Though some may argue that the strength and unity of multilateral institutions seem to be on the decline, the International Monetary Fund and the World Bank have managed to maintain much of their role in the international sphere.
Since its inception, the World Bank has changed and shifted many of its focuses, from development to social issues. The IMF, on the other hand, has maintained a more stable mandate as a loan provider for countries across the world.
Key differences in the two have meant that the IMF has continued to hold a preeminent place in the financial considerations of countries in a way that the World Bank has not. The World Bank policy of “soft” donations from national governments has allowed individual countries to exert influence in a way contrary to its original goal.
While the IMF does accept these contributions, they make up a relatively smaller portion of the budget and a correspondingly lower level of influence. As regional banks continue to grow in size, Western institutions will have to correspondingly reflect to maintain their power.
Read more about changes to the Bretton Woods System here.