating investing of capital for productive purposes and help restraction of economic from the enormous destruction brought about by the world war2, and also to provide encorgment to the development of productive resources of less developed countries.
2. To promote forgien investment by means such as participate in loans or gurantee for loans made by private investment by its own loans or finances.
3. To promote long termed balances growth of international trade and help achieve equilibirum in balance of payment position of member states by ecouraging international investments for the development of productive resources and there by rendering assistance in raising countries.
4. To make arrangements for loans or guarantees in respect of international loans.So, that trade and small useful projects are rendered assistance.
Members and organization of the world bank.
At present there are 152 members of the world bank.Membership is open for every state.A state which is the member of IMF may also become the member of world bank.
Board of governor.
All powers of the world banker rested in and exercised by based of governor.Each member country send its one governor for a period of 5 years.These governors meet annually/
Board of executives.
For the purpose of carrying out day to day functions of the world bank,the governor have to delegate their power to a board of executive directors are elected for a period of 2 years.The voting power of the executive directions are proportion to the capital subscribed by member country policy and their approval is necessary for all the loan by the world bank.
The president.
The president of the world bank also the chairman of the board of executive director.The day to day administration of the bank including making recommendations regarding granting of loans and recommendations regarding questions of policy to the executive directors is the responsibility of the presudebt of the world bank.The president of world bank is an domains one and there are vice-president and directed of various departments for different regions.
Conditions of world bank for granting loans.
The world bank gives loans or its guaranties on the following conditions.
1. The world bank is satisfied that in the prevailing market conditions,the borrower is unable to obtain loans under conditions which the bank considers reason.
2. The loans are for reconstruction and development expect in special circumstances.
3. If the contras bank of the member country gives full garuantee for repayment of the principal interest on loan and other related charges
4. The project for which the loan from the world bank is being bought is recommended by a competent committee after a casefull study in its written report.
5. The borrower is in a position to meet the banks obligations.
The world bank and pakistan economy.
The world bank has appreciated the economic problems of pakistan and expressed its willingness to became a partner in the progress of pakistan.Another major area where the bank is willing to assist pakistan is the social action program(SAP).Though his program pakistan has slased down infant mortality rate by half.During the eight five year plan.
Pakistan has accumulated substantial,external deb over the years most of the loans are provided through the world bank consortion.According to economic survey of pakistan 1996-1997 uptill 10th june 1998,pakistan total debt of 6.93 billion $ from world bank out of which 1.42 billion $ was undistursed and 2.90 billion was disbursed.However the total debt has risen from 19 billion to 23 billion $ during the last 5 years.
All this emplicitly shows that the world bank has extends substantial assistance in raisin production capacity in the country and reducing human deprivation.It can rightly be called as partner in program for the social well being of the people.
