The World Bank And The IMF

To assist with the delivery of development assistance, either through loans or by way of grants, the International Bank for Reconstruction and Development - better known as the World Bank - was created, and to address failures in the market and economic crises like the Great Depression of 1929, the International Monetary Fund came into existence.

The creation of these institutions for the provision of development assistance relates directly to Article 2 of the International Covenant on Economic, Social and Cultural Rights which states that:

"Each State Party to the present Covenant undertakes to take steps, individually and through international assistance and co-operation, especially economic and technical, to the maximum of its available resources…"