Editorial

A TIP OF THE ICEBERG WHISPER

Topical Commentary

With Odongo Odoyo

Odongo Odoyo

My friend and l were very much in our whispers mood with the current on going at the World Bank. There is this lady called Kristalina Georgieva who was once powerful Managing Director of the International Monetary Fund (IMF), but  you know what, she is not  sitting pretty easy because as some investigators have pointed a finger that she manipulated data to favour some member countries when she was at the top. The intention of the boss is said to have been drawn by the fact that she was the only one, she then thought, who could give such favours to her preferred, then members whether by design or within the Berreton Woods Brothers’, as the two institutions are commonly referred, is nobody’s best guess. Such act are criminalized by the laws and punishable. There have been many cases in these two institution which have led to sacking of some senior most officials, with some resigning and some are still in the waiting lists of cases. These cases were not our concern as we discussed. But what concerned us most was that if such a case was by imagination or insinuation had occurred in the African land, the continent, some of these international institutions would be going to the market singing at the top of their voices. Worse still if it did happen in this country by imagination or design, these institutions and their masters would have been the first to shout up the word sections and all other words in their vocabularies. The question is why, or because we African do not know and do not understand the word. No our patients and being so lenient has made others think they are superior to us. In these institutions there have been sex abuse, corruption, nepotism, intimidation and segregation among others. Corruption of the highest order had been discovered here but all they get because they are from this or that is walk out and away free.  And this is most of the time without any pronounced penalty and any hidden under the table from other member countries. You may want to know what these institutions were created for and how to behave the public domain.

What is the difference between the World Bank Group and the IMF?

Founded at the Bretton Woods conference in 1944, the two institutions have complementary missions. The World Bank Group works with developing countries to reduce poverty and increase shared prosperity, while the International Monetary Fund serves to stabilize the international monetary system and acts as a monitor of the world’s currencies. The World Bank Group provides financing, policy advice, and technical assistance to governments, and also focuses on strengthening the private sector in developing countries. The IMF keeps track of the economy globally and in member countries, lends to countries with balance of payments difficulties, and gives practical help to members.  Countries must first join the IMF to be eligible to join the World Bank Group; today, each institution has 189 member countries.

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