World Bank
Definition
The World Bank is an international financial institution that provides loans and grants to low- and middle-income countries for capital programs with the goal of reducing poverty.
Related terms
International Monetary Fund (IMF): Like your neighbor who advises you on how best to manage your finances, IMF monitors global economic trends & offers advice & assistance mainly through policy advice & lending when needed.
Development Economics: This field studies how economies can grow - just like researching which plants will grow best in your garden before planting them!
Poverty Reduction Strategy Papers (PRSPs): These are plans developed by governments in low-income countries, like a neighbor's plan to improve their house, which are then approved by World Bank and IMF.
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