Strauss-Kahn

·         On July 17, 2008 IMF put that the global slowdown resulting from the credit crunch has not been as sharp as initially feared

·         It now expects the global economy to grow 4.1% in 2008, up from an initial forecast of 3.7% in April.

·         However, this is still significantly slower than the 5% growth in 2007.

Mission IAS’2009

·         Based on its new calculations, the IMF expects the UK economy to grow by 1.8% in 2008 and 1.7% in 2009 - up from a previous forecast of growth of 1.6% in both years.

·         The UK government has forecast growth of 2% this year and 2.5% in 2009.

·         According to the IMF, the US economy is also expected to perform better than initially forecast.

·         The IMF expects US growth of 1.3%, up from an April forecast of 0.5%.

·        The World Bank Group is a group of five international organizations responsible for providing finance and advice to countries for the purposes of economic development and poverty reduction, and for encouraging and safeguarding international investment.

·        The group and its affiliates have their headquarters in Washington, D.C., with local offices in 124 member countries.

·        Together with the separate International Monetary Fund, the World Bank organizations are often called the "Bretton Woods" institutions, after Bretton Woods, New Hampshire, where the United Nations Monetary and Financial Conference that led to their establishment took place (1 July-22 July 1944).

·        The Bank came into formal existence on 27 December 1945 following international ratification of the Bretton Woods agreements.

·        Commencing operations on 25 June 1946, it approved its first loan on 9 May 1947 ($250m to France for postwar reconstruction, in real terms the largest loan issued by the Bank to date).

·        Its five agencies are:

o       the International Bank for Reconstruction and Development (IBRD),

o       the International Finance Corporation (IFC),

o       International Development Association (IDA),

o       Multilateral Investment Guarantee Agency (MIGA), and

o       the International Centre for Settlement of Investment Disputes (ICSID).