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Explaining the IMF & The World Bank

The International Monetary Fund (IMF) and the World Bank are two of the world's most important economic and political institutions.

The IMF and World Bank were conceived in 1944 as part of the Bretton Woods agreement, with the aim of financing the rebuilding of Europe after the Second World War and saving the world from economic depressions, such as those that had happened before in the 1930s. The Bretton Woods Conference in 1944 saw 730 delegates from all 44 Allied nations gathered at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire, United States. The purpose of the conference was to organise and regulate the international monetary and financial order following the conclusion of World War II.

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The IMF and the World Bank are highly significant institutions but both have their critics. While the IMF and the World Bank have played a large role in the maintenance of a strong monetary system, their loans, in particular, have been criticised at times for their conditions and records in tackling poverty and inequality.