GENERAL KNOWLEDGE

Detailed explanation-1: -The IMF formally came into existence on 27 December 1945, when the first 29 countries ratified its Articles of Agreement. By the end of 1946 the IMF had grown to 39 members. On 1 March 1947, the IMF began its financial operations, and on 8 May France became the first country to borrow from it.

Detailed explanation-2: -The IBRD Articles of Agreement were ratified on December 27, 1945, when representatives from twenty-one countries convened in Washington, DC to become the Bank’s first members. Imagine all of the paperwork, draft reports, notes, correspondence, and other records generated during the conference.