Both the International Monetary Fund and the World Bank are world financial institutions established because of the Bretton Woods system, which play a vital role in regulating the world economic and financial development. These two are world institutions with different functions and were established at the same time. The main difference is that the International Monetary Fund (IMF) is responsible for monitoring the currency exchange rates and trade conditions of countries, providing technical and financial assistance to ensure the normal operation of the global financial system. The responsibility of the World Bank is to provide loan projects and non-loan assistance and exercise the functions of a bank.

The International Monetary Fund (IMF) is one of the two largest financial institutions in the world. Founded on February 27th, 1945, it is composed of 189 countries and headquartered in Washington, D.C., USA. Committed to promoting global monetary cooperation, ensuring financial stability and promoting international trade. The responsibility is to monitor the currency exchange rates and trade conditions of various countries, provide technical and financial assistance, and ensure the normal operation of the global financial system.

Main functions:

1. Formulate and supervise exchange rate policies, current account payments and currency convertibility among member States;

Second, if necessary, provide emergency financing to member countries with difficulties in balance of payments to avoid other countries being affected by it;

Three. Providing meeting places for international monetary cooperation and consultation for member countries;

Fourth, promote international cooperation in the financial and monetary fields;

Verb (abbreviation of verb) promotes the pace of international economic integration;

6. Maintain the international exchange rate order;

Seven, to assist member States to establish a regular multilateral payment system.

The World Bank Group (WBG) is a multilateral development institution under the United Nations system. Established in 1945, 1946 and started business in June. Its headquarters is located in Washington, DC, USA.

It includes five institutions.

International Bank for Reconstruction and Development, International Development Association, International Finance Corporation, Multilateral Investment Guarantee Agency and International Investment Dispute Settlement Center. Its official goal is to promote fair and sustainable development, create employment opportunities, reduce poverty and deal with global and regional problems by providing loans and analysis and consulting services to middle-income countries and poor countries with good credit.