Knowledge Hub
Knowledge Hub
Overview: The IMF established in 1944 during the Bretton Woods Conference. Delegates from 44 Allied nations gathered in New Hampshire, USA for the conference. The main goal was to create a plan for countries to collaborate on their economies. This was to prevent problems during the Great Depression and World War II. The IMF started on December 27, 1945, when 29 countries signed its founding document, the Articles of Agreement. At first, the IMF’s main…
Origins and Establishment The World Bank was formally established at the Bretton Woods Conference held in July 1944. The conference aimed to create a new global financial architecture to promote economic stability and development after the devastation of World War II. The institutions created at Bretton Woods included the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which later became part of the World Bank Group. Key Points: Purpose: The…