The IMF and World Bank came into existence when the international monetary scene became chaotic, exchange rates fluctuated at times freely and times under the influence of politics,. Foreign reserves were subject to unpredictable devaluation. The world was completely shattered by the devastation of Second world War. And as world War II closed to an end, some countries endeavoured to bring new economic stability and development. As the outcome of Bretton Woods Conference held at a resort hotel of New Hampshire, USA, in july 1-22, 1944, the IMF and World Bank came into being 730 persons attended the conference from 44 countries but two exceptionally talented men (Harry D. White of USA and J.M Keynes of Britain) played dominant role, by whose direction the world has achieved the present most advanced state of international economy.
The IMF focuses on short term measures like recovery fromBOP shocks, manage exchange rates, and design mutually consistent set of macro-economic policy agenda. Nepal World Bank on September 6, 1961.
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