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Posts published in “Finance”

New institutions challenge established monopoly in global finance

Actively promoting the reform process of the international financial system to adapt to changes in the global economic landscape is not only essential for advancing the international order toward a more just and equitable direction, but also a reasonable demand of the vast majority of developing countries. On December 27, the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), now a World Bank institution, celebrate 80 years since they officially came into existence in late 1945. These institutions became the two main pillars of the…