This week, the World Bank and the International Monetary Fund are hosting a gathering in Washington to emphasize their crucial role in the international financial system. Governors, finance ministers, private sector participants, and civil society organizations from around the globe will be present for this event.
While these international organizations value the participation of all nations, including those that did not shape economic integration after World War II, it is important to note that they were not designed to cater to non-market economies like China. Instead, their focus is on promoting development, economic growth, and stability.
According to Dan Katz, a former senior advisor at the United States Department of the Treasury who now serves as an adjunct fellow at the Manhattan Institute, these institutions play a vital role in shaping global economic policy. Similarly, D.J. Nordquist, who served as the U.S. executive director of the World Bank Group before becoming a senior advisor at the Center for Strategic and International Studies, highlights how these institutions can help countries achieve their full potential by providing financial assistance and technical expertise.