Words To Live By – The World Bank and the IMF

In September 1984, the day after the President addressed the UN, he addressed a meeting of the World Bank and the International Monetary Fund. The World Bank was established along with the International Monetary Fund in 1944, at the Bretton Woods Conference. The Bank is an international financial institution that provides loans and grants to the governments of low and middle income countries for the purpose of pursuing capital projects. During the 1980s, the bank emphasized lending to service Third World debt and making structural adjustment policies that were designed to streamline the economies of developing nations.  The International Monetary Fund (IMF) oversees the stability of the world's monetary system, while the World Bank aims to reduce poverty by offering assistance to middle-income and low-income countries. You’ll hear in these remarks, that while the President lauds the work of the World Bank and IMF, he does clarify where American support needs to be because as he said: "While we would not impose our ideas, our policies, on anyone, we felt obliged to point out that no nation can have prosperity and successful development without economic freedom."