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

countries. In fact, the detailed reports prepared by it before each conference have created a new Notes
climate of thought with regard to the problems and needs of LDCs. These are again discussed
at other international forums such as the IMF, World Bank, OECD, EEC, NAM, etc. Often,
positive measures follow such as larger aid by the World Bank and OECD, giving more trade
concessions by EEC to LDCs, etc. As such the UNCTAD reflects the sentiments, hopes and
aspirations of LDCs in a world still dominated by the developed countries, both politically and
economically.
• The days of the gold standard are over. We now operate in a new world with a neoteric and
growth oriented international monetary system. It is clear that India must move forward with
the rest of the world, and make the most of the many options and opportunities open to it. The
strategies of development, both for the internal economy as well as for international trade and
commerce, must be attuned to such requirements and propensities.
• There is still a bias in the world bodies against the Third World. Besides the conditionalities
profounded by the IMF, the World Bank and its affiliates are not always in the best interest of
the countries being granted finance. These are very often linked to the interest of the developed
world. As for ADB India has been on several occasions treated as the unwanted cousin. However,
all intermodal financial organizations are going through and will go through the changes in
outlook and facilities. It is to be expected that these organizations will carry greater
responsibilities about socioeconomic development of the Third World than hitherto.
30.6 Key-Words

1. UNCTAD : The United Nations Conference on Trade and Development (UNCTAD) was
established in 1964 as a permanent intergovernmental body. It is the principal
organ of the United Nations General Assembly dealing with trade, investment,
and development issues.
2. Shareholders : A shareholder or stockholder is an individual or institution (including a
corporation) that legally owns a share of stock in a public or private corporation.
30.7 Review Questions

1. Explain the role of UNCTAD and development.
2. What is the role of international monetary fund? Discuss.
Answers: Self-Assessment
1. (i)(d) (ii)(b) (iii)(d)
(iv)(b) (v)(b) (vi)(b)
30.8 Further Readings

1. Krimawati, Wawat. (?) NAFTA: North America Free Trade Agreement. [Accessed
18 May 2009]
2. Vogel, David. (2009) North American Free Trade Agreement. [Accessed 18 May
2009] 2009. North American Free Trade Agreement (NAFTA).
3. United States Department of Agriculture, Foreign Agricultural Service. [Accessed
June 8, 2009]

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