Application: critical analysisMuch can be said about the International Monetary Fund (IMF) and the World Bank (WB). To begin with, these are international institutions created after World War II to promote economic cooperation and development. They are part of the United Nations (UN) system and provide financial and technical assistance to countries around the world. Although membership is voluntary, almost all nations are members. Furthermore, both organizations have made essential contributions to ensuring and promoting global economic stability, development and integration. Yet, despite their contributions, organizations are often criticized. Their achievements in helping developing countries are seen as ineffective and dependency-generating, while their contributions to global economies are denounced as underappreciated, distracting or interfering. International Monetary Fund (IMF) and World Bank (WB). It will provide insight into the organizations' missions, histories, funding, and policies. It will review criticisms leveled against them and assess their achievements and contributions to development. Focusing on the issue of poverty, it will assess the effectiveness of organizations as well as potential gaps in policies and programs. Concluding remarks will critically assess the importance and role of the two agencies. The International Monetary Fund (IMF) The International Monetary Fund (IMF) was conceived in 1944 at the Bretton Woods Conference and officially established in 1945 (IMF, 2014). Its creation was motivated by protectionist and aggressive trade policies that did not...... middle of paper ......www.cfr.org/europe/international-monetary-fund/p25303Stiglitz, JE (2003 ). Democratizing the International Monetary Fund and the World Bank: governance and accountability. Governance, 16(1), 111-139. Woods, N. (2001). Make the IMF and the World Bank more accountable. International Affairs Journal, 77(1), 83-100. World Bank (WB). (2014). Home. Retrieved from http://www.worldbank.org/en/about/historyWorld Bank Operations Evaluation Department (WB OED). (2005). The Poverty Reduction Strategy Initiative. Retrieved from http://ieg.worldbankgroup.org/Data/reports/prsp_country_case_studies.pdfWorld Development Movement (WDM). (2013). The World Bank/IMF. Retrieved from http://www.wdm.org.uk/category/issues/world-bank-imfWorld Development Movement (WDM). (2005). One size. Retrieved from http://www.wdm.org.uk/sites/default/files/onesizeforeall01092005.pdf