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It was during the 2nd World War that many countries of the world convened a conference in US in 1944 to discuss

and set up a framework for economic cooperation and development of the member countries. International Monetary Fund (IMF) and World Bank (WB) were the intergovernmental organizations that came into existence as a result (known as Bretton Woods institutions), and have continued to evolve with changing circumstances around the world. IMF works to oversee the development and economic cooperation between the countries of the world and has a stable and prosperous global economy as its goal.

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