Application: Critical Analysis Much can be said about the International Monetary Fund (IMF) and the World Bank (WB). Starting with the facts, both are international institutions created after World War II to promote cooperation and economic 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 vital contributions to ensuring and promoting global economic stability, development and integration. Yet despite their contributions, organizations are often criticized. Their achievements in helping developing nations are seen as ineffective and addictive, while the organizations' contributions to world economies are denounced as unappreciated, hindering or interfering. To gain a better understanding of the two institutions, the following assignment will briefly discuss the International Monetary Fund (IMF) and World Bank (WB). It will provide an overview of the organizations' missions, histories, funding and policies. It will examine the criticisms leveled against them and evaluate their achievements and contributions to development. Focusing on the issue of poverty, it will evaluate the effectiveness of organizations and potential policy and program shortcomings. Concluding remarks will critically evaluate the significance and role of both 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 have n...... half of the paper ......www.cfr.org/europe/international-monetary-fund/p25303Stiglitz, J.E. (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 World Bank more accountable. International Affairs Journal, 77(1), 83-100.World Bank (WB). (2014). House. 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 fits all. Retrieved from http://www.wdm.org.uk/sites/default/files/onesizeforeall01092005.pdf