IGOs and international financial institutions

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An intergovernmental organisation — a body set up by states to work together, such as the UN or WTO.

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An international financial institution — a global body that lends money and shapes economic policy, such as the IMF or World Bank.

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Lends and grants money for development projects such as roads, schools, energy and clean water.

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Lends to countries in financial crisis, usually attaching conditions (reforms) to the loan.

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Writes and enforces the rules of global trade between its member countries.

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Runs development programmes and publishes the Human Development Index (HDI).

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Attaching policy conditions to loans — such as cutting spending, privatising or opening markets — that a country must accept to get the money.

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They fund projects poor countries cannot afford, stabilise economies in crisis, set trade rules and provide expertise and coordination.

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Their conditions (austerity, privatisation) can harm the poor, rich countries dominate the voting, and one-size-fits-all policies ignore local realities.

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Voting power is weighted by economic size, so rich countries hold most of the votes and shape the rules.

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They do vital work but have a mixed record, so most conclude they should be reformed — fairer voting, gentler conditions — rather than abolished.