Affiliation:
1. G. S. Moze College, India
Abstract
The International Monetary Fund (IMF), the World Bank, and the International Trade Organisation were conceived at the Bretton Woods Conference in July, 1944 as institutions to strengthen international economic cooperation and to help create a more stable and prosperous global economy. Instead, the General Agreement on Tariffs and Trade, through successive rounds of negotiations, got transformed into what has come to be known as the World Trade Organisation. The various institutions have been set up to govern international economic relations. While all the institutions work in close coordination with each other, each of these institutions has its own specific area of responsibilities. The IMF promotes international monetary cooperation and provides member countries with policy advice, temporary loans, and technical assistance so they can establish and maintain financial stability and external viability and build and maintain strong economies. The World Bank promotes long-term economic development and poverty reduction by providing technical and financial support.
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