1.

Mention three reasons for the creation of International Monetary Fund and the World Bank.

Answer»

(i) The International Monetary Fund and the World Bank were created to meet the financial needs of the industrial countries.
(ii) When Japan and Europe rapidly rebuilt economies, they became less independent on the IMF and the World Bank.
(iii) Thus, from the late 1950s the Bretton Woods institutions, WB and IMF, began to turn their attention towards newly developing countries.
(iv) The newly independent countries facing problems of poverty came under the guidance of international agencies dominated by the former colonial powers.


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