What's the point of the IMF and the World Bank?

After reading Globalization and Its Discontents, I don't think there's much point in the continued existence of the aforementioned institutions unless they are prepared to undergo the transformation necessary to make them relevant. The IMF in particular has consistently subscribed to the view that they have all the answers and disregarded the opinions of experts on the ground and when the implementation of their policies has failed the link between their approach and the failure is not apparent.

Last year, we had the unedifying spectacle of the neocon Paul Wolfowitz, architect-in-chief of the invasion of Iraq, who had bizarrely been appointed head of the World Bank doing favours for his girlfriend that called into question the bank's probity.