BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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strengthen international economic cooperation and to help create a more stable and prosperous global economy
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IMF promotes international monetary cooperation
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The World Bank promotes long-term economic development and poverty reduction
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All of the above
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Detailed explanation-1: -The IMF and the World Bank were created in July 1944 at an international conference in the United States (in Bretton Woods, New Hampshire) that established a framework for economic cooperation aimed at creating a more stable and prosperous global economy.
Detailed explanation-2: -Known collectively as the Bretton Woods Institutions after the remote village in New Hampshire, U.S.A., where they were founded by the delegates of 44 na-tions in July 1944, the Bank and the IMF are twin intergovernmental pillars sup-porting the structure of the world’s economic and financial order.
Detailed explanation-3: -Answer: The IMF and the World Bank were designed to meet the financial requirements of industrial countries. They were known as the Bretton Woods Twins.
Detailed explanation-4: -The World Bank Group works with developing countries to reduce poverty and increase shared prosperity, while the International Monetary Fund serves to stabilize the international monetary system and acts as a monitor of the world’s currencies.
Detailed explanation-5: -II. The Bretton Woods Institutions-the IMF and World Bank-have an important role to play in making globalization work better. They were created in 1944 to help restore and sustain the benefits of global integration, by promoting international economic cooperation.