Question

what were the IMF and the world bank designed for? What made them shift their attention toward developing countries
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Answer 1

Answer:

Why did they shift their attention to the developing countries? THE IMF and World Bank are known as the Brettonwoods Twins. The Brettonwood Twins were designed to facilitate the post war reconstruction in the European nations. They were set to meet the financial requirements of industrial countries.

Explanation:

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Answer 2

The IMF and the world bank are designed for economic cooperation. It made them shift their attention toward developing countries due to the following reasons:

• The IMF and the World Bank were established in July 1944 at an international conference in the United States in Bretton Woods, New Hampshire.
• It introduced a framework for economic cooperation.
• It aimed at creating a more stable and prosperous global economy.
• It secures financial stability by eliminating or minimizing the exchange rate stability.
• It also tried to facilitate a balanced international trade and to promote high employment through economic assistance and sustainable economic growth.
• However, Europe and Japan rapidly rebuilt their economies and grew less dependent on the IMF and the World Bank.
• Thus, as a result, IMF and the World Bank shift their attention towards developing countries.

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