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Dilfraz Singh, Lovely Professional University Unit 30 : UNCTAD, IMF, World Bank and Asian Development Bank

Unit 30 : UNCTAD, IMF, World Bank and Asian Notes
Development Bank

CONTENTS
Objective
Introduction
30.1 The UNCTAD and Development
30.2 International Monetary Fund
30.3 The World Bank
30.4 Asian Development Bank
30.5 Summary
30.6 Key-Words
30.7 Review Questions

30.8 Further Readings

Objectives

After reading this Unit students will be able to:
• Explain the UNCTAD and Development.
• Know the International Monetary Fund.
• Discuss the World Bank and Asian Development Bank.
Introduction

The United Nations Conference on Trade and Development (UNCTAD) was established in 1964
following he growing dissatisfaction with the operation of such international institutions as the IMF
and the GATT. These institutions favoured the developed countries and failed to tackle the special
trade and development problems of the LDCs. The GATT, in particular, being committed to free
trade, reduction of tariffs and abolition of preferences and import restrictions, did not pay any attention
to proposals to stabilise commodity prices and give preferential treatment to LDCs in trade with
developed countries.
The first step towards the creation of UNCTAD was taken when the UN General Assembly declared
the 1960s as the United Nations Development Decade in December 1961. By so doing, it recognised
the need for adopting measures by developed countries to bridge the gap between the rich and poor
nations through trade and aid. It was on the recommendations of the UN Economic and Social Council
in July 1963 for convening a conference on trade and development that the UN General Assembly
convened the first UNCTAD at Geneva in l964.
Accordingly, the UNCTAD I was held at Geneva in 1964. Since then such conferences have been held
normally every four years : UNCTAD II at New Delhi, 1968; UNCTAD III at Santiago, 1972; UNCTAD
IV at Nairobi, 1976; UNCTAD V at Manila, 1979; UNCTAD VI at Belgrade, 1983; UNCTAD VII at
Geneva, 1987; UNCTAD VIII at Cartagena (Columbia), 1992; and UNCTAD IX at Midrand (South
Africa), 1996.

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