Title:
Reshape the “New” World Bank

Authors:
Lie Chun Pong, China

Abstract:

The World Bank, initiated in 1944 during the Bretton Woods Conference, is a prominent international financial organization that provides loans to developing countries to foster economic growth & reduce poverty. It officially began operations in 1946, initially focusing on financing Europe’s post-World War II reconstruction. Over time, it expanded its scope to include global sustainable development and poverty alleviation efforts. The World Bank Group (WBG) consists of five organizations: IBRD, IDA, IFC, MIGA, and ICSID [1][2][3][4][5]. In this research paper, we aim to revise, modify and reshape the World Bank's functions, especially concerning the initiative for a world currency system. This reform is part of the systematic overhaul called the Prelude. The goal of this prelude is to strengthen the World Bank's role by increasing its influence and monitoring capabilities, with the aim of ensuring currency stability and supporting global economic prospects.

DOI: https://doi.org/10.51505/IJEBMR.2025.91110