Sirefman, Josef P.
September 1965
Arbitration Journal;Sep1965, Vol. 20 Issue 3, p168
Academic Journal
The article discusses the World Bank's role as an international economic institution, with emphasis on its interest in advancing a convention which covers transactions to which the Bank is not a party. This article deals with the basic features of the Convention. In sponsoring this Convention, the Bank has again used its "good offices" to assist in economic development. Together with its sister institution, the International Monetary Fund, the Bank is a product of the Bretton Woods Conference held in New Hampshire in 1944. The International Monetary Fund's function is to make available to its Member States, under specified conditions, the foreign exchange needed to settle their international accounts. It also considers ways to achieve sufficient international liquidity to finance the expansion of foreign trade and to discourage speculation against key currencies. The objective is to assist in the creation of basic economic structures necessary to further development; what is currently referred to as "infrastructure" or "social overhead capital."


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