Transformations in the International Economy

The IMF has changed from a financier in maintaining payments equilibrium in the short-term to one that finances countries for long-term periods as a way of recovering from deficits particularly in third world nations. This role has almost merged with the principal role of the World Bank. There is increased access to funds for long terms and an overall supplementation of private bank credits and this has blurred the line between the role of the IMF and the World Bank.

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