What are the exact differences in functionalities of the IMF and World Bank?
The IMF lends money to countries in financial need when they’re unable to get funding from other sources in an attempt to stabilize their economy and get them back on a sound financial footing.
The World Bank lends money for specific development and anti-poverty programs.
Here’s a factsheet by the IMF explaining the differences.
I learned this in my brief time as an international studies major; now I want to re-remember.
A functional difference: for whatever reason and despite being international groups, the IMF’s 11 directors have been European, and the World Bank’s 12 presidents have been American (albeit not all are born citizens). There is no legal, etc. reason why this is so nor a requirement.
The classic line is that the World Bank is a fund, and the IMF is a bank.