Mention three reasons for the creation of International Monetary Fund and the World Bank.
Points to Remember
- IMF was established to help industrialized nations with their financial demands.
- Japan and Europe become less dependent on IMF and World Bank
- The Bretton Woods Institutions —the World Bank and the IMF—started to focus more on newly developing countries
- International organizations provided guidance to the newly developing countries struggling with poverty.
* Elaborate on any 3 reasons.
Answer to be written in the exam
- To help industrialized nations with their financial demands, the World Bank and the I nternational Monetary Fund were established.
- When Japan and Europe rapidly rebuilt their economies , they became less dependent on the IMF and the World Bank .
- As a result, starting in the late 1950s , the Bretton Woods Institutions twins —the World Bank and the IMF started to focus more on newly industrializing nations .
- International organizations headed by former colonial powers provided guidance to the newly independent nations ( developing countries) struggling with poverty.